Transportation business in the USA: what is important to know about truck insurance
As the saying goes, the trucking business is almost the only business in the United States that has not been exported to China. Therefore, many immigrants prefer to start their own business in this area, where perfect English and higher education are not needed.
This is a profitable business, but not everything is simple in it. Many immigrants find it difficult to obtain commercial insurance. A lot of questions and lack of detailed information are often frightening and confusing on the way to realizing your dreams. At this point, it is very important to find a professional who will help you understand insurance coverage and risks and select the best and most profitable insurance option.
At the request of ForumDaily Vladimir Borisov, founder of one of the fastest growing insurance agencies in Florida Insurance Agency Plus, put on the shelves all the nuances of commercial truck insurance. Vladimir has been working in the insurance business for over 15 years, so he knows the smallest nuances of this area.
Insurance Agency Plus is an independent insurance agency that works with all the leading insurance companies for the trucking and trucking business (including for cargo vans and pickup trucks), and is licensed to insure in various states of the United States.
Agents Insurance Agency Plus can offer a wide range of options and help you choose the most profitable one for your company.
To help understand the options, rates and conditions that are difficult for immigrants to understand in English, the agency employs specialists who speak two languages - English and Russian.
Realizing that even a day of truck downtime can cost its owner dearly, Vladimir and his team set up a system of work so that the client received a Certificate of Insurance at the time of contact, and did not wait for him for several days, as often happens during work. with other insurance agencies.
As explained in the Insurance Agency Plus agency, freight insurance is one of the most complex types of insurance, which has many nuances. Let's take a closer look.
On the road, anything can happen: weather conditions, poor quality of the road surface, unforeseen breakdowns. For a trucking company, such surprises can cost hundreds of thousands of dollars.
The Federal Motor Carrier Safety Administration (FMCSA) estimates the average cost of a commercial truck accident that injured one person at $ 148. But if more than one person was injured in the accident or the incident was fatal, the company's liability could grow to $ 279 million.
The main costs in such cases include repairing the damaged truck, compensation for damage to the cargo, covering the medical expenses of the injured person, the cost of a tow truck and storage of the damaged truck during the repair period.
Such an account, moreover unexpected, could be the beginning of the end of a small trucking company. However, insurance will help to easily resolve this incident without significant losses for the carrier.
As experts explained to ForumDaily Insurance Agency PlusThere are several types of insurance for trucks, which depend on the form of ownership and the format of the driver's work.
1. Trucking Liability Insurance suitable for those who have an MC & DOT number (registration certificate from FMCSA), that is, for those who have a trucking business - trucking companies, independent owner operators. Such insurance provides payments up to $ 1 million for third parties and cargo insurance (Cargo Insurance) for $ 100 or more.
2. Truck insurance for drivers working for someone else company with its own track and no DOT number. They buy the so-called Non-trucking liability, covering liability when a person does not carry cargo, but rides on a truck, for example, to a parking lot, repairs or home, and during this movement, damage was caused to third parties or an accident occurred.
3. There is also a coating called Physical damage coverage - insurance of physical damage caused to the truck: theft, fire, theft, accident, etc. This coverage is required if the truck is financed or leased, and desirable if you want a refund. expenses in case of damage to the truck.
Thus, with a reasonable approach, you can insure against almost any financial loss associated with risks on the road.
Many drivers, communicating with each other at Truck Stop, often compare their insurance payments, look for a trick in the work of an insurance agent, not knowing what the price depends on, and wonder why some pay more. Insurance depends on many factors: from the state where the truck is registered; driving experience and driver's age; driving history and the presence of accidents. And for the owners, the term of the company's work in the trucking business, the number of trucks, etc. is also taken into account.
There are also various additional coverage required by the DMV when registering a track. They differ from state to state.
If you need professional help in obtaining insurance, competent explanation of insurance coverage in order to avoid problems in the future, we recommend using the services of an insurance agent when purchasing any insurance. The agent does not take additional payment from the client, he is paid by the insurance company. Therefore, the use of his services does not increase the price of the insurance policy, while he will help you make the right choice, correctly explaining the essence of each coverage. Insurance is a contract, in case of incorrect execution of which or non-compliance with the conditions, the insurance company has the right to refuse to pay damages in the event of an accident. Therefore, it is important to do everything right, and the insurance agent is the best assistant in this case.
By contacting the agency Insurance Agency Plus, you will get all the information you need in one place. The agency cooperates with a specialist in registering new companies and obtaining MC & DOT.
You can contact Vladimir by phone 727-504-1870, other specialists Insurance Agency Plus ready to advise you at 727-623-9885.
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