How A Driver Shortage Can Impact Your Logistics Insurance

3 Ways to Lower Your Company’s Trucking Insurance Premiums

For most fleet owners, trucking insurance takes a notable chunk out of the annual operating budget. That’s what makes it such an attractive place to search for discounts and savings. While the best way to keep premiums low is to stay claim free, that option is not always realistic. Here are three practical steps your company can take to put insurance premium dollars back into your budget.

1. Recruit the Most Qualified Drivers
The quality of the drivers you hire can have the most significant impact on your trucking insurance premiums. To ensure you have a strong recruitment and training program in place, schedule time to talk with your insurance broker about your efforts and ask for recommendations for improvement. Also, be sure to document your process for keeping drivers abreast of the latest regulations, laws, and safety practices.
Evaluating driving candidates in on-the-job situations before sending them out on the road not only allows you to see them in action, but it also lets your insurance company know you are committed to performing due diligence. You may even be able to partner with your insurer to perform personal and professional background checks on candidates.

2. Share Your Success Stories with Your Insurer
If the only time you talk to your insurer is when you need to file a claim, then sadly, your insurance company only hears about what went wrong from you. Why not tell them about all the things you are doing right? For example, if you have recently implemented a new safety program, let your insurance broker know. Your broker will share your efforts to improve fleet safety and work with your insurance company to identify areas where you can improve.

3. Re-think Your Safety Strategy Now
Do not wait until you start racking up negative safety points to take a good look at your company’s safety practices. Work with your insurance broker now to start evaluating your staffing and risk management plans.

Regardless of your claims history, taking these three steps can help with your insurance costs.

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