Why You Need Commercial Truck Insurance in Kamloops
Kamloops was founded in 1811 as a trading post for furs. Though fur is no longer a hot commodity, Kamloops is still a major hub of commerce thanks to its hospitable weather and thriving economy, and trucking is a major component of the city's economy. Commercial truck insurance in Kamloops is essential to protect trucking companies from liability, especially in an area where there are so many commercial trucks on the road.
Trucks are the most popular mode of commercial transportation in the area. In fact, there are more than 50 transport and trucking companies located within Kamloops city limits. These companies ship goods throughout the rest of British Columbia and North America.
Unfortunately, though, there are many incidents of truck-related accidents happening in Kamloops. A brief inquiry will reveal several news articles about collisions involving commercial trucks in the area. Some of these articles blame Kamloops’s infrastructure and bike lanes for these accidents. Regardless of what the cause of a truck accident may be, insurance provides vital protection against these incidents.
Liabilities That Commercial Truck Insurance in Kamloops Covers
Trucking companies must account for a wide range of risks when considering insurance options. Whether your fleet includes a few trucks or 50, it’s important to invest in protection against liabilities such as the following:
- Property damage
- Theft or vandalism
- Collisions
These kinds of incidents can be costly if they come to fruition. Luckily, HUB International offers comprehensive coverage to trucking companies that protects against such risks and provides peace of mind. With your drivers and your fleet fully insured, you don’t have to worry about losses from liabilities.
Many trucking company owners, when considering liabilities, only think of accidents. While collisions are the most common risk incident that truckers encounter, in many cases, an accident is only the beginning of liability. Commercial truck insurance is also essential for covering any medical costs that may emerge and protecting your business against potential litigation.
In addition to mitigating the financial impact of liabilities, HUB International partners with clients to prevent risks at the source. We have years of experience handling claims and insuring truckers, which allows us to offer effective risk reduction strategies to clients.
Kamloops Truck Insurance Requirements
It’s important to note, too, that commercial truck insurance in Kamloops isn’t just a good idea; it’s a legal requirement. The province of British Columbia mandates that trucking companies must secure coverage from a licensed insurer before conducting business. Laws also state that companies must carry third-party liability coverage of at least $10,000,000.
Trucking companies must submit evidence of insurance to the British Columbia Office of Driving and Transportation. HUB International can help you customise a policy that meets these requirements and accounts for any other liabilities that your company may face.
We understand that transportation is a challenging industry, with new risk factors emerging all the time. Our policies are designed to cover liabilities at every step of the journey, from the time cargo is loaded to the moment a trucker arrives at their destination.
Trucking companies aren’t the only ones who need commercial truck insurance. If you’re an independent owner-operator or a contract trucker, you need to invest in coverage, too. In addition to protecting truckers and other motorists, commercial truck insurance is designed to cover cargo and trucks.