The COVID-19 pandemic has, obviously, had a huge effect on the world and the country. A lot of businesses have been in upheaval, and trucking and towing businesses have not escaped the turmoil. Our team has been watching what’s been going on with the pandemic, and we’ve been doing our best to help our clients problem-solve. During this very worrying time, we hope to help truck businesses keep their finances stable. We’ve got a few things we can look into to see what options there are for us to help our clients during COVID-19.
Here’s how our team can help with your truck insurance during the COVID-19 pandemic.
1. Can coverage be adjusted on your stationary vehicles?
A lot of states have instituted lockdown measures, and that means that there isn’t as much work out there for towing and trucking businesses. While you might normally run, say, five loads a week, you might only have two loads a week with the current situation. And that means you might not have to run your entire fleet, so some of your trucks are sitting idle. But you probably don’t want to sell the trucks that you’re not currently using, because someday when things go back to normal you’ll want all of those vehicles. The dilemma is your insurance premium.
Our team works closely with the carriers that we have relationships with. We can see if it’s possible to reduce or alter the coverage you have on the vehicles that aren’t being used. (Of course, it all depends on the carrier and whether they allow it.) This can allow you to lower your insurance premium, but all of your power units are still known to your insurance carrier. (Keep in mind that you may need to have a certain number of trucks that are not stationary, and there will be other rules that you will have to follow for the arrangement to be doable.)
At any rate, this allows you to avoid selling any of your vehicles. Though you can’t use them while they are parked, your trucks will still be there when things return to normal and you want to get back to full capacity.
2. Is it possible to adjust the insurance limit?
Another question that we consider in helping trucking businesses during this pandemic is whether it’s possible to adjust your insurance limit. Depending on your state and whether they allow it, we can see if we can bring your limit to $750,000. Now, it’s always important to give serious thought to your insurance limits and how much coverage you have. But this might be what’s best for your business with the COVID-19 situation, so we can talk this over with you and see if this is a possibility.
3. Could the insurance payments be restructured or extended?
It might be possible for your insurance payments to be restructured during this time – of course, if the carrier allows this restructuring. This could be helpful for your business’s finances and budget. We can also see if your insurance payment could be extended, depending on what your carrier is okay with. We can help you look into these possibilities.
4. Could some of the trucks go on a separate physical damage policy?
Another possibility (you guessed it – if the carrier allows it) is taking some trucks off of the pricey trucking policy and just having non-trucking liability and physical damage coverage. (It’s also possible that you could turn in the tags and just have physical damage coverage for things like falling trees, depending on the carrier.)
5. Would it be beneficial for us to connect you with our factoring contacts?
Would it be helpful for us to put you in touch with our factoring contacts? We would be happy to do that. And if you need to get loads, we also have dispatch/broker contacts that we can put you in touch with. We want to help however we can.
6. Are you considering renting a reefer trailer or a dry van?
Maybe you’re an auto hauler and you are thinking about renting a reefer trailer or dry van. (You’re interested in hauling essential loads.) We want to help you make sure you have the right coverage for the work you will be doing. As always, it’s essential that you have the correct insurance to protect you. We’d be happy to have a conversation with you about your insurance situation.
This is a very uncertain and unsettling time, and our team wants to help alleviate some of the stress truck businesses and towing businesses are facing during the COVID-19 pandemic. We want to help these businesses stay afloat and stay strong – we want to see your transportation business succeed even though this crisis. If you have any questions or concerns about your truck insurance coverage, please reach out to our team so we can see how we can help. Get in touch by messaging us or giving us a call.