Understanding Liability Coverage in Trucking Insurance
Liability coverage is the foundation of any solid trucking insurance policy. It protects your business from the financial fallout of accidents where you or your driver are found at fault. At Insurance Company Bexley Ohio, we know that navigating the complexities of trucking insurance can be challenging. This coverage is not just a good idea; it is a legal requirement that shields your assets from potentially devastating claims related to bodily injury or property damage. Without it, a single incident on the road could jeopardize the future of your entire operation.
What Does Liability Insurance Actually Cover?
Liability coverage pays for damages you are legally responsible for. This includes costs for injuries to others and damage to their property. It is a key requirement to meet federal and state financial responsibility rules for motor carriers. Think of it as a financial shield protecting your business from costly legal battles or settlements caused by accidents.
Bodily Injury Liability
This policy covers costs if your truck causes an accident. It includes injuries or deaths to another party, such as medical bills, lost wages, and pain and suffering. It also covers your legal defense fees if a lawsuit is filed. These fees can be high, no matter the lawsuit’s outcome.
Property Damage Liability
Property damage liability covers repair or replacement costs for another’s property your vehicle damages. This often applies to other vehicles in a collision. It can also extend to other types of property. For instance, if a truck damages a building, fence, or utility pole, this coverage handles the repair or replacement costs.
Understanding your liability coverage limits is crucial. It ensures your business is adequately protected. The right policy offers peace of mind. This lets you focus on running your business effectively. Discuss your liability needs with experts at Insurance Company Bexley Ohio today. They can review your current policy.