Trucking Companies and Truck Drivers: Why You Need Insurance and How To Save

Costs are up, on every front. From equipment to fuel to permits and more–you could feel tapped out. We hear you. But we also know that without adequate insurance, the picture only gets more grim in the event of an all-too-inevitable accident or mishap. Zinc is here to help.

Nonnegotiable Protection

We’ve already laid out all the relevant types of insurance that truckers could need, depending on the job and the situation. That baker’s dozen of coverage options could seem exhaustive, but life and work have a way of custom crafting scenarios that slip through basic coverage cracks. That’s why a comprehensive approach is vital.

Lost loads, employee injuries, damage to property–at best, they’ll require a major payout, at worst, these three can sink a trucking company or independent O/O. It’s good to know that there’s no reason to live and work in fear of the inevitable. Protection is right here and well within reach.

Up Your Game While Lowering Costs

Now that we know why insurance is key to protecting your business, let’s look into some practical ways to save:

• Some insurance companies offer discounts (10% to 20% off) for paying your premiums yearly instead of monthly. Keep up with payments and never allow insurance to lapse. 
• If equipment value changes or a pricey load comes your way, your agent can adjust your coverage on an as-needed basis.
• Higher deductibles mean lower premiums, but be careful not to increase your deductibles too much. Your agent can help you understand all the details of your policy so that you don’t end up under- or over-insured.
• Maintain a good credit score to keep premiums low.
• Be upfront with your insurance agent about your operations and driving records. Stay loss-free and encourage truckers to drive carefully, both in their truck and personal vehicle. (Speeding tickets increase premiums.)
• Earn potential insurance discounts by writing out a detailed safety policy, explaining company protocol for dealing with accidents, drug and substance abuse, and other safety-sensitive situations.
• Keep logbooks up-to-date and make sure that FMCSA data is accurate. Logbook violations and data errors increase insurance rates.
• Equip trucks with current safety features, such as fog lamps and deer guards.
• Hire experienced drivers with good driving records.
• Don’t allow trucks or trailers to be left unattended in unsecured areas, especially over holiday weekends.
• Consider including dash cams or telemetric devices in your rigs.
• Do what you can to improve safety scores with the DOT for wider eligibility and better ratings/credits.

These are a few ways that you can help to lower your insurance rates, but know that a custom-built policy and a knowledgeable Zinc agent can go even further.

That said, there’s more to insurance than low rates. Josh Freet, Zinc’s resident trucking expert, urges you to think twice before hastily switching insurance companies or chasing a slight cost reduction. Here’s his sound advice: “Developing a lasting relationship with your insurance company can help stabilize your insurance costs over the long term. Switching insurance companies without a strategic long-term plan will often backfire and end up costing you more down the road.”

It’s also a lot of hassle and logistics. Let us do the legwork for you–get in touch today for solid advice from experienced agents.

Vital Protection, Trusted Experts

Yes, insuring a trucking company is costly. But you need to protect your employees, customers, trucks and equipment, and your own good name. How can you meet these challenges while still running a profitable business? Our in-house trucking specialists can examine your coverage and discover savings opportunities and discounts that are waiting for you. 

Your trusted Zinc expert will never overload you with policies you don’t need. But they wouldn’t be doing their job if they didn’t help you to ward off preventable risks. Learn more about solid, affordable protection–reach out today!