Insurance is necessary for all vehicles on the road, big and small. But how well do you know which policies are required for which vehicles? Commercial dump truck drivers need to be especially informed of all the rules and regulations that accompany driving in central Florida. This leads many business owners and drivers to do their own research on what policies provide and the cost of operating without proper coverage.
What Defines Commercial Auto Insurance?
Commercial insurance is much like other insurance in that it protects drivers in the unfortunate event of an accident. If an employee or individual is found at fault, it helps pay for expenses from the following:
- Damage of property
- Vehicle replacement
- Medical bills
- Funeral cost
What Is Different from My Personal Policy?
Never use personal policies to cover your business. Personal polices are written to protect individuals and family members. They contain business-related exclusions and lack flexibility. The coverage of commercial insurance is much broader than personal auto policies. For this reason, adding onto your current policy or purchasing a new one is crucial.
What Coverage is Available?
A number of types of coverage fall into the category of dump truck insurance. You may customize it to fit your individual business and personal needs. Keep individual state laws in mind. Types of coverage are as follows:
- Liability – includes bodily injury and property damage
- Non-trucking liability
- Cargo insurance
- Physical damages – broken into collision and comprehensive
Penalties for Lack of Coverage
In the state of Florida, any lapse in insurance results in an automatic license suspension, unless new proof is provided. The driver has the opportunity to provide proof before the date of suspension. You must be able to prove that you had new insurance before the old policy expired. After this time expires, you may need to reinstate your license and pay a fee of $150. If you fail to meet Florida’s requirements, loss of license for first offenders is up to three years. In the event of an at-fault accident, personal responsibility for the cost of damages or life may fall on the driver. The state revokes driving privileges until all debts are paid.