It's important to periodically update your commercial truck insurance policy. Your commercial trucking operation will change over time. Your insurance policy should change along with it to best protect your company's finances.
The following are six things that you should look at when you update your commercial truck insurance policy.
Changes in the size of your commercial trucking operation
Over time, your operation may grow so that you're taking on more jobs and employing more people. As your company grows, your need for commercial trucking insurance increases.
If your company acquires more assets as it grows, then you need more coverage. A larger company also tends to have more liability risks for which more coverage is necessary.
Recent changes to your premium's costs
You need to reevaluate your policy if your insurance provider has increased your premiums. You might want to consider switching providers if your insurance company has randomly increased your rates. This is a sign that your provider will continue to increase your rates in the future.
Recent claims you've needed to file on your policy
If you've recently filed a claim on your commercial truck insurance policy, it's good to look at the details of this claim when updating your policy.
Perhaps the claim was a financial hardship for your company because of a very high deductible. In this case, you might want to consider decreasing your deductible in case you have to file a claim again in the future.
Budgetary issues your company may be having
Your company's budget is a primary concern when you update your insurance policy. If your budget has been tight lately, you might want to look into ways that you can bring your policy premium down. This can take some of the financial pressure off of your company and lead to healthier cash flow.
Upgrades to your fleet since your last policy update
The type of trucking equipment your company uses on a regular basis has a big impact on insurance costs.
If you've recently invested in updated equipment, you may be eligible for discounts, especially if your equipment has more safety features than the equipment you were using previously.
Experience level and driving history of your drivers
Another factor that influences insurance costs is the driving history of your drivers. As your drivers acquire more experience, your company should be eligible for lower premiums if your drivers have been accident-free and don't have any new infractions on their driving record.
After we purchased our first home, we realized that it might be a good idea to evaluate our insurance coverage. Although we had purchased homeowners insurance before, we had never owned a policy as large as the one we would need for our new place. Also, our new home had a trampoline and a swimming pool, which made us worried about liability. To iron out the details, I decided to meet with our insurance agent. We talked about things like monthly premiums, coverage limits, and deductibles, and it was incredible to learn more about the terminology. This blog is designed to help you with the same types of questions.