Truckers and trucking companies face many dangers both in the warehouse and on the road. Weather, accidents and mechanical breakdowns are all very possible and very common. But what about when someone steals a work truck or items from it?
A general trucking insurance policy covers:
- Comprehensive Coverage: This covers incidents involving fire, wind, hail, vandalism and theft.
- Collision Coverage: This covers incidents involving a collision with another vehicle or object.
- General Liability: Liability for trucking helps when the driver causes bodily injury or property damage to someone else.
- Personal Injury Protection: This provides medical compensation for the driver and their passengers after an accident no matter who is at fault.
- Cargo Insurance: Cargo insurance is specifically for cargo in transit by a truck. It has monetary limits depending on the type of cargo and won’t cover items stolen while the vehicle is left unattended.
- Non-Owned Trailer Liability: This insurance provides coverage for trailers your truck pulls but does not own in the case that it is damaged or stolen.
In case customer cargo is stolen from the vehicle, your trucking insurance’s cargo insurance should step in to provide compensation. This depends on the type of cargo, value of the cargo and your coverage limits. There is also non-trucking liability insurance for when the truck is not being used for business purposes. If the vehicle is stolen or damaged after dropping off cargo, for example, non-trucking liability insurance will step in where normal comprehensive or collision coverage may not.
You can also purchase warehouse legal coverage for items stored in one of your company’s warehouses. This covers against theft as well as fire and limited water damage.
If your vehicle or cargo from your vehicle is stolen, it’s imperative that you call authorities immediately and give a detailed report of the incident. You will also want to notify your employer, whose job is then to use the information you give to file an insurance report.
Can You be Fired If Your Truck is Stolen?
Unless it’s found that the vehicle (or its contents) were stolen as a result of negligence, it’s unlikely that you will be fired for the third party’s theft. If you leave the vehicle unattended with the keys in or the doors unlocked, your employer may take action, however. Always be sure to lock up your vehicle and keep your keys close. Cargo should be contained and covered if at all possible to deter theft, as well. If you allow someone else to drive the vehicle who then chooses to steal, you may also face repercussions.
How Much is Trucking Insurance?
Many things go into the cost of trucking insurance, such as your company’s location. Other factors include:
- Vehicle type and weight
- Scope of operation
- Travel distance required
- Driving history
On average, you may pay anywhere from $3,000-$5,000 per truck per year. As a standalone trucker, you could be looking at $9,000-$12,000 a year. Cargo is a huge factor when it comes to trucking insurance. Volatile or precious cargo will cost more to insure as well as require higher limits of insurance. In general, trucks carrying hazardous material must carry at least $5,000,000 in liability insurance. Each state has different trucking insurance requirements, though. For example, while Texas requires $750,000 liability for property carriers under over 10,001 pounds while Florida requires $50,000 for property carriers under 35,000 pounds.
Speak with a Georgia trucking insurance agent soon about possibly insuring your truck or your trucking company with trucking insurance to protect you and your client’s assets from theft and other common dangers.