There are several commercial insurance providers out there that provide trucking coverage, so how do you choose the one that is right for your company? If you put in some time to carefully consider your decision, the chances are very good that you will find the one that best meets your needs.
This form of coverage is designed to protect owners of trucking interests against damages should an accident occur. This coverage also protects the cargo that trucks transport and may also protect against loss of revenue should a customer reject that cargo once it has been delivered.
Before purchasing commercial insurance, however, it is very important that you determine exactly what type of coverage your business needs. You have to take into account whether your trucks deliver cargo to terminals and warehouses, whether or not your drivers load and unload cargo, and whether you or your drivers own your trucks. You will also need to decide whether you want to cover your drivers’ medical expenses. Just as there are different types of providers, there are also different forms of insurance. For instance, refrigerated trucks require one type of coverage while flatbed trucks require another.
Check the reputations of all the providers you are considering. The more experience a provider has, the more financially stable that company should be. Check your local chapter of the Better Business Bureau to see if the company is listed, and what types of complaints have been filed against it. If you see that there have been several complaints filed against the company, and these complaints were not sufficiently addressed, then you will more than likely want to look somewhere else for your coverage. Different trucking associations may have recommendations regarding different commercial insurance providers. Ask around and see who some of the other companies in your industry use, and get their firsthand experiences with those providers.
Compare rates and see what kinds of deals you may be able to obtain. If your trucking company is just starting out, you’ll obviously not want to devote an inordinate amount of your budget to premiums. However, you will have to be aware of the fact that your premiums may be higher because your company is so young. That shouldn’t keep you from speaking with different agents to see how low you may be able to negotiate those premiums.
When you are calling around, take note of how you are treated while on the phone. If you have to wait too long on hold that may be an indication of how you will be treated should a problem ever arise. If you have any reason whatsoever to believe one of the companies you are considering has questionable customer service, move on to someone else.