Commercial Trucking Insurance Mistakes Part 2
7 common mistakes that can cost truckers big money on their commercial trucking insurance.
Mistake #5
You’re with the wrong insurance carrier – or you have the wrong policy and a claim winds up being denied. When it’s a cargo claim, this can make your shipper/customer very crabby! Another common mistake is buying your insurance from the wrong commercial trucking insurance company. There is a tendency to purchase the cheapest insurance available. Obviously, your commercial trucking insurance premium is one of your highest expenses. Of course It is your responsibility to manage your costs and get the best deal available for your company’s commercial trucking insurance. However, if you are with a commercial trucking insurance that does not specialize in trucking or sells a substandard policy with lots of exclusions – or even worse you are with a shaky risk retention group or some other substandard commercial trucking insurance facility, you can really live to regret it. Sometimes commercial trucking insurance claims might go unpaid - or the payments are delayed for so long that your shipper can lose confidence in you. There are many ramifications to the quality of your insurance; including whether shippers will even do business with you at all. Low quality insurance sometimes results in shippers turning away from the motor carrier altogether. Quality commercial trucking insurance is critical.
Mistake #6
Improper commercial trucking insurance program design. You may be overpaying for your commercial trucking insurance because you do not have an optimal commercial trucking insurance program design. Maybe you should have a higher deductible; or possibly it would be feasible to finance your risk with a captive insurance facility. There are many other ways to manage your commercial trucking insurance costs. One of them is being sure that your risk management design or insurance program structure Is appropriate for your risk. The higher your deductible the lower your premium. If you have a good safety record you should strongly consider increasing your deductible/self-insured retention. This will drive down your commercial trucking insurance rates. It is possible to make your drivers is responsible for a portion of this financial exposure. Many successful motor carriers use this method of risk management to reduce their commercial trucking insurance costs.
Mistake #7
Biggest mistake? Having a commercial trucking insurance agent who doesn’t know the difference. A common mistake can cost truckers big money on their commercial trucking insurance is being with an experienced or unscrupulous commercial trucking insurance agent. Don’t let a rookie or a scammer take advantage of you. There are plenty of experienced professional commercial trucking insurance agents with integrity practicing in the commercial trucking insurance industry. At Roemer insurance and Insure My Rig, we know the difference between a fifth wheel in the steering wheel. We’ve been serving the commercial trucking insurance needs of Americas truckers for 85 years. You can trust us with your commercial trucking insurance needs.