It doesn’t matter if you’re a business owner with one single dump truck or if you have a fleet of dump trucks, you will need to have the proper insurance coverage. As a business owner, it is important to protect your assets and having commercial dump truck insurance on your dump truck is one way to make sure that your assets remain protected.
Dump trucks are heavy-duty vehicles and therefore, they are capable of causing a lot more damage than most vehicles on the road. Dump truck owners are required to carry bodily injury as well as property damage liability insurance coverages at the minimum limits required by the state in which they are located or above that minimum limit. There are more coverage options involved in commercial dump truck insurance policies but those coverages are not required by law. However, if you are a business owner that wants to make sure that you and your business remain protected, then it wouldn’t be a bad idea to also carry these optional coverages as well.
Physical Damage Insurance
If any damage is done to your dump truck for any reason whether it be an accident with another vehicle or a hail storm that dented up your dump truck, this insurance covers it to have it repaired.
If you are driving your truck during off-hours and are involved in an accident, you will be wishing that you had added this to your insurance policy. This policy is specifically designed for owner/operators who have contract jobs.
Motor Truck General Liability Insurance
If you are on your customer’s property in your dump truck and have caused damages of some sort to their property, this type of coverage comes into effect and protects you from liability.
Collision Insurance – Collision insurance covers exactly what it implies in its name. If you collide with another vehicle or object, collision insurance covers the costs.
Fire and Theft Insurance: If your dump truck is stolen and damaged, fire and theft insurance will cover you for your lunch.
Motor Truck Cargo Insurance: Cargo that you have in the back of your dump truck is covered under this coverage and is sometimes required depending on if the load you are hauling is valuable.
Rental Reimbursement/Downtime Insurance: A business owner with no dump truck would have to be irritating with all the stress of your business on the line while you wait. This coverage keeps your business running while you are unable to work without your dump truck and can also cover losses in some cases.
Off-Season Comprehensive Only Insurance: If your business is seasonal and is seasonal only, this insurance protects your dump truck while it is not in use.