If ever there was an industry that is neglected and taken for granted, it would be the trucking industry. Still, in many ways, the trucking industry drives the American economy, and such businesses must attain high risk trucking insurance. Currently, the trucking industry hires about 7 million people across The United States. Approximately 50% of these employees are drivers/truckers. They transport goods and materials that are integral parts of our daily lives. Businesses, households, and by extension the micro and macro economy alike just simply would not be able to function. Yet, this group of workers (truckers) and the businesses who hire them, are among the most underrepresented in the country – both where unions and insurance coverage are concerned. This is perhaps due to the fact that both the truck industry and the truckers who work on the front-line are considered ‘high risk.’
Trucking Insurance and The Trucking Industry
Trucking insurance is considered high risk for several reasons. One obvious reason is the fact that truckers (and by extension their trucks) are always on the road. This exposes trucks and truckers to increased risk of accidents, as well as the truck is likely to experience more wear and tear due to their constant load bearing functions – which in some cases include carrying explosives, rocks, and other hazardous materials. Just about every kind of good or raw material is transported on a truck at some point in time. No commodity is left untouched. None of the above scenarios auger well for the trucking industry and its truckers where matters of insurance are concerned.
Due to the high risk nature of the trucking industry, there are not many insurance companies willing to insure trucking companies or their service providers. This problem was further compounded if the trucking companies were small operators. Thankfully there are companies, like Reliance Partners, willing to provide high risk trucking insurance options to the trucking companies that need it. We provide comprehensive insurance tailor made to suit small businesses and larger enterprises alike. Our experience providing high risk trucking insurance to several different businesses and companies (all sometimes having unique needs) have taught us a thing or two. Below, we look at how trucking businesses can apply due diligence when seeking out high risk trucking insurance coverage.
4 Things Owners And Managers Of Trucking Companies Should Do To Help Them Secure High Risk Trucking Insurance
1. Be clear about your needs
Being honest about your company’s needs and the current state of your affairs is critical to getting a high risk trucking insurance plan that works for you. The kinds of information you need to be clear on with your prospective insurance company includes your trucking business’ area of operation, the kinds of goods or materials your trucks are used to transport, and the overall history of your business’ operations up to the point of seeking high risk trucking insurance.
2. Be proactive
Planning ahead is a key component in business. This is especially true if you are seeking high risk trucking insurance coverage for your business. By being proactive, you can put everything you need in place – including all the information high risk trucking insurance companies need to know – so as to facilitate a smoother process. Insurance is costly, and careful consideration and preparation regarding your insurance needs and how you are going to be able to pay for it must be taken into consideration. For example, physical damage insurance which covers and pays for the repairs or replacement of damaged parts of vehicles may be a feature of the kind of high risk trucking insurance you desire for your company.
3. Be aware
The more you know about what’s out there in terms of available high risk trucking insurance options, the more likely your are to be prepared to confidently talk specifics as it relates to your own business’ high risk trucking insurance needs and possible options. Being aware will also give you some idea of what your brand of high risk trucking insurance is likely to cost.
4. Check off your checklist
Preparing a checklist can help you pull all the information you need to secure an accurate high risk trucking insurance quote. As such, take the time to prepare an easy to overview checklist with the following information to help you get a more accurate quote:
– The employees who will be driving trucks in your fleet
– The training, CDL license(s) or other kinds of qualifications that your drivers may (or may not) have
– Are the trucks in your business used to haul any hazardous materials or heavy equipment
– How often and far will your trucks travel each week and for the year. What does your yearly mileage look like
– Exactly where your trucks will be operated – be sure to list all the relevant states
All of the information in this checklist will be an easy to read resource that any high risk trucking insurance agent can use to assist you. It will help the agent quickly and easily which resources you need in your insurance.
Hiring Reliance Partners As Your High Risk Trucking Insurance Company
While many companies shy away from high risk trucking insurance, it is an area we specialize in. After years of studying the needs of the trucking industry, we have been able to create insurance coverage options that provide trucking companies and their drivers with the kind of coverage they need. We do not only do the bare minimum with our coverage options. Our options are flexible, varied, and comprehensive.
Getting started using our insurance options is easy. All you have to do is contact us by phone or email and speak with a competent member of our team. Our team members are highly trained to assist you with any questions or concerns you may have. We assess your situation and provide you with a host of options that are appropriately suited to the same. Contact us to get your high risk trucking insurance quote today! We look forward to hearing from you.
