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Protect Your Business From The Unexpected

Unexpected costs can affect your business. FAMPRO will help you find a policy to cover your needs.

Commercial insurance refers to a broad type of insurance policies designed to protect businesses from risk.  Some businesses may require more specific coverage depending on their industry, size, and local laws. Commercial business insurance can be purchased piecemeal or in bundled policies.

Some of the most popular types of commercial insurance include the following:

CONTRACTOR’S GENERAL LIABILITY

Contractor’s General Liability (CGL) policy protects your business from financial loss should you be liable for property damage or personal and advertising injury caused by your services, business operations, or your employees. It covers non-professional negligent acts. Understanding this coverage is an important first step in managing CGL risks.

A general liability policy does not cover your own business from vandalism, theft, fire, or damage in which a third party was not affected. Intentional or malicious acts done by your business are also not covered by a general liability company. Overall a CGL protects your business from incidents and helps protect your business finances overall.

BUILDER’S RISK

Builder’s risk insurance is defined as insurance that protects a person’s or organization’s insurable interest in materials, fixtures, and/or equipment awaiting installation (or after installation) during the construction or renovation of a building or structure, should those items sustain physical loss or damage from a covered loss. There are several groups of eligible clients for commercial or residential builders risk policy – all of which can purchase the policy in their name, including the following:

  • Property owners
  • Contractors
  • House flippers
  • Development/investment companies
  • Retail companies
  • School districts

COMMERCIAL PROPERTY

Commercial property insurance protects your company’s physical assets from fire, explosions, burst pipes, storms, theft, and vandalism.  Floods aren’t covered by commercial property insurance, unless those perils are added to the policy.

Commercial property insurance covers your building, everything in it and just outside of it, including:

  • Computers
  • Furniture and equipment
  • Exterior signs
  • Fence and landscaping
  • Important documents
  • Inventory
  • Others’ property

TRUCKER’S LIABILITY 

In order to operate your trucking business federal regulations require that each of your vehicles, including leased units, are covered with commercial auto insurance. This type of insurance will cover you in case a third-party is injured during an accident. Each state also requires that you have general liability insurance. This protects you in case a driver operating under your business causes property damage or bodily injure to a third party. General liability does not cover your own vehicle. It also doesn’t protect you in the event of theft, fire, vandalism, or other disasters that may occur to your truck. It also doesn’t cover damage to your trailer or cargo.
This type of insurance is generally rated and supplied to you on a “scheduled vehicle” basis. If a vehicle is not on schedule your policy does not operate. If you happen to have only a few vehicles on your policy then this is normally not an issue. However, for larger trucking companies with hundreds of vehicles, this can become a task. You need to be careful and make sure that your communication with your broker is well established. This is where having FAMPRO really pays off.

Here are other types of trucking insurance that you may need to protect your business from unexpected expenses:

Motor Truck Cargo

Motor Truck Cargo insurance provides insurance on the freight or commodity hauled by a For-hire trucker. It covers your liability for cargo that is lost or damaged due to causes such as fire, collision, or striking of a load.

If your load is accidentally dumped on a roadway or waterway (Removal Expenses coverage), our coverage pays for the cost to remove debris or extract pollutants caused by the debris. It will also pay for costs related to preventing further loss to damaged cargo, legal expenses in the defense or settlement of claims and even freight charges the customer loses because of not delivering a load.

Physical Damage

Physical damage insurance provides protection against loss or damage to your covered vehicle resulting from an accident with another vehicle or object. Physical damage insurance is important for motor carriers and owner-operators to carry and in many instances required based on if there is a lienholder.

There are several distinctions to be aware of when purchasing physical damage insurance coverage. Collision provides physical damage insurance in the event of a collision whereas comprehensive typically provides coverage to repair or replace a vehicle in an incident that is not a collision. Theft and fire coverage is often added or included in comprehensive insurance as well.

Bobtail

Also known as non-trucking liability insurance, bobtail insurance is coverage for situations in which the owner-operation cannot obtain primary liability insurance, such as when the driver is en route to a personal event or is not on dispatch. Bobtail insurance does not cover drivers when pulling trailers.

Rental Reimbursement

Just like the name implies, rental reinbursement insurance covers the cost of renting a replacement vehicle while yours is being repaired or replaced.

Trailer Interchange

This type of insurance is very similar to Physical Damage insurance in the sense that it covers the trailer being pulled. Unlike Physical Damage insurance, Trailer Interchange insurance only covers third-party trailers you pull. This covers the trailers for theft, collision, fire, vandalism, or explosions.

Uninsured/Underinsured Motorists

This type of policy covers you in the case a person who collides with you does not have insurance or their policy does not cover enough to pay your damages.

Reefer Breakdown Coverage

Optional coverage for reefer breakdown or refrigeration breakdown is available on cargo policies. A claim for this coverage can be made if the refrigeration unit malfunctions, resulting in the spoiling of goods being transported. A driver’s negligence and delay are usually not covered by these policies. High risk cargo or things are easily perishable include but are not limited to seafood, pharmaceuticals, and fresh meat, which are could be excluded from your typical cargo policy.

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848 W Price Rd,
Brownsville, TX 78520