Here’s Why You Need Fleet Truck Insurance

Here’s Why You Need Fleet Truck Insurance

Fleet Truck Insurance and Commercial Vehicle Insurance differ in several aspects. The state laws regarding commercial vehicles differ considerably than that of commercial vehicles, and the value of fleet vehicles is much greater With fleet truck insurance, there are no ‘owners’ of a truck;  the owner of the entire fleet of cars listed on a fleet truck insurance policy is the company. Add-ons like comprehensive and collision and also differ with fleet insurance.

Although expensive, commercial fleet truck insurance is required to adequately protect your trucks, your drivers and you, regardless of how many trucks you operate. Whether your truck has caused an accident, has been involved in an accident, one of your drivers damaged public or private property, or getting sued by an employee injured on the job, settling the costs of any of these damages can be devastating; without the proper coverages, there’s a  good chance just one such incident could put you out of business.

Add new drivers immediately to your fleet policy

Nobody plans to get into an accident – but matters can get worse if one of your drivers isn’t listed on your fleet truck insurance policy. This is where many business owners lose sight of their policy requirements. It is paramount that you ensure that all drivers of your fleet vehicles are listed on your fleet truck insurance. ‘Risk’ is partially calculated based on your driver’s driving records, age, etc.  and is used to determine your premiums.

By not listing all your drivers, your fleet truck insurance company may suspect you of attempting to defraud them. Your problems would become exacerbated, beyond that of the driver’s accident. Typically, large rigs and semi trucks require special licensing to operate; the insurance company would require proof that your drivers are adequately licensed before they will insure them.

The worst part is that your claims may be denied and you will get sued.

What Fleet Truck Insurance Covers

Your personal items, i.e. tablet, cell phone, tools, product, company materials, etc. are not covered by your Fleet Policy — it only covers the vehicles and the drivers, and those affected by an accident or crash. This would be where the liability insurance coverage kicks in to cover theft,  damage,  or other loss. J.E.B. Insurance can customize a package to meet your company’s needs and cover everything and everyone adequately.

Save $$ on you  fleet insurance

The best way to get the best premiums is to hire safe drivers with clean driving records. Any driver with a less-than-perfect driving record can affect your premiums by as much as 10%–exponentially increased by the number of vehicles in your fleet.

Why not let  J.E.B. Insurance Services show you how you can save even more money by bundling all your business policies?

Some insurance carriers also offer discounts for GPS devices -also providing you the ability to keep track of your fleet; inexpensive and very effective in vehicle recovery.

Stay current

You retire trucks, you replace trucks, you hire, you fire drivers – all these changes need to be reported to your With fleet truck insurance agent — be sure to communicate with them regularly to maintain your coverages.

Protecting your employees and your assets is paramount – insurance is not an area you should try to cut corners. J.E.B. Insurance can provide you the right coverages at prices to fit your budget.

 J.E.B. Insurance knows that just as no two routes are identical, and neither are the insurance requirements of fleet truck owners. Navigating truck insurance policies and coverages is both confusing and can put you in a dangerous situation if you are not properly covered.  J.E.B. Insurance has the right tools to ensure that you – and your cargo – arrive at your destination safely.

Our comprehensive trucking fleet insurance programs have the ability to combine many of your insurance coverages including motor cargo, general liability, physical damage, and auto liability into one convenient policy; we handle everything in one place.

The majority of our trucking fleet insurance carriers offer seminars and safety consulting, as well as FMCSA compliance for a minimal or at no cost to you.

As a fleet truck owner, protecting your assets, employees, and investment is paramount. Here, we examine the three bases used for determining coverage; Scheduled Vehicles, Mileage-based, and Gross Reciept-based.

The majority of small trucking fleet insurance policies are written on a Scheduled Vehicles basis.

As a fleet truck insurance specialist, our professionals at J.E.B Insurance are able to pass on our knowledge and experience the fleet trucking industry; with this knowledge base, we create trucking fleet insurance programs customized to your organization’s needs at the best prices.

Our fleet services include:

  • Comprehensive insurance packages including basic commercial auto coverages
  • Employee practices liability
  • Occupational accident
  • Excess and umbrella coverages
  • Reporting forms for mileage, revenue, and unit reporting.
  • Safety consulting through our carriers.
  • Variety of deposit options and premium installment plans.
  • Self-insured retention policies

Details of Coverages

Scheduled Vehicles policies work well for small fleets since there aren’t many vehicle changes. Every vehicle that you own and have on the road is reported/listed on your policy. Higher than anticipated revenue and mileage become a non-issue.

On the other hand, if your trucking company experiences a seasonal decline in business and part of your fleet sits idle, you don’t get any reprieve on those insurance premiums – payment is due regardless if the rigs are rolling or not.

Mileage Reporting bases work well for companies that can easily verify the mileage and your company is stable. Also, premium increases are delayed, so you can grow and add units without hesitation. If your company utilizes a large number units without IFTA mileage reports or owner-operators, if your fleet is fewer than 15 trucks or your entire fleet operates entirely local, this would not be a good option for you and it is not usually offered under those conditions.

Gross Revenues policy is an excellent choice that helps optimize cash flow – the premium follows the income. This type of policy has a specific rate applied to the monthly generated revenues.

The Gross Revenues basis is one of the most preferred methods. Mileage can’t be altered, you don’t have to deal with IFTA tracking/reporting or tracking an owner-operator’s mileage. There is only one disadvantage: ‘non-trucking’ revenue, such as rush fees, fuel surcharges, etc. may be added to the monthly revenue stream.

By choosing J.E.B Insurance as your agent we will help you identify the best coverages for your Fleet Truck Business at the best prices. Contact us today for your FREE quote! We are licensed in Florida, Texas, Georgia, North & South Carolina, Illinois, Nebraska, Tennessee and Iowa.

David Ott

David Ott

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