For truck drivers, the coronavirus pandemic has changed the landscape quickly and repeatedly. One area of your business that you may not realize has changed as well is your insurance needs. A variety of factors can cause changes in the way you should insure yourself and your truck. How so? Here are a few reasons to assess your policy today.
1. You're Driving More. Most truckers are on the road as much as the DOT allows them right now. Between increased demand at the grocery store and the proliferation of online ordering, goods have to move farther and faster and at a higher rate than ever. If your business has been boosted, your insurer may adjust your policy to reflect this increased risk. Check with your agent to determine if the extra miles are completely covered under current policy conditions.
2. You're Driving Less. On the other hand, some truckers are experiencing a slowdown if the loads they typically haul are just not in demand. If your business has slowed down or become more local rather than interstate, you may not need to pay for the same mileage coverage you did when things were booming.
3. You're Hauling New Loads. The types of goods being moved have changed during the pandemic 'stay at home' orders and business closures. If you used to haul fragile or sensitive cargo for industrial clients but now move toilet paper for grocery stores, your insurance coverage needs might be very different. Keep track of the loads you're taking on now to see if they qualify for reductions in cargo insurance portions.
4. You're Having Fewer Accidents. One perk of there being fewer vehicles on the road is that there are fewer accidents. Many residential auto insurers are returning portions of premiums or reducing future premiums as a result. Your own (and your fleet's) driving record is a big part of your insurance costs. So you might want to have it priced out sooner rather than later.
5. You're Getting More Experience. Newer owner-operators typically pay more in insurance premiums due to their lack of business experience and planning. But a driver whose business has jump-started in 2020 gains needed growth faster than normal. The more that you can advance your business plan through new revenue, new clients, and a growing network of business contacts, the less risk you present as an insured company.
Nearly every business in the country is currently looking for ways to better weather the strange times of the coronavirus pandemic. Saving money on premiums and ensuring that you are appropriately covered by commercial truck insurance are two valuable ways to do that. Start by making an appointment with your commercial insurance agent today. And then you can stay on the road no matter where the pandemic takes you.
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