Alaska Bobtail Non-Trucking Liability Insurance Policy Information
Alaska Bobtail Non-Trucking Liability Insurance. Working as an owner operator and driving a semi truck means you must have the right protection when on the road. Most times when you are under dispatch, you are covered by the insurance your motor carrier offers but there will be times when you are not working, and you are using your truck as transportation. For this, you must note that when using your truck for personal reasons this insurance does not cover you. If you are looking to find the right insurance for your for your truck, then you should read everything on this page. Get the Alaska bobtail non-trucking liability insurance coverage that will keep you and your power unit protected.
Alaska bobtail non-trucking liability insurance protects you and your truck from lawsuits with rates as low as $87/mo. Get a fast quote and your certificate of insurance now.
Understanding Bobtail Insurance
Every time you are driving in your truck won't be for the transportation of a trailer. You may just be moving between one job and another. Any time you're on the road you're at risk of an accident. This is why having Bobtail insurance is important. Having this type of insurance protects you when you are traveling without a trailer or carrying a load. If you have a trailer on the truck, then this insurance will not cover you. Even if you get in an accident and the trailer is empty, you still aren't covered. In the times when you are not traveling with a load, Alaska bobtail non-trucking liability insurance will keep you covered.
Non-Trucking Liability Insurance
Sometimes when you are on the road, you might not be using your truck for work. Maybe you are using your truck to run personal errands. By having non-trucking liability insurance, you are protected. Non-trucking liability insurance allows you to stay protected when you are not using your truck for business. Having this type of Alaska bobtail non-trucking liability insurance is the best thing to have when you are using your truck for personal reasons.
However, you must know this type of insurance does not cover everything. If you are taking your truck to the garage for a servicing trip then this something that is not covered by this type of insurance. Whether you are using your truck on your off days to go to the movies are just take a trip to get some groceries you can drive easy knowing non-trucking liability insurance protects you. You must understand that this type of coverage doesn't cover you when you have a trailer on your truck. Even if the trailer is empty and you get in a collision, this coverage still does not protect you.
The best thing for you to do is to get this type of insurance on your truck. Doing this can save you a lot of money in the future if there is anything that goes wrong while using your truck for things other than moving trailers or carrying loads.
Bobtail And Non-Trucking Insurance Are Different
There are many similarities about these two types of insurance and because of this many truckers are confused by them. The first thing you must understand is that primary liability insurance coverage is mandatory for all truckers. Before doing anything else, this is the type of insurance you need to have.
Any insurance plan only covers a certain amount. Now because of these limits, you may have to get additional insurance to keep you entirely covered. This is why it is a good idea to speak with an insurance professional so that you can know everything that your current insurance portfolio covers. Fortunately, what you miss with your regular insurance, you can purchase with additional insurance plans.
The first step to getting the right insurance is knowing what you will be using your truck for. When you know what you will be doing with your truck for most of the time you have it you put yourself in a better position to get the level of coverage to keep you covered. There is no sense for you to be on the road driving your truck on the road without the proper protection.
AK Bobtail Non-Trucking Insurance
As a truck driver, you must be concerned with your safety on the road. The last thing you want happening is all of your profits going into repairs because you weren't properly protected. Having the right coverage from the start keeps you protected. Being safe is important and having the right level of insurance coverage while on the road is important. Speak with an independent insurance agent and work with them to help you to find the right coverage for you. Doing this may not only save your life but also protect you from spending large amounts of money on repairs when you could have just avoided them.
Alaska Economic Data, Regulations And Limits On Commercial Insurance
If you're an entrepreneur who is thinking about starting a business in Alaska, it's important to have a basic understanding of the state's overall economy before you set up shop. Regardless of how high-quality the products and services you are planning on offering may be, if the location where you open your organization doesn't offer a target market that your products and services will appeal to, chances of success are slim. Furthermore, if a workforce isn't available to support your business, you'll have a hard time staying afloat.
With that said, it's important for business-minded individuals who are thinking about starting a company in Alaska to familiarize themselves with the state's economy; it's also a good idea to have an understanding of the commercial insurance requirements.
Following is an overview of economic trends and commercial insurance policies that business owners are required to carry in The Last Frontier.
