Comprehensive Coverage Collision Coverage Ramp, Binder, Chain & Tarp Coverage
What is flatbed insurance?
Operating flatbed trucks presents unique risks, as these trucks often haul oversized, high-value and heavy loads. To protect against the risks that are particular to these trucks, Massachusetts operators may want flatbed insurance.
Flatbed insurance is specialized commercial truck insurance for flatbeds. Policies take into account the features of these trucks, and what they normally transport.
Which Massachusetts businesses should get flatbed truck insurance?
Massachusetts state law generally mandates minimum insurance requirements, and additional protections are recommended. Flatbed policies are usually the best way to get coverage for these trucks.
Some specific examples of businesses that frequently use these trucks, and therefore should consider a flatbed truck policy, include:
Residential and commercial construction companies
Road construction and repair companies
Manufacturers and builders of mobile homes
Manufacturers and installers of windmills
Manufacturers and services of commercial mowing equipment
Farmers who transport equipment on these trucks
Secondary car lots that buy multiple vehicles at auctions
There are still many other businesses that use flatbeds and may want this type of policy.
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What coverages are available via flatbed truck insurance policies?
Flatbed truck insurance policies generally offer all state-required coverages, along with many additional coverage options. In most cases, businesses opt for a level of protection that surpasses the state’s minimum requirements.
The coverages that businesses ultimately get often include a mix of property and liability protections for the trucks. Property coverages primarily protect assets (including the truck itself) from damage. Liability coverages mainly protect a business against lawsuits arising from accidents.
Examples of property coverages that businesses may need or want desire include:
Comprehensive Coverage: May cover non-collision damage to the flatbed, usually extending protection to incidents such as theft, fire and animal strikes.
Collision Coverage: May cover collision damage to the flatbed, usually extending protection when the truck is in an accident with at least one other vehicle.
Ramp, Binder, Chain & Tarp Coverage: May cover damage to or loss of ramps, binders, chains, tarps and safety equipment on the truck.
Loading & Unloading Coverage: May cover damage to or loss of cargo during loading and unloading of the truck.
Towing & Storage Coverage: May cover storage costs while a truck is out of commission following a valid claim.
Earned Freight Coverage: May cover compensation for accounts receivables losses following a valid claim.
Examples of liability coverages that businesses may want include:
General Liability Coverage: Might protect against common accidents (non-vehicle) that occur on or near a truck or on a business’s premises.
Bodily Injury Liability Coverage: Might protect against injuries to individuals outside of the truck, such as other vehicles’ passengers, that occur in a collision.
Property Damage Liability Coverage: Might protect against damage to others’ property, including other drivers’ vehicles, that occurs in a collision.
Commercial Umbrella Coverage: Might protect by providing additional coverage for large lawsuits and claims that exceed other liability coverages’ limits.
An insurance agent specializing in flatbed truck policies can help businesses explore all available coverage options, and create a customized plan that provides the protections they need.
Can flatbed tow trucks use flatbed truck insurance?
While flatbed tow trucks could theoretically find all necessary coverages within a flatbed truck policy, such a policy would likely be excessive. These policies are primarily designed for full-size flatbeds that carry large and heavy loads, and not for tow trucks that pull a single vehicle.
A tow truck policy is likely a more suitable choice for all tow trucks, including flatbed ones.
How can businesses in Massachusetts get a flatbed insurance policy?
This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.