Flatbed Truck Insurance
Flatbed Truck Insurance
Many types of companies use flat bed tucks to take care of a variety of business needs. Flat bed trucks are frequently used by mechanics to transport broken vehicles, by construction companies and heavy equipment contractors to haul machinery, and by retail outlets that deliver farm or yard equipment, large furniture and appliances, or building supplies.
Regardless of why your company uses flat bed trucks, you are at risk of suffering from heavy financial losses if that truck is involved in an auto accident. You’ve invested a lot of time and money building your business and buying your company trucks. Be sure to protect them as fully as possible by purchasing the right types of commercial auto insurance. Here are the most important types of business insurance you should carry on your flat bed trucks:
- Liability Insurance – Liability insurance is required by law in most states so that other people are protected from loss when the driver of your flat bed truck causes an accident. Liability insurance pays for other people’s medical expenses or property damages when you are at fault in an auto accident. The amount of money your liability policy pays to other people for damages they incur depends upon how you structure your liability policy. At a minimum, your policy will provide for bodily injury expenses and property damage expenses.
- Bodily Injury – Bodily injuries are when people get physically hurt in an accident. If your flat bed truck causes an accident that inflicts physical injuries on other people, the bodily injury section of your liability policy will pay their related medical expenses. Bodily injury coverage can pay for the cost of emergency hospital care, ambulance transport, extended hospital stays, and rehabilitation costs among other medical expenses. This coverage also pays for the victims pain and suffering, lost wages due to time off work, and funeral expenses when applicable.
- Property Damage – The property damage section of your liability policy pays to fix any vehicles or other property that was damaged due to the fault of your flat bed truck. If the truck runs into another vehicle stopped in traffic for example, and the side of the vehicle needs repairs to put it back into its normal shape, the property damages section of your insurance policy pays the repair costs.
- Comprehensive Physical Damage Protection – Comprehensive damage protection insurance protects your truck from anything that is not caused by a roll over or a collision. If your truck is parked on a public street during public celebration or protest for example, and it suffers damages in the form of scratches, cracked windows or dents from people jumping onto it, comprehensive damage protection will pay for the cost of repairs. Comprehensive coverage also protects you from losses due to theft and damages caused by vandalism.
- Collision Damage Protection – Collision damage protection pays for the cost of repairs and replacement when your flat bed truck overturns in a roll over event, or when it runs into another object. If you or your truck driver turns a corner too sharply and impacts with a business sign or fire hydrant for example, collision damage protection will pay for the cost of repairs.
- Specified Peril (CAC) – Specified peril insurance protects you from only those events that are specified in your commercial insurance policy. This coverage is also known as CAC insurance, or Fire and Theft with Combined Additional Coverage. This insurance is similar to comprehensive because it does not include collision or roll over damages, but it is much more limited in scope.
Uninsured or Underinsured Motorist – Most areas of the United States require all vehicles to be protected by basic liability insurance. Not everyone complies with that law however. Some drivers carry basic levels of liability insurance, but those levels are not nearly enough to cover the full cost of repairs for the damages they caused. When another driver causes an accident with your flat bed truck and is not insured, your company has to pay for the repairs instead. When the driver does not carry enough insurance, your company may also have to pay out of pocket for the differences.
You can protect your company from having to pay full or partial repair expenses when another driver is at fault in an auto accident, by carrying uninsured and underinsured motorist insurance. This insurance works similar to your commercial liability insurance policy, except that it is designed to protect your flat bed trucks when another person is at fault in an accident.
- Bodily Injury – As noted Above
- Property Damage – As noted above
- Collision Deductible Waiver (CDW) – Since your insurance policy normally requires that you pay a deductible, you could find yourself forced to pay this portion of the repair bills even when another driver was at fault for the accident. If you carry uninsured/underinsured motorist bodily injury protection however, you can get a collision deductible waiver (CDW) so that you are not required to pay anything at all on the repair bills.