Commercial truck insurance is crucial if your company owns and uses work vehicles. Your business policies and practices may have an impact on the costs and types of coverage you are eligible for. You can make sure that you’ll get the best rate by avoiding a few common blunders and keeping the following advice in mind.
Common Mistakes that Increase the Cost of Commercial Truck Insurance
Long-distance driving can be hazardous. In addition to raising the possibility of an accident, it may also raise your costs if it is reported. It is advised that companies get consent from any drivers they might consider hiring before requesting a motor vehicle report. This report will detail their history of safe driving, including the amount of time spent on the road. This will not only make it easier for you to hire workers who are more concerned with safety, but it will also enable you to give your insurance provider more evidence of the caliber of your operations.
Not reporting new drivers – You should never wait to report new drivers after they are hired. You might not be granted coverage for an accident if a new driver involved is not listed on your insurance policy.
Workers’ compensation coverage that is insufficient or nonexistent – Your business and employees need to be properly covered for workers’ compensation. Medical expenses for an employee hurt on the job should be covered by a workers’ compensation policy. Without this additional insurance, the employee may file a claim for medical expenses resulting from a work-related auto accident with the commercial truck insurance provider. Having the additional workers’ compensation policies in place is frequently a requirement by law.
Additional Measures You Can Take
Employee education – Regularly informing your staff about driver safety can show that you are committed to making sure that your drivers are taking the necessary precautions and driving as safely as they can.
Processes for filing claims that have been documented – Since time is money, having SOPs in place will increase the productivity of your company. Work with your insurance provider to ensure that you have all the necessary forms in place and that your staff is knowledgeable about how to complete them.
Verify every aspect of your coverage, and be sure you are aware of all the specifics. Theft claims or damage to unattended vehicles are frequently not covered by carriers. When applying for this coverage, your options can be advised by a carrier that specializes in commercial truck insurance.
Each company operates differently. A company that uses 50 trucks a day has different needs than a small business that only needs two local work trucks. Consult with a knowledgeable commercial truck insurance provider about your company’s operations and the coverage you require.