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Tank trucks are useful vehicles for a variety of types of businesses. Whether you use your tank truck to haul fuel for refineries or retail gas stations, or you haul staple fluids such as water or milk, your tank truck needs to stay in operation full time to earn a return on the investment you made in it.

Buying your own tank truck is a significant investment in your company. It is an asset that increases your company’s value while also being able to bring in more profits from the work it performs. If your truck is damaged in an auto accident however, can your company afford to pay for all of the repairs? What if it is stolen? Or the cargo it’s hauling is damaged? These scenarios and many more outline the importance of carrying commercial auto insurance on your tank truck. This coverage protects your company from losing a valuable asset. Here are the types of insurance you need for your truck:

Liability InsuranceLiability insurance is required by law in all parts of the United States. Many states will not issue your truck permits and licenses without proof that you have this basic coverage. Liability is specifically designed to pay for damages and injuries that result when your truck is at fault in an auto accident. This coverage prevents other people from having to pay large medical or property damage bills, and it prevents your company from being sued for those payments. Liability insurance is made up of two primary insurance coverages:

The amount of liability coverage you have for your tank truck depends upon how you set it up with our licensed agents. You’ll also need to choose the form of coverage desired, and your insurance deductible.

Liability insurance comes in two forms: Combined single limit or Split Limit. A combined single limit policy provides one overall maximum coverage limit regardless of what types of damages are caused in an accident. If you select a CSL of $1,000,000 for example, then the entire amount can go towards bodily injuries or the entire amount can go towards property damages. The benefits can also be split up in any percentage needed.

A split limit policy has pre-set limits on the maximum benefits it will pay for a given specific issue. These liability policies come with three numbers to designate the limits for bodily injury and property damage payments. For example, a split limit policy of $50,000/$100,000/$50,000 means that the policy pays a maximum of $50,000 per person for bodily injuries created in the accident. It will pay no more than $100,000 total for all bodily injuries combined however. The last number designates the maximum amount your policy pays for property damages.

Your insurance deductible is the out of pocket dollar amount that your company pays when you must make an insurance claim. If your truck driver causes an accident that results in $1,000 worth of damages and injuries, your company must pay the deductible amount before your insurance company will pay the rest. If you select a $500 deductible for example, then you would pay $500 of the accident bills and your liability policy would pay the remaining $500.

Medical PaymentsMedical payments insurance is designed to pay medical bills that arise due to an auto accident. This coverage specifically pays the medical bills for your truck driver and any passengers he had in the truck with him at the time the accident occurred. Medical payments coverage takes care of your medical bills even if you were not the one who caused the accident. This insurance isn’t available everywhere however. Speak with one of our licensed representatives today to determine if it is available for your company’s insurance needs.

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Physical Damage InsurancePhysical damages insurance protects your company from having to pay the bills – or pay for a replacement – when your tank truck suffers damages. This insurance is particularly important for any company that has not paid for their truck in full yet. It can protect you from losses and repair bills created by theft, fire, vandalism, weather hazards, roll-over accidents and more.

Uninsured or Underinsured Motorist - Uninsured or underinsured motorist coverage protects you from having to pay for the damages or loss to your tank truck when another driver is at fault for an accident. If that other driver does not carry insurance, or if they do not carry enough to pay for the damages they cause, your policy will pay for your repairs instead. This coverage takes care of both bodily injuries and property damages similar to the way your basic Liability coverage does.

Other Important Commercial Auto Insurance for TANK TRUCK includes:

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Business Auto Coverages

Commercial Auto Protection Liability Coverage Bodily Injury Coverage Property Damage Coverage Medical Payments Coverage Physical Damage Coverage Collision Coverage Comprehensive Coverage Uninsured Motorist Coverage

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