Insurance is one of the biggest expenses for businesses every year. Although some things are out of your control, for example, inflation, there are ways to be in control of your premiums and help you cut insurance costs.
Understanding the factors affecting my premiums
- Driving Records – Poor driving records: history of accidents, claims, and violations are the main factors increasing your premium.
- Claims History – Frequency and severity of claims play a significant role in how much you pay in premiums. Drivers that neglect vehicle maintenance and inspections may lead to accidents that could have been prevented.
- Radius – Not only the distance you are hauling, the location to where you are hauling and delivering have effects on your premiums.
- Cargo – What you haul dictates the price because of its value.
- Truck – The type of truck you drive can move the price based on its size and weight.
Steps To Minimize the Impact of Truck Drivers on Premiums
- Driver selection and Training – Use a screening process to hire drivers and provide ongoing training and driver education.
- Using Technology to Monitor and Improve Driver Behavior – The use of telematics can be vital to reducing your premiums and massively improving driver efficiency.
- Safety Programs – Having an accident response plan and providing incentives for safe driving can lead to a cleaner SAFER report.
- Maintenance Programs – Continuing a thorough maintenance program can help prevent those accidents that happen due to carelessness.
Insurance premiums are a big cost to trucking companies every year. There are ways to cut those costs and be in control of your risk management plan. Being proactive by selecting qualified drivers, monitoring driving behavior, and maintaining safety and maintenance programs are the first steps to take to protect your business and reduce your insurance premiums. If you’d like to learn more or want a review of your current insurance policy, please contact me.
Blue Ridge Risk Partners is a top 75 independent insurance agency in the United States. With 22 offices and counting throughout Maryland, Pennsylvania, and West Virginia and access to hundreds of carriers, we are able to meet your unique insurance needs.