Fleet Truck Insurance
As your company grows bigger, it’s important to focus on the smaller details. You’re making the transition from being a semi-truck driver who employs a few other drivers to the owner or manager of a large fleet. Even though the fourth quarter is the peak delivery season because of the holiday rush, don’t skip over the administrative strategies. Take an hour or two this week to go over your insurance policies and consider making the switch to fleet coverage. Here are three reasons why:
1. You made your previous decisions on different metrics.
Have you ever heard of the Monty Hall problem? It’s based on Let’s Make a Deal and is all about updating your decisions based on new factors. If you can pick between three doors and you pick Door #1, you have a 33% chance of being right. But if the host strikes down Door #2 and gives you a chance to change your mind, you should. Door #3 now has a 50% chance of being right.
No matter what your insurance policy is, you should always evaluate it in terms of new information. Don’t just hold onto the option that was the best in the past.
2. You should focus on per unit savings.
Bigger companies save money in the margins. Your per-driver or per-truck expenses should go down because you can buy equipment in bulk. The same is just as true for your insurance. Talk to your company and other providers about how fleet insurance can save your company money without lowering protections.
3. Aggregate risk management matters.
If you used to have a few contract drivers, their potential accidents and bad records impact you. But they did so in terms of missed deadlines, reputation loss, and indirect damages. When you own the vehicles and the drivers are employees, your company has a lot more on the line. Every accident weighs against your company. So get a policy that focuses on that new risk.
If you want to change your current policy or consider your options, go to J.E.B. Insurance Services, LLC. We provide commercial truck insurance in the states of Florida, Georgia, Texas, North Carolina, South Carolina, Tennessee, Illinois, Iowa, and Nebraska.