What is physical damage insurance?

Physical damage insurance can protect your business's trucks.

There are many types of truck insurance out there, whether you drive tow trucks, box trucks, or semi-trucks. One coverage you might be wondering about is physical damage insurance. What is physical damage insurance? What does it do? How does it protect your business? And, well, do you really need it? We’re going to explain what physical damage insurance is and give a few examples of coverage in action.

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How much cargo insurance does your trucking business need?

General liability and auto liability insurance are not the same thing.

You have cargo insurance and understand its importance. You’ve evaluated the risks of carrying products. The goods your drivers transport in the trailer may even exceed the value of the truck itself. And in some cases, the cargo you carry isn’t that high-priced. In these cases, you could be carrying cargo insurance with limits you’d never reach.

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How much does flatbed truck insurance cost?

Flatbed truck insurance rates can vary greatly.

Flatbed truck insurance generally costs $12,000 per power unit per year. However, we say this without knowing your business – your drivers, your location, and so on. Many factors affect flatbed truck insurance rates, such as:

  • Your drivers
  • Your loss history
  • Your SAFER score
  • What you’re transporting
  • Your truck
  • Your location
  • Your radius of operation

Flatbed truck insurance rates are different from business to business, and that’s why it’s a good idea to get quotes for flatbed truck insurance.

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4 ways to identify that your driver is distracted

Identify distracted driving at your business.

People get distracted. Sometimes it’s a clever billboard or a person in a costume walking down the street. Sometimes it’s a non-urgent need to use dispatch equipment. They may be reaching for a map or using a cell phone – either talking or texting and driving.

It’s all distracted driving. And it leads to over 25% of truck accidents. A fleet owner, on average, will be out of pocket around $70,000 per event. Some studies show this average even higher. The effects of distracted driving on trucking businesses can be huge. It’s also dangerous, which is why the FMCSA has banned handheld cell phone use for commercial vehicle drivers

Preventing distracted driving is important. But you can’t prevent what you don’t know about.

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What Is Distracted Driving Costing Your Business?

Distracted driving can be very costly to your business.

In British Columbia recently, a horse and buggy driver received a simple citation for texting while conducting a tour down city streets. Distracted driving really can happen anywhere.

But while all distracted driving is dangerous, some distracted driving is more dangerous and therefore more costly to those involved. Such is the case for transportation businesses like your own.

Last year, work-related crashes cost owners nearly $57,000,000,000. Yes, that’s billion. 26% of this can be directly connected to driver distraction.

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