Running your own business is a challenging task. With so many different things to focus on, one of the last problems you want to have is figuring out how to pay for damage to your vehicle. Commercial truck insurance is essential for small business owners as you can get coverage on one or a fleet of cars. There are a lot of reasons why this is different than your standard car insurance.
If your vehicle is used for business reasons or is being used by your employees for business-related tasks, any incidents that occur can be traced back to the owner to cover the cost of repairs or other bills. You will need to research small business insurance to find what’s best for you. There’s always a risk in business, but with these five facts, you’ll be prepared to find the coverage you need without paying out the nose to get it.
1) Get the Right Insurance
This sounds a bit silly. Shouldn’t you always get the right commercial truck insurance? The thing is each state varies by the laws or regulations it puts on commercial vehicles. There are many additional factors as well that include what you are hauling, is the vehicle used for domestic purposes, what is the average distance it is driven daily, as well as the age and gender of the primary driver. Make sure you iron out these details before you settle on a plan.
2) Cargo Versus the Truck
This is where a little research will go a long way. You do not need to have a separate policy to cover each of these things. It is possible to have both under one plan. Doing this will save you a major headache should an incident happen because you will only have to deal with one company and not two. Many companies also offer incentives to encourage you to bundle your plans. There are many pros and cons to bundling, but you may also be surprised to find a good value on separate deals. In the end you have to ask yourself whether that is worth the headache of dealing with multiple companies or not.
3) Be Aware of Prices that are Too Good to be True
Commercial truck insurance shouldn’t exactly be cheap. Even low-end rigs can cost at minimum sixty or seventy thousand dollars, and when you add cargo value, they become even more valuable. Prices are meant to look as if they are too good to be true to lure you in. They are often a very basic, minimal plan and before you hit the checkout button, you will need to add every additional option on the website turning the excellent price into a not so good one.
4) Get the Right Drivers
You have to screen all your drivers. This is really important, especially for commercial truck insurance plans. It doesn’t matter if you are hauling a 1,000-ton load of gasoline across the country or fifteen dollars worths of envelopes across town, you need to make sure you have reliable drivers. Be sure to get the traffic record of any prospective employee. Everybody makes a mistake or two so don’t be put off by a speeding ticket, but definitely, watch out for any red flags.
After you have screened them, then train and score them. It doesn’t matter if they have a million miles of road behind them. A stable driver will happily pass any test you throw at them. Finally, be sure to have a little to-do list posted on the inside of the truck should an incident occur. Mistakes can happen, just be sure your drivers follow a set protocol will ensure the smoothest response for everyone.
5) Record Everything
You need to have evidence of everything. Even if the tiniest scratch occurs on one person’s vehicle and you shake hands and walk away, be sure to take pictures of everything. You don’t want any surprise calls from a lawyer. You should definitely consider buying a dash cam, especially because drivers often travel far. Also, dash and driver cams are cheaper than ever and will provide substantial testimonials to the insurance company should any disputes arise.
Get Peace of Mind
We don’t need to remind you why insurance is important. As with anything in life, educating yourself about the different types of insurance coverage types will allow you to make the proper decisions. This is doubly true with commercial truck insurance which is there to protect you, your vehicle and your business. Follow these critical steps, and you’ll be on your way to getting that peace of mind you deserve.