If you own a trucking business, chances are good that your company spends a lot of money on commercial insurance for your semi-trucks. Even though you probably understand the importance of carrying ample coverage in the event that something might happen, you could be looking for ways to shave down costs. Luckily, you do have options. Try these tips so that you can save money on commercial truck insurance.
1. Screen Drivers Before Hiring
First of all, it's important to carefully screen the people you hire before letting them operate your trucks. If you hire drivers with unsafe driving records, you could see an increase in your insurance costs. Plus, it's important to look for drivers who you know you can rely on to drive safely.
2. Install GPS Systems in Your Trucks
Did you know that you can install GPS systems in your trucks that will allow you to track where your semi-trucks are at all times, how fast your drivers are operating their vehicles and more? Even though you might think that these systems are a bit unnecessary, particularly if you trust your drivers, installing them in all of your trucks might qualify you for a commercial truck insurance discount; just ask your agent. If your insurance company knows that your trucks will be easy to locate if they are stolen and that you can track your drivers' driving habits, they could be willing to give you a discount.
3. Insist on Safe Driving Practices
Don't let your employees get away with speeding, driving overloaded semi-trucks, or otherwise driving unsafely. Not only do you have to worry about potential liability issues, but you also have to worry about your insurance going up. As with your personal vehicle insurance, if you file any claims against your insurance company, you could face premium increases. Have strict rules and strict consequences for employees who break the law or otherwise drive unsafely to help discourage this type of driving.
As you can see, there are ways that you can reduce your commercial insurance costs when you own a trucking business. If you feel that your business might be spending too much on commercial insurance, or if you simply want to ensure that you are getting the best rates possible, consider following these three tips. They can not only help you save money, but they can also help you run a safer trucking business, too.
Share13 September 2016
Businesses come in all shapes and sizes. They provide us with all of the things that we need each day to live the lives we are used to. Are you considering starting up a business of your own? Do you have a hobby, interest, or skill that others could benefit from? Having watched as my son build a concrete finishing company from scratch, I have witness what persistence, patience, and hard work can do for a person. My blog focuses on what it takes to start a business and what you must do to ensure that your business is on a path to success.
