When you are buying insurance for yourself as a truck driver you will see that rates change on a whim at times—but the truth behind this is insurance rates are largely cyclical and will fluctuate over time! With this pricing cycle in mind and these tips, you can possibly help yourself find better rates when you do shop for your Commercial Trucking insurance!
- Understand your Current Insurance Plan
You do not need to be a complete expert, but you do need to be versed in what your policy covers and what is not in order to avoid confusion in the future! Having a good understanding of your policy will help you make sure you are not overlooking any exclusions and knowing all of this can help you secure the right coverage for your business and price point in the future!
- Focus on Risk Management
Trucking companies that do not have a safety manager or documented safety procedures are not nearly as attractive to insurance agencies as companies that do have these things in place—the ones that do not have these precautions usually have a harder time securing better rates and some insurance carriers will flat out not insure these companies as well!
- Communicate Early and Often with your Agent
It’s best to keep the line of communication with your agent open at all times since hard markets can affect your business quite a bit! Starting the renewal process early is also a big advantage for you and your agent since it gives your agency more time to secure great coverage for you and your business! Owners who proactively address risk factors and manage those exposures will be better prepared to weather the storm of a hard market and can find better rates than if they did not take any of these steps!
Also remember, if you have a larger fleet you should give yourself more time to make sure that the process goes smoothly and that you get the best coverage/rate! Work with your agent to better prepare your business for any changes that happen down the road!