While few disagree about the importance of trucking insurance, we often hear from trucking company owners who are frustrated with the insurance process. Though there are many factors involved in determining the right plan, the holdup very often comes down to two very common reasons: lack of carriers willing to insure trucking and the level of financial losses typically associated with this industry.
Not every carrier is able to offer insurance for the commercial trucking industry. Even some of the larger insurance carriers do not represent semi, dump truck or towing companies. Fortunately, there are specialty carriers like Canal, Northland, ITA, National Indemnity, National Casualty and Berkshire Hathaway, to name a few, that do have programs specifically designed to support this industry. Specialty carriers understand the trucking business, the risks associated with it, and specialty coverages needed, like the Universal Intermodal Interchange Agreement for port systems. This knowledge and understanding of the industry gives them the ability to offer proper coverage as well as competitive quotes .
The degree of loss in the trucking industry is also an important factor to consider. Unlike personal vehicles where you may have a minor fender bender, most accidents involving semi and dump trucks result in huge losses. Losses exceeding $100,000 are common. In addition to the loss of trucks or equipment, employees or bystanders can get hurt, having to spend time in the hospital, resulting in firms getting sued for loss of work, lingering injuries, pain or suffering.
Factors that carriers consider when determining rating and premium:
- Driver experience
- Motor Vehicle Reports
- Operation radius
- Loss history
If you are considered high risk in any one of these areas, it may drive up insurance costs.
Here are a few ways you can get the best insurance rate for your business:
- Drive Carefully- A speeding ticket received on or off duty can increase your premiums
- Hire Experienced Drivers
- Know the cargo you are hauling-make sure your cargo coverage covers what you are hauling
- Invest in technology-New technology is leading to safer driving practices as well as ways to more accurately determine fault
- Keep your logbooks up to date
- Don’t fall behind on payments-letting your insurance lapse can result in higher premiums in the future
- Know your policy-if you have questions, ask your insurance provider
At the end of the day, the biggest factor you can control in keeping your insurance premiums low is focusing on safety, but your insurance professional can help you find the right types of coverage for your business. With the right coverage in place, you can have the peace of mind you need so you can focus on your business.
Bankers Insurance, LLC is an Independent Agency with Headquarters in Glen Allen, VA. Bankers Insurance specializes in trucking insurance. Please visit our trucking insurance web page to find out more, or contact Mark Sidwell, who has been in the insurance industry for over a decade and is a Certified Insurance Counselor (CIC) as recognized by the National Alliance of Insurance. If you have questions or comments, Mark can be reached at firstname.lastname@example.org new email .
We value the trust you place in us. Thank you for your business. If you are not a current client, visit our trucking page for more information or to request a quote.Trucking Insurance
Bankers Insurance LLC
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