Different Types of Commercial Transportation Insurance

Commercial transportation insurance is an absolutely huge field. It actually incorporates many different types of businesses, industry classifications, and even types of vehicles, than most people originally imagine. Here, you’ll find a quick overview of some of the key different forms of commercial auto insurance and how it impacts you.

Why is it so important? Well, consider that different vehicles present different risks, which translates to different insurance requirements, and also varying costs. The same applies for different industries and classifications.

The first way to consider commercial transport is by the different forms of coverage which may apply. This includes standard auto insurance policies, and general liability coverage.

Other types of commercial transport insurance coverage though include non-trucking liability, property or physical damage insurance, workers comp insurance, pollution coverage, inland marine insurance, equipment breakdown, property, trailer interchange, and so forth.

The next thing to keep in mind is that different types of trucks or vehicles, and different industries, may also have very specific types of commercial transportation policies written for them. Here, consider the varied needs of perhaps a refrigerated 18 wheeler truck versus a waste hauler, or a log hauler versus a tow truck, a household moving truck versus a construction or contracting van or pickup.

Taxi drivers, as well as charter buses and vans, even ice cream trucks and food trucks, need commercial auto insurance. A few other common vehicle and business types to consider include non emergency medical transportation, limousines, dump trucks, catering trucks, flatbeds, hearses, pump trucks, cement trucks,garage trucks, and on down the line from there. all of these different vehicles and industries have different commercial transport risks, and therefore different policies and forms of coverage.

Still, that’s just the beginning. Even if you have regular cars for your workplace, perhaps driving clients around or making deliveries, you need commercial policies for those vehicles.

Beyond that, all forms of commercial transport and vehicles should be protected by the right insurance policies. That includes trains, for instance, with railroad liability coverage, along with ships and planes, and all manners of water and aircraft.

Of course, if you think that you and your business may need commercial transportation insurance, or that you could use a better policy or a better price, then be sure to consult with a professional who has experience in your local area. Policies are different from state to state, so work with an insurance broker or consultant who knows your industry and your locale.

Getting the Right Type of Commercial Transportation Insurance

The world of commercial auto and transportation insurance is a massive one. There are literally dozens, if not even hundreds, of different types of policies and coverages, plans of all shapes, sizes, and scales. That’s why you need to make sure you find the right policy for you, based on a huge number of different factors. Here’s a beginning look at how commercial transportation insurance varies among so many different types of plans.

One of the first places to look is the industry you’re in, and the type of business you’re operating. The scope of this alone may be massive. For instance, with the same 18-wheeler truck, you could be delivering goods within a state, or across the country. Or, you could be a household mover either locally or nationally, or you could be performing all other types of tasks. The industry you’re in, and the resulting locations you’re in and materials you’re moving, all factor in heavily in your coverage.

Along with that, also consider the way your business is being run, or your level of involvement. For example, are you the owner of a fleet of different trucks? Or are you the owner operator of one truck, working with clients directly? Maybe you don’t own your vehicle, and you’re either a contractor, or you work for an employer and his fleet of vehicles. All of these require different commercial auto insurance policies.

Of course, the largest area of difference when it comes to commercial transportation insurance coverage is the type of vehicle that is being operated, in tandem with the above variances of industry type and ownership or involvement status. The range of vehicles requiring commercial insurance is absolutely massive.

Sure, there are big rig trucks, but even within that, they could be refrigerated trucks, flat beds, or even log haulers or auto transporters. You need commercial insurance for your regular pickup, van, or even car, if you’re contracting or doing other work for your business within your vehicle. Then there’s the huge range of specialty vehicles, which includes everything from garbage trucks to HAZMAT vehicles, food trucks to non emergency medical transportation, and so much more.

Finally, keep in mind that much of this is fluid. There are always changing regulations, as well as new entrants to the market. Look no further than the complex area of Uber and ride share insurance regulations in this regard.

Make sure you find the correct type of commercial auto insurance for your very specific needs based on all of the above. If this seems like a lot to sort through, and certainly it is, be sure to work with an experienced professional who can get you a fair quote on a tailor-made policy for you, your vehicle, and your business.