Economic Trends For Business Owners In Alaska
According to the Bureau of Labor Statistics, the unemployment rate in Alaska was 6.1% in December of 2019. While that's significantly higher than the national unemployment rate, which was 3.4% in December, 2019, it's lower than it was one year prior, when the rate of unemployment was 6.5% in December of 2018. Though the workforce is growing slower than it is in other states, economists do predict that the rate will continue to decline in the coming years.
Despite Alaska's remoteness and cold climate, it's actually a great start to start a business. According to the Tax Foundation, Alaska is the second most tax-friendly state for business owners in the United States, as there's no individual income tax or state sales tax. Additionally, Alaska has the second highest rate of new business owners, as well as the second highest percentage of available employees (as per 2016).
As in most states, the best spots to start a business in Alaska are the state's biggest cities and the surrounding areas. This includes Anchorage, Juneau, and Fairbanks. Other key areas that are seeing a boost in business development in recent years include Homer, Sitka, Prudhoe Bay, and Ketchikan.
While there are several industries that are experiencing growth in The Last Frontier, specific sectors thrive more than others. Businesses that are related to the following industries are booming in AK:
- Fishing, which is also one of the largest contributors to the state's economy.
- Mining, which provides more than 4,500 jobs in Alaska.
- Petroleum, which is responsible for 34% of jobs in the state. In fact, Prudhoe Bay is North America's largest oil field.
- Tourism is the second largest private sector employer in the state. Each year, millions of people from around the globe travel to Alaska to marvel at the numerous natural wonders that can be found here.
Commercial Insurance Requirements In Alaska
The Alaska Division of Insurance regulates insurance in AK. Alaska mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Alaska requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Alaska also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Commercial Auto Insurance
Learn about small business commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.
- Amazon Delivery Drivers
- Big Rig Truck
- Bobtail Non-Trucking Liability
- Charter And Tour Bus
- Commercial Auto
- Commercial Van
- DoorDash, GrubHub & Uber Eats Drivers
- Dump Truck
- Food Truck
- Freight Forwarder
- Household Goods Moving
- Motor Truck Cargo
- Non-Owned And Hired Auto Liability
- Owner Operator
- Pizza Delivery
- Tow Truck
The person injured in an vehicle accident may be a child, a wage earning single parent, a brain surgeon, or even a homeless person. The costs of the accident may be relatively small or run into the millions of dollars, depending on the victim and his or her injuries. Do you have the assets to handle such costs?
Trucking operations in this chapter are among the most heavily regulated in the country. All are subject to multiple types of regulation including municipal, state and federal. The regulations are necessary because potential for severe property damage and/or bodily injury is extremely high.
All carry cargo that if not handled appropriately could have serious consequences to the cargo owner and/or the public at large. Those that carry people must prove that they keep their equipment in good condition and that employees operate in a safe, sober manner.
The insurance company pays amounts an insured is legally obligated to pay as damages because of bodily injury or property damage and certain types of pollution events covered by this insurance caused by an accident and resulting from ownership, maintenance or use of covered vehicles.
The obligation to pay is triggered only by accidental occurrences involving vehicles covered under the Business Auto Coverage Form. An eligible pollution event is covered only if it is connected to a covered bodily injury or property damage loss.
It is important that you have the proper Limit of Insurance to protect your operations. This limit is the most the insurance company pays for the total of all damages, including any covered pollution cost or expense resulting from any one covered accident, is the Covered Auto liability limit of insurance on the declarations.
This limit applies regardless of the number of insureds, autos covered, vehicles involved in an accident, premium paid, or number of claims made.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Accounts Receivables, Computers, Motor Truck Cargo, Valuable Papers and Records, Employee Dishonesty, Money and Securities, General Liability, Employee Benefits, Umbrella, Motor Carriers Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Mobile Equipment, Signs, Warehouse Operators' Legal Liability, Cyber Liability, Employment-related Practices, Environmental Impairment, Underground Storage Tank, Stop Gap Liability and International Coverages.
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Also find Alaska insurance agents & brokers and learn about Alaska small business insurance requirements for general liability, business property, commercial auto & workers compensation including AK business insurance costs. Call us (907) 531-9001.