As the owner of a trucking company, you likely pay close attention to every single expense that hits your bottom line. But if you are not carrying enough commercial insurance, you could end up with a ton of unexpected expenses if one of your drivers gets into an accident. Here are three reasons why now is a good time to review your company's insurance policy to ensure that you will be covered in the event something goes wrong.

Auto Insurance May Cover the Vehicle But You Need Insurance for Your Cargo

If you are carrying insurance on your trucks, you may think that is enough coverage, but make sure you read the fine print. In some cases, your basic insurance policy may cover damage to the vehicle itself but you will be out of luck if you are expecting the insurer to cover damage to your cargo. Depending on what you are hauling, there's a chance your cargo could be worth far more than the vehicle.

A commercial trucking policy can provide coverage for all damages sustained in an accident, including damage to your inventory and/or products.

 Guarantee Coverage Even If It's Not Your Trailer

Depending on your business partnerships and what you are hauling, you may on occasion haul some of your own cargo using another company's trailer. The trucking industry is a close-knit group and it's not uncommon for truckers to help each other out if someone suffers a breakdown in the middle of nowhere. The problem with hauling your cargo on someone else's trailer though is that your basic insurance might only cover your own trailer. When you step up to commercial trucking insurance, there is usually a provision that will offer coverage if you damage someone else's property while hauling, including another company's trailer.

You May Be Required by Law to Cover Certain Damages

Even regular drivers know that carrying basic auto insurance coverage is the law across the country, but did you know that some states have specific laws regarding commercial hauling? If you are new to the trucking business, make sure you look up the laws in your state. You may actually be legally required to hold a commercial trucking policy of a specific dollar amount or higher. In the event one of your drivers is pulled over without the right coverage, your company could end up facing a fine.

Contact a trucker insurance company today to inquire about upgrading your commercial insurance.