Buying insurance to protect your trucking operation is a serious business. Here are the top 10 pitfalls to avoid when looking for coverage.
- Working with a generalist insurance agency. Trucking is a niche business and requires an agency that understands your operation, the exposures you face, and how to address them. You want an insurance agency with years of experience that specializes in trucking.
- Skimping on coverage. A common mistake truck owners make is not buying enough coverage. While price is a consideration, it’s critical to look at the risks associated with not having the right coverage features and limits in place to address those risks. The out-of-pocket expenses in the event of a claim could be financially devastating.
- Buying the least expensive policy. Again, price is always a consideration, but if you choose the cheapest policy available, you may end up with limited coverage and higher deductibles, leaving you vulnerable in the event of an accident.
- Not understanding what the policy covers. It’s essential to take the time to review your policy so you know what is and isn’t covered. You don’t want any surprises if you have a claim. A trucking insurance specialist can review your policy features and coverage terms and conditions.
- Failure to disclose all relevant information. Be honest and transparent during the application process. If you fail to disclose pertinent information, including the driver’s history of accidents or violations, the insurance company can deny your claim and raise your rates down the road.
- Outdated policy information. As your business changes, be sure to notify your agent so your insurance is up to date. You may have expanded your operation and require higher limits. You want to ensure you have the right coverage in place to safeguard your assets.
- Choosing lower limits. Your liability limits should reflect the assets you have at risk. The minimum state-mandated requirements may not be enough to protect your assets. Today’s litigious environment and high verdicts in trucking accidents require a close look at the Liability limits you buy.
- Selecting the wrong deductible option. You want to choose a deductible that is aligned with what you can afford to pay and what makes most sense between the cost savings and the increased deductible.
- Inaccurate information on your vehicle lists. Make sure your equipment list is correct. If you make mistakes on your equipment list, you can be overcharged or undercharged for the physical damage portion of your Commercial Trucking Insurance premium, or worse yet, have a claim denied because the vehicle was not on the policy.
- Paying for insurance you don’t need. This is another reason to work with a trucking insurance specialist and understand what your insurance covers. You don’t want to pay for unnecessary coverage or limits you don’t need.
About Western Truck Insurance Services
Western Truck Insurance Services is an insurance brokerage specializing in commercial truck insurance. We know this stuff and want to make sure you do, too. Our clients appreciate our dedication to finding competitive rates and offering unparalleled service beyond excellent insurance options. They also value how our state-of-the-art automation provides lightning-fast Truck insurance quotes, customer service, insurance certificates, and coverage changes. Contact us today at (800) 937-8785 to learn more.