January 13, 2019
Insurance Solutions for all Fleet Types
Running a logistics/trucking company is no easy task. Often times, it presents many unforeseen road blocks and challenges along the way. As an insurance agent that specializes in trucking, I have gotten numerous phone calls from company owners explaining to me why they are uninsurable and how they will have to stop running their trucks because they could not find insurance. Frequently, these calls of distress are related to one or two drivers that turned out to be far more trouble than what they are worth. In other instances, perhaps it was the owner themselves who made a small mistake resulting in a cancellation or non-renewal from their carrier.
In state of urgency, the owner will call around to many local agencies in desperate need of insurance. If not outright turned down, they often deal with unmanageable pricing options or ill-informed risk management strategies from agencies. Many agencies only have a few markets that work with trucking and even fewer options for a high risk accounts. When an unfortunate event does happen, the last thing an truck company owner wants to hear is that they are ‘uninsurable’ or their rate will be doubling/tripling with no chance for discount.
It is rare and often extremely difficult to find an agency that will give companies the time of day if they have large claims or questionable SAFER scores. The good news is, there are insurance companies out there that are designed for these companies! Because these markets work primarily with higher risk accounts, they are only appointed with a few agencies who truly know how to handle such risk. As transportation and logistics specialists at Reliance Partners, we have been appointed a wide range of markets that are willing to work with anything from well-established to new venture or tough-to-place risk. That being said, when I get the “I am uninsurable” phone call, I am able to confidently approach the situation and instill hope that there may be quite a few more insurance options out there than what other agencies have available.
Contrary to popular belief, there are quite a few carriers who have programs specifically developed to help high risk trucking companies obtain insurance without premiums cutting too heavily into their revenue. At Reliance Partners, not only do we help trucking copmanies find options with insurance carriers that specialize in high risk, but our in house safety team will provide advice to help you succeed in reducing your risk. That way, when your renewal comes around, you will be in a much better place than you were the year before, with far more coverage options. I hope this article will provide a sense hope in many people who are under the impression that a couple of mistakes will forever determine the fate of their organizations. Don’t hesitate to reach out if you want to explore options you didn’t think you had, and most importantly, keep on trucking!