If you own a business where multiple vehicles are a key part of the day to day job, having commercial auto or truck insurance is, of course, a necessity. But while you may be required by law to provide coverage for the vehicles that your company has on the road, there are still things you can do to make sure that this insurance won't have a significant negative impact on your bottom line. If you are looking to cut some expenses and believe you've been paying too much for commercial truck insurance, here are three tips that might help:
Increase Your Deductible as Your Business Grows
If you are a relatively new business without a lot of excess cash, it's a good idea to keep your commercial insurance deductibles as low as possible. You don't want an untimely accident to completely torpedo your budget for the month. If this happens often enough, it could even put you out of business if you aren't well established yet. That said, consider increasing your deductible as your business generates more free cash. Once you get to a level where one accident won't have a huge impact, it's probably time to call your insurance agent and see about getting a lower month to month premium.
Put Your Personal Insurance and Your Commercial Insurance Under the Same Roof
If you currently have commercial truck insurance through a different provider than the company that carries your personal policy, give your regular auto insurance company a call and see if there is anything they can do. Some companies that offer both personal and commercial policies offer significant discounts to customers that purchase both personal and business-related insurance from them.
Make Sure Your Drivers Are Fully Up to Speed With Industry Standards
You are likely already doing some kind of background check on your drivers before hiring them, but it's also important to make sure they stay up to date with all industry standards. Commercial insurance companies will often offer discounts to companies whose drivers are all fully up to code. Make sure all drivers keep up with any licensing requirements or encourage others to continue their education if there is a possible additional discount that can be achieved.
Commercial insurance is a necessity for a trucking company but it doesn't have to break the bank. Work with your insurance provider to increase your deductible and lower your premium as your business becomes more financially secure and inquire about any additional discounts like those for safe driving or maintaining industry licensing standards. Reach out to a company like Metropolitan Insurance Service Consultants that offer commercial truck insurance today for more information.