Insurance and risk
commercial auto insurance
Commercial auto insurance covers motor vehicles that a business owns or uses. NAIC defines it as coverage that protects the insured against financial loss from legal liability for motor vehicle injuries or damage to others' property caused by accidents tied to ownership, maintenance, use or care of a vehicle.
Why it matters
A delivery fleet needs this coverage for its trucks and trailers. Personal auto policies usually exclude business use, so a driver's own policy may not respond. Limits and required coverage depend on the vehicle, the state and any federal minimums that apply to the carrier. A common mistake is to list only tractors and forget trailers or leased units. Another is to add drivers late. Operators should review the schedule of vehicles and drivers each year with a licensed agent. Customers may ask a provider for a certificate showing active coverage. This is not insurance advice.
Read: Insurance for portable storage companies: What coverage to ask about
Definition source: content.naic.org
Related terms
general liability insurance
General liability insurance is business coverage for claims of injury or property damage to other people. NAIC defines commercial general liability as flexible and broad commercial liability coverage with two major sub-lines: premises and operations, and products and completed operations. Policies differ in limits and exclusions.
workers compensation
Workers compensation is insurance that covers an employer's liability for injuries, disability or death of people in its employment, without regard to fault. NAIC describes it that way, as set by state or federal workers compensation laws. Most states require employers to carry it, with some exceptions.
cargo insurance
Cargo insurance protects goods that a carrier hauls for others. Progressive Commercial describes motor truck cargo insurance as protecting goods and materials transported by for-hire truckers against events such as fire, collision and theft. It protects both the carrier and the cargo owner.
certificate of insurance
A certificate of insurance is a document that summarizes an insurance policy and gives proof of coverage. GEICO says it shows the type of coverage, policy limits, effective dates and who is covered. It does not replace the actual policy or give coverage rights to the requester unless that person is an additional insured.
FMCSA
FMCSA is the Federal Motor Carrier Safety Administration, an agency within the U.S. Department of Transportation. It writes and enforces safety rules for commercial motor vehicles and carriers, and it handles registration for interstate carriers. Its rules are in the Federal Motor Carrier Safety Regulations.
tilt-bed truck
A tilt-bed truck has a bed that tilts down toward the ground. A winch pulls a container onto or off the bed. It places a 20 ft or 40 ft container on the ground without a crane or forklift. It is the most common delivery truck in portable storage.
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