It’s no secret that insurance for big rigs continues to rise. Truck carriers are facing one of the hardest insurance markets to date. Insurance rates are impacting nearly all fleet operators across North America with insurance rates for long-haul trucks doubling within the past two years. Many insurance companies have been experiencing significant losses insuring fleets and transportation insurance companies are being much more selective on renewals, underwriting and coverages that they provide.
Fortunately for fleet owners, there are ways to mitigate risks and manage these rising insurance costs during this hard insurance market. Here are the three ways to reduce fleet owners’ insurance costs:
1. Prioritizing Safety and Managing Risk
Insurance companies that prioritize the safety of their fleet owners with safety programs have fewer crashes. Leibel Insurance transportation insurance protects clients against theft and cargo damage and ensures they’re fully covered in the event of an emergency. Insurance carriers take proactive approaches to fleet safety to ensure clients understand that their safety is at the forefront. Fleet drivers should consider the following factors:
- Know CSA Scores: CSA scores stands for Compliance, Safety and Accountability and is what is used to identify high-risk auto carriers, especially trucks. Scores are gathered from data based on crash reports, roadside inspections and registration details. It’s imperative that you know your CSA score and how you can improve it if necessary. You can now pull your carrier profile for free as many times as you want.
- Reduce CSA Scores: You can prevent the more common violations, such as failing to change tires or lights and other maintenance issues. In addition, try to avoid speeding, texting while driving and not wearing your seatbelt, which can all increase your CSA value. Installing a dash cam in your vehicle can also reduce your CSA score as it can help prove your innocence for an accident or ticket. At Leibel Insurance, we work with a reputable and professional expert to help our clients reduce their CSA score, contact us today to learn more!
2. Hire The Right Fleet Carriers
It’s crucial that transportation insurance companies are attentive and look after their clients. It’s also important for trucking companies to ensure that their people are taken care of. The ways to do this include:
- Hire responsible drivers: Ensure you’re hiring reliable, responsible and good truck drivers to handle your fleets. Review their abstracts and PSP as closely as possible and even consider conducting a road test prior to hiring. Keep drivers motivated to continue responsible driving with rewards, brand recognition or monetary incentives.
- Hold drivers accountable: Ensure all drivers understand the importance of safe driving and following company rules and industry best practices. If they cross boundaries and break these rules, they should understand the consequences that will be implemented.
3. Partner With Reputable Broker
A good, reputable insurance broker like Leibel Insurance will monitor market ups and downs for you and help you plan for renewals and insurance incentives. Create a strong, reliable bond with your insurance carrier to determine the best strategies for your business and how to reduce your transportation insurance premium.
Leibel Insurance offers transportation insurance in Edmonton, Calgary, Toronto, Mississauga, and throughout North America. We are committed to ensuring you get the coverage you need for your fleet carrier business. Get in touch with us today for a no-pressure, no-obligation quote at https://ligroup.ca/commercial/transportation-insurance/.
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