The well-being of your driver and others involved is important to you. So, if one of your truck drivers is involved in an accident, you need to know that your drivers, your business, and others involved in the accident will be properly helped and protected. You also need to know that you can quickly and safely get that truck back on the road. Otherwise, you’re taking a big hit to your bottom line.
If it’s been a while since you last reviewed your commercial truck insurance policy, you may not have the proper protection for your business. It’s important to review your policy on a regular basis before you file a claim that you may not be covered for. Here are 7 main times when you should especially review your commercial auto insurance.
1. When you think you’re paying too much
Do you already suspect that you’re paying too much for coverage? Are you already wondering if it would save you time and money to just consolidate coverage with one company? If this feeling has been nagging at you, it’s probably something you need to take a look at.
Pull out your truck insurance policy. Make sure you still need everything you’re paying for. Assess whether you have any gaps in your coverage, and address those concerns when getting quotes for a new commercial trucking policy. (And we can help you get multiple quotes – all you have to do to get started is fill out our online quote form or give us a call.)
2. When you grow your fleet
Each time you add a truck, it’s time to revisit your insurance coverage. That’s not only to add that truck to the policy. You might now qualify for multi-truck discounts. Fleet discounts can save you a lot more money on coverage overall than if you were to go with the lowest quote on insurance for another single truck.
(On top of that, the fewer checks you have to write each month the better.)
3. Before you start working with a new client
If you start working with a new client, they may require that you have enough cargo insurance to cover a certain amount. Failing to meet your obligation to your client might be a breach of contract, and it could result in a loss of trust in the client relationship. Your business’s reputation could be at risk, and if an accident does occur, you may be paying for the damages out-of-pocket.
4. If you change the type of cargo you’re hauling
Will you be carrying cargo that you don’t usually haul? Are you changing up or adding to the types of cargo you already haul? If so, it’ll be vital to find out the cost of that new cargo and make sure you’ve got the cargo and/or hazmat insurance to cover it. Look at your truck insurance policy and find out if you need to make any changes.
5. You only have minimum coverage
Minimum coverage may seem like a bargain, but it doesn’t do your trucking company any favors when you actually have to file a claim. You may have just paid less for a policy that’s barely the legal amount of insurance. However, state-mandated coverage won’t pay for your driver’s medical bills, lost or damaged cargo, or repairing/replacing the truck. Usually, a minimum coverage policy only covers the other driver and any property damage to their car. If you’ve been getting by with the minimum, it’s time to revisit your truck insurance policy.
6. If you haven’t reviewed the policy this year
Trucking businesses change all the time. You get new trucks and hire new drivers. You may be storing cargo or client vehicles on your property overnight when you didn’t before. So, it’s important to consider what your new risks are whenever your business changes and make sure your truck insurance policy meets your new needs.
7. If your policy is up for renewal soon
It’s easiest to switch policies if you plan ahead. The best time to start shopping for commercial trucking insurance is at least 60 – 90 days before your annual or semi-annual renewal date. This gives you time to reassess what your business currently does, how many drivers you have, what kind of cargo you haul, and what new risks you’ve taken on in the past year.
It may seem like a lot to consider, but you don’t have to shop for commercial auto insurance alone. Our insurance experts take the hassle out of finding the right coverage for your business. We use our knowledge of the trucking industry to get to know your business’s risks and give you tailored quotes on affordable coverage. To get started, give us a call or fill out our online form today.