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.
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