Insurance is supposed to save you money in case of an accident, crime or another event. If you don’t want to overpay, you can’t have gaps in your insurance. Having no gaps in your trucking insurance is critical to saving money. Here is what you need to know about obtaining adequate insurance and avoiding risk.
Coverage Gap Avoidance for Trucking Companies
Having gaps in your insurance is usually an oversight. For example, you may have enough collision coverage, but your cargo coverage or liability limits may not be enough. To avoid gaps, you need to analyze your coverages and speak with trucking insurance companies.
Risk Mitigation for Trucking Companies
In addition to having adequate insurance with no gaps, you should have risk mitigation policies in place that can reduce your exposures. One of the major decisions that you should make for your company is to only hire experienced drivers. Choose drivers who have had their CDL for at least two years.
If you want to keep your insurance prices down, then you need to focus on keeping a good DOT safety record. Everyone can see your safety record, including the insurance companies.
When you have gaps in your insurance, you could be liable for thousands, if not hundreds of thousands of dollars. Without insurance, an accident could cripple your company.