Commercial truck insurance is a necessity for every truck company owner. But just because you need to have it does not mean that you can't take steps to keep the total cost under control. Here are three things every owner of a commercial trucking business should be doing to help keep their insurance costs manageable.
Conduct Your Own Regular Safety Inspections
Failing a compliance check or safety audit is a surefire way to ensure that your trucker insurance costs will go up. But you can easily prevent this happening by making safety inspections a regular part of your company's daily routine. Even if you have to invest in some additional equipment, like scales that can accurately measure each truck's load, the money you spend could potentially save you much more over the long-term by keeping safety violations off of your company's record.
Be Diligent About Your Screening Process When Hiring
While safety violations are a key concern when it comes to your commercial trucking insurance, you should not overlook the fact that your drivers are also expected to follow regular traffic laws as. Be thorough when hiring a new employee. Don't hire someone if they don't have a clean driving record. Someone with a record will not only put you at risk in the future but could also cause your rate to immediately go up once your insurance company finds out about who you just hired. There are third-party companies you can contact for assistance with this vital screening if needed.
Communicate Details About Hazmat Loads
If you are transporting hazardous materials, it's likely you will have a higher insurance premium than a trucking company that is not. But there are also exceptions to this rule, which means you should be on the phone with your insurance provider to communicate any changes in your company's business plan. For example, if you are going to be transporting a few hazardous loads but this is not something your business will be doing long term, the insurance company may not increase your rate permanently. You still want to be upfront and honest about how often you are carrying these loads, so that your insurance provider is prepared if you are in an accident involving something hazardous.
Trucking insurance is a necessity for anyone who owns a commercial trucking business, but you can help keep costs down by being proactive. Make safety a main part of your company culture and conduct your own safety inspections on a regular basis. Be diligent about screening new employees, and check for regular traffic violations in addition to their trucking record. If your company handles hazmat loads, keep an open line of communication with your insurance provider about any changes to this status. To learn more, speak with a trucker insurance company like Metropolitan Insurance Service Consultants.Share
8 February 2016
When I first went into business, I was confident that there was a market for my services and that I had the smarts and drive to make a go of my business. But while I was hoping for the best, I also made it a point to plan for the worst. That’s why I wanted the most comprehensive commercial insurance for my business. I shopped around, researched different types of commercial insurance, and finally found a policy that I thought could protect me against almost anything. I am much more confident knowing that no matter what happens, I’m protected. I think that’s really helped me do what I needed to do to get my business off the ground.