When you own a small trucking company, you are responsible for hiring drivers with clean backgrounds and ensuring that your trucks are in good condition and well-maintained. You are also responsible for getting your clients’ products to their destination on time.
If your driver is at fault for the accident, it is essential to have physical damage insurance for any harm caused to your truck. In such cases, your liability insurance will not provide coverage for their vehicle damages or medical expenses. However, if one of your drivers causes an accident, your liability insurance will be responsible for covering their medical bills and any damages to their vehicle.
Obtaining physical damage insurance is highly recommended, even though trucking companies are not legally obligated by the federal government to do so. This type of insurance covers the expenses for any damages that may occur to your trucks in case of an accident.
What Does Physical Damage Insurance Cover?
When you are on the road, if any physical damage occurs to your truck, your insurance will cover everything that happens.
Towing
Following a collision, the cost of towing a semi-truck can be quite substantial. The insurance should provide coverage for towing to the closest repair facility for trucks. The enhanced towing choice will offer the most comprehensive policies. Your truck can be transported to either your personal garage or one in close proximity to your main headquarters with the extended towing alternative.
Downtime
A logistics firm has the potential to bring about a collision, which represents one of the foremost challenges of operational interruption. The company can incur substantial financial losses, amounting to thousands of dollars, when one of the trucks in its fleet becomes inoperative. Certain portions of these losses may be mitigated by the inclusion of downtime insurance. During the period when the truck is out of service, payments for the impaired vehicle will typically contribute towards its coverage.
Emergency Expenses
Following a mishap, Simplex Group will ensure that your driver is provided with accommodations and a means of transportation to return home. In such instances, it is essential to arrange for lodging, meals, and conveyance since the accident may happen at a considerable distance from their residence. These are expenses that an average accident victim would not incur, but are necessary for an over-the-road truck driver involved in an accident.
Loan Gap Coverage
The compensation amount for the claim will not require you to pay the lender an amount greater than that of a policy covering physical damage. There are situations where the value of your truck may decrease faster than the loan you have on it, such as when it is involved in an accident.
Truck Rental Costs
If a driver has an accident while on the job, your company has the responsibility to figure out how it will cover the insurance and cost of renting a truck. You may need to rent a truck just to fulfill your obligation to your client. This policy should cover the insurance for the truck and the cost of renting it, so that your cargo can safely reach its final destination.
Flatbed Truck Insurance
The costs of these items, such as chains, binders, and tarps, are always covered by the insurance policy in case of physical damage or theft. It is crucial for flatbed trucks to have these essential tools to prevent theft or loss.
What Are the Advantages of Physical Damage Insurance?
Regardless of the situation, your fleet is safeguarded in your trucks that will always know if you have insurance that covers physical damages. The cost can be even greater if you choose not to operate without one of the trucks in your fleet. This type of unforeseen expense can be devastating for a small business. This type of unforeseen expense can be devastating for a small business. The cost can be even greater if you choose not to operate without one of the trucks in your fleet. This type of unforeseen expense can be devastating for a small business. Regardless of the situation, your fleet is protected in your trucks that will always know if you have insurance that covers physical damages.
If you cannot make one of your payments, the financing company will not be sympathetic because they will not finance your vehicle. It is very important to have this kind of insurance if you are financing multiple trucks, and this is the case. If you are financing your trucks, the financing company may insist that you purchase physical damage insurance.
How Much Does Physical Damage Insurance Cost?
On an annual basis, the typical expense for physical damage insurance is approximately $1000 to $3000 per truck. Furthermore, the insurance cost can be influenced by the truck’s mileage. The operator’s driving history, the duration of your business, and the truck’s cost and age will determine the precise monthly premium for a physical damage insurance plan.
The trailer and the truck should never have to pay separately. Only one deductible will have a good physical damage insurance policy.
There are several precautionary steps that you can implement, which will significantly decrease the expenses associated with your monthly payments. The majority of trucking companies offer discounts if you possess a grill guard. Grill guards have the ability to shield your truck from various accidents and mishaps.
During an accident, the front end of your truck is shielded by a guard grill that protects the lights and the front end of the truck. It also safeguards against debris and dust from the truck. This is similar to insurance companies that also protect the truck’s engine.
Simplex Group Can Help Your Company
We, at Simplex Group, bring over 20 years of experience in the trucking industry to ensure that your insurance policy for physical damage is perfect. Our trained insurance professionals are ready to help create the perfect policy that will ensure your success, and we understand the importance of saving money.
When you engage our services, we perceive ourselves as an integral part of your team. We strive for the prosperity and longevity of your company. Alongside providing assistance with insurance, we will ensure your full compliance with DOT regulations. Furthermore, we will aid you in the recruitment and evaluation of new truckers, as well as ensuring their diligent completion of inspections and accurate recording of hours. Contact us today.