Here is a scenario: it is time to buy new insurance for your new trucking company you are just starting, or trying to find new insurance for the company you have been running for years. You are trying to find the best value and need to secure new insurance and look out for the best for your company. So what are the most common mistakes people make that you should look out for when buying insurance?
- Going with the cheapest option
It’s fully understood that overpaying for insurance is never an ideal situation as no one wants to pay too much for something when they don’t need to. But a much worse scenario is paying for something that will not offer much value to your company. Finding the cheapest insurance may seem like a good idea, but can come with many caveats. Limits too low to offer adequate coverage if a claim does happen, not covering you for the extent of work you do, and possibly getting an insurer who may not carry your coverage past the first year are all risks you take when going strictly by price.
- Trying to buy it online without assistance
There are a number of attractive new ways to secure insurance online. Insuretech offers business insurance by simply going online, filling out a form and credit card info and getting instant proof of insurance. Now this may sound like the easiest way to get business insurance, it may not be the best for a trucking company. Trucking insurance can have much different exposures then a standard company, and should really be discussed with a broker. Considering the different types of lines, industry mandates, vendor requirements, and explanation of limits, sublimits and exclusions, going it alone and buying without guidance can lead to having insufficient coverage and in the trucking industry with a higher rate of possible claims, it may not be worth the risk.
- Using a standard insurance agency
Getting assistance with buying your insurance specific to the trucking industry is important, but who you work with is just as imperative. A standard insurance agency may be able to sell you trucking insurance policies, but when you work with an agency that specializes, there are a number of immediate and long term rewards that can be reaped. They usually have access to specialized markets that can give better pricing and with more complete coverage. They also know what to avoid when buying and what carriers are the best for the transportation industry. Possibly most importantly, their knowledge in what insurance may be required and mandated can help you get ahead of any possible future issues when trying to satisfy requirements for license, job or even legislation.
RSI Insurance Brokers wants to help mitigate all three of these common mistakes by providing you best fit insurance, guided through the buying process by an expert insurance broker in the trucking industry. Talk to an RSI Insurance Broker today by clicking here for a quote for services or call us at 1-800-828-5273.
