If you own a small trucking company, you know you need the right insurance for your trucks. Unfortunately, paying too much for that insurance can take a big bite out of your operating budget. That's why it's so important that you take precautionary measures to keep those premiums as low as possible. Here are four steps you can take to keep your commercial truck insurance premiums at a reasonable rate.
Scrutinize Driving Records
When it comes to controlling your insurance rates, the most important thing you can do is know your drivers. If you've got drivers who have less-than-stellar driving records, you're going to pay for that in the form of higher insurance premiums. Unfortunately, you may also pay for that in the form of increased accidents and moving violations – which will raise your insurance premiums even higher. To avoid that, scrutinize the DMV records of all your drivers. Know what their driving habits are like, and what moving violations they've been cited for. If you have drivers who exceed safety standards for moving violations, it might be time to make some changes.
Avoid Issues With DOT
When you own a trucking company, you need to be concerned about DOT standards. You might not realize this, but DOT issues can increase the cost of your commercial insurance premiums. Unfortunately, if your trucks are failing inspection, or your drivers are failing to meet DOT standards, you're going to run into issues that affect your commercial insurance. To keep your commercial insurance costs under control, take the necessary steps to avoid issues with DOT.
Insist on Safety Training
When it comes to controlling your insurance rates, one of the best things you can do is insist on safety training. Routine safety training will help ensure that your drivers develop and maintain safe and effective driving habits. The proper driving habits will help reduce accidents and moving violations, which will help control your insurance premiums.
Adjust Your Deductibles
If you're paying higher premiums to keep your deductibles lower, you need to take a closer look at your options. You may find that raising your deductibles to save money on your premiums is the better choice, especially if your company has a low accident rate.
Don't pay too much for your commercial trucking insurance. Use the tips provided here to save money on your insurance. If you have questions or concerns about your policy, be sure to talk to your agent as soon as possible.
Share7 August 2019
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