What to Look for in a Commercial Trucking Insurance Company

Your trucks are on the road every day, in many cases around the clock. You are probably very familiar with the details and costs of your current commercial truck insurance coverage, but have you ever considered the weighing the merits of the company with whom you are dealing?

Commercial trucking insurance is a whole lot more than just a product—it’s an ongoing business relationship. It is essential to find a company with the experience, financial strength, and claims expertise who can process potential claims quickly and correctly to get you back out on the road again. In the high speed world of commercial trucking, being out of service for even hours can have a serious impact on your bottom line.

Here are some considerations to keep you moving the right direction.

• Knowledge and Experience: First, you should consider the commercial trucking insurance company’s breadth of knowledge and experience in your specific sector. Are you primarily a short-haul or local services provider, or do you provide OTR hauling services? Are you an individual owner-operator? Ask yourself: Does the insurance company have experience with what I’m doing, or are they just trying to sell me a product? In this industry, one size does not fit all. How long have they been in business? What is their personal experience with this industry? Is commercial trucking insurance a primary focus, or a smaller sideline?

• Financial Strength: You’ll need to know if the company has sufficient financial reserves to cover many expensive claims to could arise at one time.

• Coverage: Is the coverage they offer going to meet your needs? This is where you’ll need to dig down into the coverage offered and discuss what can be used as-is and what you want to have adapted to your needs. Will a basic policy suffice or will you need riders for special equipment, needs and circumstances? Is this company interested in covering specific needs, or only offer package-deal policies that may be inadequate in one area, but unnecessary in another? Some coverages are required by USDOT, some are required by state authorities. It is essential that your insurance provider know all the details of your business and be current on all the regulatory issues that affect you. Additionally, cargo coverage should be tailored to the type of commodity you are hauling.

• Cost versus Value: You’ll want to carefully evaluate all of your basic and optional coverage to see what the overall cost per trucking unit is. How does this fit into your insurance budget and plan? Are you getting all the discounts you are entitled to, like fleet discounts, safe track record, newer equipment discounts? The goal is to get exactly what you need, and not be over—or under-insured. This is where a reputable company that is interested in the long term relationship comes in to play. They will openly and honestly work with you to find the best coverage for your needs, at the best price.

• Claims Expertise: This is what separates an average insurance provider from an outstanding one! Logistical details such as 24/7 availability are essential, of course. But even greater is the industry and equipment knowledge needed to efficiently and correctly process your claim to get you back on the road. Time is—literally—money in this industry! You can’t afford to not work with an experienced claims agent.

• Additional Services: Find out if the company offers accident prevention advice and safety consultation to keep you in compliance with USDOT regulations. Are they 100% current with regulations and do they communicate any changes on an ongoing basis via email, texts or blog posts on their website?

Commercial & Farmers Insurance is a full service trucking insurance provider. We have decades of wide-ranging experience in the industry and we take personalized care of our client’s needs at all times. We look forward to providing you with our comprehensive services and experience. We deliver peace of mind to the trucking industry, and we’ll be there when you need us most.

These guidelines will help with choosing the best commercial truck insurance provider for your unique needs. Please let us know if this was helpful in the comments.