With a vast array of policies on the market, choosing the right commercial vehicle insurance for one’s personal needs can seem confusing and almost impossible. Dump truck drivers face state and federal regulations, including maintaining insurance. But depending on the industry and function, different insurance coverage is required. Florida drivers must pay close attention to compliance and necessity when exploring the types of coverages offered.
Liability insurance is required is most states, dump trucks being no exception. It’s the most common type of coverage, broken down into two parts. Bodily injury pays for any injuries or fatalities to another party when fault falls on you or your employee. Property damage then covers any monetary damage to property caused by an accident.
Physical damage coverage applies to any repairs or replacement of your dump truck. Collison insurance helps with costs from traffic collisions. On the other hand, comprehensive insurance covers most non-collision incidents, such as:
- Severe weather
- Fire damage
- Falling objects
- Animals specific to the area
Exactly as it sounds, cargo insurance is useful if any cargo is damaged in transit. This can be particularly helpful if you are a for-hire driver transporting customer property. It will cover the cost of the load so that the driver isn’t liable.
Non-trucking Liability Insurance
This coverage is optional, and is only for the right candidate. Non-trucking liability insurance is intended specifically for when you are driving your truck off-duty. Drivers who take their dump trucks home may want to consider this option. Any individual driving a company vehicle for personal use should purchase non-trucking liability insurance.
Surety bonds may be purchased instead of insurance for the same monetary amount. Those who are eligible consist of:
- Motor carriers
- Freight forwarders
- Property Brokers
Contact your local field office for more information on this option.
Once you understand what type of insurance you require, it’s time to choose a provider. Many companies that offer commercial automobile insurance cover dump trucks in their policies. As a rule of thumb, always compare prices when shopping for commercial insurance. This ensures that you purchase the right commercial policy for you, at the right price for your business.