With the volatility in the insurance market, it can be difficult to obtain the liability coverage that you require for your trucking business. Wholesale trucking auto liability insurance may be the answer that you’ve been looking for.
Difference Between Liability Coverage and Physical Damage Coverage
Physical damage insurance covers any damage sustained by your vehicle; liability insurance covers the damage that your vehicle inflicts on others. For example, if you or one of your drivers were to collide with another vehicle, your liability coverage would handle the costs the other vehicle’s repair or replacement, as well as the medical costs of anyone in the other car who was injured in the accident. Liability insurance is mandated by law for all commercial vehicles.
Difference Between Retail Insurance and Wholesale Insurance
Retail insurance policies are sold by insurance companies who are licensed by the state and subject to strict regulations. When you purchase a retail policy, an insurance broker works with you to research policies, get quotes, and help you find the best value for your money.
However, retail policies are not always available to trucking companies because of the challenges unique to the industry. For that reason, your broker may need to work with wholesale insurance companies who are not licensed by the state and therefore not subject to supervisory regulation.
Because of the safety-critical risks involved in trucking, as well as the volatility in the insurance market, retail insurance is often not available to your trucking company. Wholesale trucking auto liability insurance is often your best and only option.