How Transport Companies Can Get The Best Coverage at the Best Rate
The question of how can I reduce my insurance cost is always on the lips of everyone. It’s not just about transportation and logistics businesses. What transport businesses are looking for is beyond lower rates though, they seek simplified insurance and adequate coverage.
As experienced insurance advisors, we know that for transport businesses, it’s being able to save time, stress and money. There are a lot of factors that need to be considered when discussing premium costs. In this piece, we’ll be discussing safety protocols, the CAB report, your drivers, and the deployment of technologies.
These four factors are at the forefront of determining whether you get the right coverage at the best rate.
What Are The Safety Protocols in Place?
One of the essential things an insurer will want to know about your transport business is the safety protocols in place. We are talking about weekly safety meetings, maintenance logs, and regular pre-trip check logs.
If you intend to have a lower insurance premium in the future, your business needs to start adopting some of the global best practices. Insurers want to know how hard you are working to protect your drivers and your trucks.
You need to prove that when it comes to safety, every employee is on board.
What’s In Your CAB Report?
Even before considering your safety protocol, a carrier has the most interest in your cab report. A Cab report focuses on finance, safety, and operations. It’s the CAB report that informs the insurer of your risk profile, more like a safety rating, detailing your inspections and violations.
Also provided in the CAB report is the crash and violation history of your vehicles. What the CAB does is apportion points based on your record. This is what the insurer looks at in determining what your premium should be.
Paying attention to your CAB report won’t just make your business look good to insurers but keeps your drivers and assets safe. In the end, you are eligible for reduced insurance costs.
Which Technology are You Deploying?
With the rise in litigation costs, insurers expect trucking companies to have the appropriate technologies in place. Technology is finding a way to make the trucking and transport industry safer and easier. It’s all about making life easier for drivers and fleets.
While there are dozens of technologies that are relied on by fleets, the safety-focused ones can help keep your insurance cost at a bearable level. It would help if you prioritized rearview cameras to reduce blind spots.
The driver is at the crux of your ability to attract the appropriate coverage at a reasonable rate. Insurers want to see that you are proactive in hiring the best drivers and utilizing a robust driver training process.
Insurers know that drivers are the lifeblood of the industry; that’s why they look out for good MVR and strong CDL experience.
Once you attract the best drivers to your business, you need to go a step higher through incentives and regular training.
With these four elements; technology, drivers, CAB report, and safety protocols, you are assured of being able to keep your trucking business profitable.
We recommend that you speak with one of our experienced insurance advisors. They will look into these four areas and suggest improvements.