If you're spending too much money on your commercial trucking insurance, it's time to make some changes. Paying too much for your commercial truck insurance can take a big bite out of your operating budget. Luckily, there are ways to reduce your insurance costs. But, you need to take the right steps. Are you not sure how to get your commercial truck insurance rates under control? If that's the case, read the list provided below. Here are four tips to get you started.
Verify Employment Records
If you want to lower your commercial truck insurance premiums, it's time to take a closer look at employment records. If you've breezed over your employee records, you might have missed vital information. This can include tickets and suspensions. But, it can also include disciplinary actions taken by other employers. Unfortunately, those hidden issues can lead to higher insurance premiums. Make sure you're not paying too much for your commercial truck insurance. Verify your employee records.
Ask for an Insurance Audit
If you've had the same insurance policy for several years, now's the time to talk to your agent. You might not know this, but an insurance audit can help you save money on your truck insurance. During the audit, your agent will gather information about your coverage. This includes driving records for your employees and coverage limits. Once your agent gathers the information, they'll discuss ways to reduce your premiums. This could include raising your deductibles or changing your coverage limits.
Hire Seasoned Drivers
If you're ready to save money on your commercial truck insurance, it's time to hire seasoned drivers. It's always a good idea to give new drivers an opportunity to work for your company. But, hiring seasoned drivers can reduce your insurance costs. That's because seasoned drivers pose less of a liability for your company. Try balancing your employment roster with a mix of seasoned and inexperienced drivers. That way, you can save on your insurance costs. Also, this allows your new drivers to learn safe driving habits from seasoned drivers.
Run Newer Trucks
If you're looking for ways to reduce your insurance costs, focus on the age of your trucks. If you're running older trucks, they could increase your liability. This is especially true if they're not mechanically sound. Older trucks are more likely to break down, or cause accidents. The best way to avoid that liability is to run newer trucks.
For more information on trucking insurance, contact a professional near you.