As a business owner, you wear many hats, but let’s face it, you can’t be an expert on every subject. Knowing the right questions to ask someone who is an expert is often key to running a successful business. How to find the best trucker’s liability insurance for your business is a good example.
The first step is finding an experienced and reputable insurance agent that specializes in truck insurance - like the independent agents at American Insuring Group. We’ll find you the right coverage at the best price, and we’re always happy to answer any of your questions.
Here are 5 questions to ask your insurance agent about Commercial Truck Insurance:
1 - What is covered - and perhaps even more important – what is NOT covered?
To understand the answer to that question you first need to understand the four basic types of liability insurance available to you:
Primary Auto Liability Insurance is the very minimum insurance you should have on your truck and is required in every state. It covers any damage or injuries to other motorists that result in an accident that is considered your fault. It’s important to make sure that you meet limit requirements on this type of insurance, and it’s often prudent to go beyond the bare minimum.
General Liability Insurance covers your truck when it is not on the road such as when you’re parked on a parking lot, stopping at a restaurant, or loading your vehicle.
Non-owned Trailer Liability & Trailer Interchange covers physical damage to a trailer that you are hauling but do not own while it’s in your possession. This type of insurance is usually not included in your primary or general liability insurance.
Motor Truck Cargo Liability Insurance covers damage to the freight or commodity that you are hauling in the event of things such as fires or accidents.
Because each policy is a little different, it’s important to ask your insurance agent lots of questions about which types of liability insurance you need to protect your assets and then go through what-if scenarios with them.
2 - If I’m in an accident, how do I submit an insurance claim?
You should submit a claim as soon as possible because the faster you file the claim, the faster it can be settled. You can contact the insurance company’s claims department directly or contact your agent to guide you through the process.
3 - If I’m in an accident, how much will my truck insurance policy pay?
This is vital information to know if you want to ensure that you’re adequately covered. You may decide to take a higher deductible to lower your premiums, but you need to understand that this will also reduce the amount you’re paid in the event of an accident. You have to then ask yourself, “Do I have enough cash on hand to cover that deductible?”
4 - Do I have to pay my entire insurance premium at one time?
Most insurance companies offer several options for payment such as making monthly installments rather than paying it all in one lump sum. However, you will save money by paying in full up front.
5 - How can I save on premiums?
We already mentioned that you could increase your deductible to lower your trucking insurance premiums, but one of the best ways to reduce your insurance costs is to decrease the number of claims you make by carefully vetting and training your drivers. Driving records and credit scores can affect how much you pay for insurance, and well-trained drivers can reduce the number of claims, which will also affect your premiums.
Take the First Step to Save on Truck Insurance Today!
Another great way to save money on your insurance premiums is to work with an independent insurance agent like American Insuring Group. We will analyze pricing and coverage among many competing insurance carriers to deliver the right coverage at the best price for your particular needs.
Give us a call at (800) 947-1270 or (610) 775-3848 or contact us online.
You can also learn more about your Commercial Trucking Insurance options on our website.