Uber, best known for its transportation of people from place to place through a fleet of independent cars, has been increasingly looking into the same business model regarding freight and long-haul trucking. The transportation industry has seen a couple of similar business ideas; 4Front Logistics and other freight brokerages have been connecting manufacturers and retailers to truckers with an increased focus on apps and connectivity. But this increased use of several third parties to handle different parts of the trucking business can make it even more confusing to know where your truck insurance obligations end and others’ responsibilities begin.
What can you do to ensure your long-haul trucking business is adequately insured?
- Call your current truck insurance company to review your insurance plan. The coverage you purchased a decade or even a year ago might no longer be the right fit for your company. You have the best idea of the unique difficulties your business faces, as well as the business goals you have in mind, so walk through your insurance plan with a representative to find gaps that could cripple your business.
- Keep track of where your business comes from. If you are contracted exclusively with a carrier, then it can be simple to outline where your obligations and potential liabilities are, especially if you also lease your truck through a related company. But if you’re an owner-operator and you contract for loads through different companies and freight brokerages throughout the country, your insurance needs can vary based on the state, the type of cargo, and even the type of business you’re contracting with.
The transportation and trucking industry is facing a lot of uncertainty. Make sure your truck insurance coverage is clear and tailored to suit your business so you can minimize that uncertainty when it comes to your obligations and financial security. If you would like to learn more about common gaps in insurance for long-haul truckers so you can review your current plan, please contact J.E.B. Insurance Services, LLC here. We provide commercial truck insurance in Florida, Georgia, Texas, North Carolina, South Carolina, Tennessee, Illinois, Iowa and Nebraska.