Commercial truck insurance is an important and necessary component for any trucking company. However, whether or not you get the most out of your policy has everything to do with your efforts. There are a number of things you can do to better ensure you are adequately covered and manage your costs. Here are just three of the things you can do to get the most out of your policy.
Keep Records Current
Make it a habit to frequently update the information the insurance company has on file about your drivers. Commercial policies require that driver information be up-to-date. Failure to keep this in mind could leave you without coverage. For example, say you recently hired a driver and they were involved in a minor traffic accident. If the insurance company doesn't have the driver in their record, they may deny your claim. The same can be true if a driver is on file, but recently had an infraction added to their record that you failed to report. Stay on top of this by verifying your record information at least once every month.
Don't Overlook Additional Coverage Components
Don't simply look at additional coverage components as unnecessary. In some instances, whether or not you have additional coverage can be the difference between being adequately covered and not being covered at all. Take bobtail, or non-trucking liability, insurance for example. This coverage protects the truck when it is not operating under dispatch, such as hauling a load.
Some basic polices don't offer this coverage so if a driver was to get into an accident in this scenario, the incident might not be covered. Bobtail insurance ensures the truck is completed covered, not matter the operating circumstances.
Consider Fixed Premiums
Some commercial truck insurance companies offer you the option of fixing your premium. With this option, you are basically locked into a specific premium rate for a set period of time, such as three years. In exchange for allowing you to keep your premium the same for the duration of the policy term, you have to sign a contract that basically bounds you to the policy for the set period.
This type of agreement can be especially beneficial because it gives you greater control over your insurance costs and it can help you forecast your budget more accurately.
An insurance agent like those found at Metropolitan Insurance Service Consultants can work with you to ensure you have the best commercial truck insurance policy to meet your business's needs.
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