The cost of insurance can vary based on the brand and your specific occupation. Here's an example of how much it costs per month for a business that has $250,000 in revenue per year.
| Occupation |  = |  |  |
|---|---|---|---|
| Tradesmen who use a truck* | $61.85 | $70.60 | $142.75 |
| Truck hire service | $52.78 | $89.04 | N/A |
| $10,000,000 in liability cover | $10,000,000 in liability cover for | $10,000,000 in liability cover | |
| Get quote | Get quote | Get quote |
*This quote is based on an electrician with $250,000 in revenue per year.
Yes, there are some types of insurance that you need to have. These include:
| Response | Female | Male |
|---|---|---|
| A business loan | 45.27% | 44.9% |
| I have savings | 34.33% | 40.63% |
| Government grants | 6.8% | 5.01% |
| Friends/family | 6.63% | 5.38% |
| Other | 6.14% | 3.34% |
| Crowdfunding | 0.83% | 0.74% |
Here are the common types of insurance you should consider getting if you're a truck driver or run a business involving the use of trucks:
Public liability insurance is a really important type of insurance that protects your business if it becomes legally liable because someone is injured or their property is damaged. It's a level above CTP, which is mandatory in Australia and only covers you for injuries to people if the driver of your vehicle was at fault in the accident. It can protect independent, self-employed drivers and owners of truck businesses against claims resulting from damages caused to a third party. For example, if your truck is involved in an accident and a client's stock or equipment is damaged, public liability insurance can protect you financially.
If you run a business that uses trucks, commercial vehicle insurance can cover you for loss or damage to your vehicle, third party property damage caused by your vehicle(s) and a number of other risks, including new vehicle replacement, uninsured motorists and hire car costs. It's a little like comprehensive car insurance but for business purposes and is helpful to have as a supplement to public liability insurance, which covers the business as a whole, not just the vehicles.
If you run a business and have employees, you need to have workers compensation. It's usually a mandatory requirement in all states of Australia.
This pays you a monthly income if you're unable to work due to serious injury. It's helpful if you're a self-employed truck driver or sole trader and don't have any employees as workers compensation usually won't cover you.
Since you probably want to consider whether you need public liability, commercial vehicle insurance or both, here's a breakdown of what they cover you for:
Public liability insurance will generally cover you for the following:
Policies will specify exclusions, which are situations or damage types you're not covered for. Some exclusions you may encounter include the following:
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