How To Get Commercial Transportation Insurance Coverage For Less Money
Posted on: 19 August 2021
If you run a commercial trucking or cargo transportation firm or you are looking to get one off the ground, one key business expense will be your commercial transportation insurance coverage. Protecting your commercial trucks and the cargo they carry while on the road is important if you want to ensure your business can continue on with no issues after an accident or incident that causes damage to your property. Keep reading to learn ways to lower the cost of your insurance premiums.
Hire More Experienced and Older Drivers
A 16-year-old teenager can expect to have a much higher insurance premium than a 30-year-old when it comes to a typical passenger vehicle. This same logic applies when it comes to commercial vehicles. If you are hiring younger drivers in their 20s who are fresh out of trucking school, your insurance rates are going to reflect this. It's not just age that's an issue though; it's also the number of years that the driver has behind the wheel of large vehicles like the one they will be driving. Take your time when hiring if you can afford to do so and look for drivers with a bit more experience out on the road to keep your insurance premiums down.
Get Driving Records Confirmed and Send a Copy to Your Insurance Provider
Of course, experience with commercial trucking doesn't mean a thing if that experience includes multiple at-fault accidents or incidents. Don't just take an applicant's word about their clean record; get it verified and confirmed before you hire. Then send a copy of the clean driving record and the driver's overall experience to your insurance provider to see if you can get a reduction in your current rate.
Drop Some But Not All Protection for Cargo
When it comes to transporting cargo, there's your own cargo and then there's cargo that someone else owns but is asking you to haul. If the cargo belongs to someone else, you can pass along the insurance cost by charging the customer for this in the price you charge for your service. But if you are transporting your own cargo or goods, there are additional ways to cut down on the insurance costs. Cargo insurance policies often offer multiple levels of coverage. Total coverage or the most comprehensive policy might cover everything from collision to fire or theft, or it may cover you if something happens because the load was not packed properly. But if you don't carry goods that are at high risk for theft or other incidents, you may be able to drop to a lower tier of coverage that only covers collision or major incidents like a fire.
To learn more, contact a company like the Russell Agency.
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