As a lowboy trucking company, you haul some of the most costly cargo on the road. On top of that, you’re at greater risk of theft and damage due to the “exposed” nature of that cargo. Having the lowboy insurance coverage you need ensures that your business doesn’t get caught with a bankrupting repair or replacement bill.
But what kinds of lowboy trailer insurance do you really need? Let’s take a look at three coverages you can consider for your business.
Auto Liability (Minimum Coverage for Lowboys)
Auto liability coverage is legally required by state law. It covers the other driver, their vehicle and any additional property damage connected to an accident where your driver is at fault.
Even a low-speed tap to the back of a car by a truck carrying a lowboy trailer can do serious damage to the other person’s vehicle. It may even cause whiplash or ligament damage in the other driver.
Sometimes the safest drivers make mistakes. Auto liability, not to be confused with general liability, covers your legal obligations to those hurt by your driver’s actions.
Trucker General Liability, on the other hand, covers your business for things that aren’t truck-related like a customer slipping and falling in your parking lot.
Bodily Injury Liability Insurance
Even small accidents can do big damage to the body, especially if the other driver is frail or elderly. Bodily injury covers hospital bills, court-ordered pain and suffering and even lost wages for the other driver.
Property Damage Liability Insurance
That little tap to the back of a tiny hybrid car during a rush-hour standstill completely crushed the back-end. Property damage can repair or replace that car. It can also pay for any barriers, walls, fences or signs that may have been taken out while your driver is carrying a lowboy.
What would your lowboy trucking business do if you just lost one of your trucks or lowboy trailers? Would you be able to afford a rental to “keep on truckin‘”? Do you have enough savings to replace the truck or trailer? This is why you need physical damage coverage as part of your lowboy trailer insurance policy
Collision covers your truck and the lowboy. It may also cover a rental while the truck is in the shop. But collision coverage only covers your truck in the event of a collision – makes sense, right? For any other type of accident, you need comprehensive.
Comprehensive covers theft, fire, vandalism and other damage out of your control that isn’t related to a vehicle collision.
In a serious accident, your truck and lowboy may not be the only casualties. Even the safest drivers can get hit by bad weather or an unforeseen road hazard that causes the truck to jackknife or roll. In these cases, a bulldozer, front loader, backhoe or another piece of costly equipment could be completely destroyed.
You’d be liable for replacing that equipment. A new bulldozer could set your company back as much as $200,000. Even if the other driver is at fault, car drivers rarely have that kind of coverage, leaving the rest on you.
Cargo insurance is very affordable and important for lowboy trucking companies carrying some of the most expensive loads in the industry.
In the rare case of theft of your lowboy with its cargo, the lost cargo will be covered under a cargo policy while the lowboy itself is covered under your comprehensive coverage policy.
Lowboy Trailer Insurance
Are your trucks and cargo covered in the case of a major event? If you have gaps in your trucking coverage, don’t wait until you have a costly accident to explore your options. We help you get the best rates for lowboy trailer insurance from top trucking insurers. Get your free quotes today.