Insurance is based on the numbers. Large-scale insurance providers factor in all the quantitative data they can get about your company and compare it to state and national norms in order to decide how risky you are to insure. The better you can get your numbers to look compared to other commercial trucking companies or other owner-operators, the lower your commercial truck insurance premium (and the bigger your options) may be. Here are a few of the numbers to keep in mind when hiring additional employees.
Important factors when commercial truck insurance companies decide your premiums include:
- The age of your drivers and your trucks. Commercial truck insurance companies are leery about drivers who are young and potentially inexperienced, but they’re also likely to raise your rate if you have elderly employees because of the increased risks of accidents and collisions. The best range for drivers is 30-60 years old. On the other hand, the newer your trucks are the better. Newer trucks not only are more likely to have new parts, but they have more safety features, alerts, and backup systems than older models. Even if you can’t buy the newest trucks on the market, regularly updating your fleet and buying new parts and modifications for the older rigs will make your company look safer to insure.
- The statistical likelihood of a claim. If your commercial truck drivers have clean driving records, they look like much less of a liability than drivers who have been in collisions in the past. Similarly, if your company itself has filed multiple claims, truck insurance providers will see this as a sign that your company faces additional liabilities and is a bigger risk than the average trucking company. Filing claims isn’t a sign you’re doing something wrong; in fact, filing claims properly and appropriately is a good move for your business. But insurance providers look at those numbers and they could result in higher premiums.
Commercial truck insurance companies in Nebraska and throughout the country are looking to maximize their client base while reducing their risk, just like your company or any other. Knowing what the insurance providers are looking for, and knowing how those numbers can be used, will help you find the best insurance for your company. If you want to know more about commercial truck insurance through J.E.B. Insurance Services, LLC and how we look at the numbers to get you covered no matter the size of your fleet, contact us here. We also provide commercial truck insurance in Florida, Georgia, Texas, North Carolina, South Carolina, Tennessee, Illinois and Iowa.