As your business grows, the number of vehicles you have and need to insure may grow as well; the variety of vehicles you need could change and expand over time as well. Whether you have a fleet of auto haulers, your own delivery fleet, or a few box trucks, you could benefit from the right commercial insurance policy. Reviewing both your needs and the vehicles in your fleet as you grow can help protect your thriving brand and ensure you have the best possible insurance plan for your business.
Insurance Tips for Growing Businesses
As you scale up the number of trucks in your fleet, it’s essential to ensure that all of your insurance needs are covered and that any potential risks are mitigated. Review the following as your fleet expands to ensure you have the right level of coverage:
Auto Liability
You’re a great driver – and pay attention every time you get behind the wheel, but your employees may not be up to the same standard. Even if they are, if one of your team members causes an accident and injures someone in the process, you need a robust auto liability insurance policy in place. An accident with injuries could be far costlier than just the damage done to the vehicle. Make sure you have the liability insurance you need to protect your business in the event of an accident and a lawsuit.
Physical Damage Coverage
You already know how important it is to protect your personal vehicle – and the trucks in your fleet are no different. When you have several or even dozens of vehicles in your fleet, you have more invested and face more risk. The right physical damage insurance can protect you from not only collisions, but other risks as well, from vandalism to accidental damage caused by falling objects, theft, and fire.
Cargo Insurance
You also need to make sure that you have enough cargo insurance to meet your needs. What if one of your drivers was in an accident and their entire load was destroyed? What if one of your drivers’ loads gets stolen? That could mean you’re taking a big financial hit unless you have the proper cargo insurance to protect these risks. Make sure your cargo insurance fits your business.
Pollution Insurance
Pollution insurance is another coverage you can consider for your trucks. If your business ever faced an accident that caused environmental damage, you could be responsible for cleaning up the mess. And that can get expensive. However, you can get pollution insurance to help you cover the costs of this environmental cleanup. Talk to one of our agents and find out if pollution insurance is right for your business.
However, these might not be the only types of insurance you need for your fleet.
These are simply a few of the common coverages trucking businesses get to protect themselves from risk. The coverages you need and the amount of insurance you need depends on your business.
For example, you could also consider:
- Driveaway insurance
- Hazmat insurance
- Truckers’ general liability insurance
- And more.
We hope your business never faces a loss, but expanding your commercial insurance as your fleet grows can help you mitigate risk and avoid disastrous costs and results. Contact us today to chat about your expanding fleet and we’ll help you find the policy and coverage that perfectly suits your needs and grows as you do. You can fill out our online quote form or give us a call today.