An Overview of Transportation Insurance in Idaho Falls
Commercial transportation vehicles, products and employees are crucial to the success of Idaho’s economy. Compared to the national average, Idaho has 40% more jobs in the trucking transportation industry. The Idaho Department of Transportation estimates that Idaho has 1,200 transportation companies that employ more than 9,900 workers.
Many of Idaho’s main commercial trucking companies and freight brokers are headquartered in Idaho Falls. Whether you own a large fleet of commercial semi-trucks that deliver products across the country or a small fleet of vehicles that provide transportation to Bonneville County residents, you need an insurance company that specializes in the transportation industry. It’s important to understand the risks of operating in the transportation industry and the coverage options you have to protect your fleet. Learn more about the logistics of securing transportation insurance in Idaho Falls below:
Does My Idaho Falls Business Need Transportation Insurance?
If your company specializes in transporting goods, people or equipment, you need transportation insurance coverage designed to mitigate risks in case an accident occurs. Transportation insurance in Idaho Falls includes special provisions designed to serve the needs of companies involved in transporting people or goods.
Whether you use your own vehicles to transport cargo or you use a public carrier, accidents can happen at any time. Having the proper insurance coverage not only protects your assets but ensures your company will not suffer a big financial loss in the case of an accident.
Commercial Transportation Insurance for Idaho Falls Businesses
Transportation insurance coverages vary depending on the policy but generally include coverage for losses caused by accidents, breakdowns and theft. Here are some of the different types of coverage options for Idaho Falls businesses:
- Vehicle liability coverage: This type of coverage protects your fleet in case one of your drivers causes an accident. Because commercial vehicles are heavier and larger than traditional automobiles, significant damage can occur in a collision. Choosing a policy that provides a high level of coverage may come with a high monthly premium, but your financial losses will be much lower if a collision occurs.
- Vehicle physical damage coverage: Most transportation physical damage insurance policies offer comprehensive and collision coverage for your vehicles. These policies cover the expenses of repairing or replacing a vehicle if a collision or non-accident event such as vandalism occurs. Many policies also pay for the driver’s medical costs.
- Basic liability coverage: Basic liability coverage offers protection for property damage or injuries that are not related to operating a vehicle. For instance, if a customer falls and injures themselves on the premises of your business, general liability coverage will cover any medical or legal expenses related to the fall.
- Motor cargo coverage: If your business regularly transports cargo, adding this type of coverage to your transportation insurance policy is a good idea. If one of your drivers is involved in an accident and the goods being transported are damaged or lost, cargo policies cover the cost of replacing the items and removing any materials dumped on the road.
Depending on the size and scope of your business, you may want to add other types of coverage to your transportation insurance in Idaho Falls. Our insurance brokers can help you understand your coverage options.