Protecting your business assets through proper insurance coverage is critical when it comes to the success of your company. If you rely on a fleet of commercial trucks to make product deliveries, then carrying a commercial auto insurance policy is a must. While you might think that the costs associated with commercial truck insurance are fixed, there are some simple things that you can do to reduce these costs in the future.
Here are three simple things that you should do to help lower the cost of your commercial auto insurance premiums.
1. Hire the right employees.
The types of employees that spend time behind the wheel of your commercial vehicles can significantly impact the overall cost of your commercial auto insurance policy. Insurance companies want to minimize risk, so hiring employees with clean driving records can be beneficial.
These types of employees are likely to drive responsibly, which reduces the likelihood of them causing an accident requiring an insurance payout. Your insurance company may be willing to offer you a discounted premium rate if you hire only employees with clean driving records.
2. Maintain your trucks regularly.
Driver error is not the only factor that can contribute to a serious accident. Commercial trucks that are not maintained properly can be a hazard, and insurance companies will see these trucks as high-risk when providing coverage.
If you take the time to establish a routine maintenance schedule that ensures the safety of your commercial vehicles, your insurance company may be willing to offer you discounted monthly premium rates. Be prepared to provide documentation showing proof of routine maintenance if you want to take advantage of this type of discount.
3. Don't pay for coverage you don't need.
Since commercial vehicles are often carrying cargo, commercial auto insurance policies must also cover the cost of replacing this cargo in the event of an accident. It's vital that you take the time to estimate the approximate value of the loads your commercial trucks carry on a regular basis.
Consult your insurance policy to determine if your cargo coverage levels are too high, and adjust your coverage accordingly. Paying for cargo coverage that you don't need can inflate the price of your insurance policy, so reducing this coverage can be a simple way to save money on your monthly premiums.
When you are able to hire employees with clean driving records, maintain your commercial vehicles regularly, and eliminate excess coverage from your policy, you can effectively reduce the amount of money you pay for commercial auto insurance in the future.Share