September 18, 2023
New Venture Truck Insurance
Are you just starting your company or planning to do so soon? Reliance Partners specializes in insuring new venture trucking companies. We have several programs that have been designed for trucking companies that will allow start-ups to pinpoint the most appropriate market. Many insurance markets might shy away from new ventures due to experience factors, but our insurance agents understand the market and can quickly pinpoint the most appropriate fit for your company. In many cases we are able to turnaround quotes the same day. Starting up in the truck industry can be a very exciting time for anyone who goes down that route. There is an opportunity to make a lot of money transporting products every single day. While exciting, it can quickly turn to a disaster if proper insurance is not secured. New venture truck insurance is extremely important, and overlooking the need for the coverage could real in business.
Starting a new company
There are a lot of essentials to take care of before fully getting out there and starting a new truck business venture. Insurance is something that every single person should have from day one. This protects the driver and those who are employing the driver.
A new company needs insurance to cover all liabilities. Since it is such a different market than what a lot of insurance companies deal with on a regular basis, getting the right type of coverage can be a frustrating experience. Some don’t want to be that cooperative with a new venture, especially if they don’t have the proper amount of experience. Eventually, most people find companies who are a bit more accepting.
At a minimum, coverage should be able to protect against all losses and/or damages to products that are transported. Not only that, but major auto and physical damage coverage for an individual and anyone they run into is also pretty much a given. Being on the road for so many hours each day can definitely put a person more out risk at possibly getting in some type of accident. Hitting heavy traffic, feeling sleepy during long hours and more all put drivers more at risk.
Every single person in a new venture needs to have proper coverage as well. Commercial truck insurance is going to protect a business from getting into a lot of trouble if something does go wrong.
Those working individually should be looking for sole proprietorship when starting the business. That makes a person the only owner of a business, and they have responsibility for everything. This makes everything very straightforward, and getting insurance for one person is usually a pretty seamless process.
A business employees other needs to be set up as a corporation or a limited liability company. There are insurance plans for either setup, but be prepared for the premiums to be much higher. The actual rate will depend on how many people, their level of experience and more.
Tips to keep in mind when getting coverage
With so many different types of options out there for truck insurance, it might seem overwhelming for some. If a person knows exactly what they are looking for, there is a better chance of having success. Here are a few tips when looking for insurance for new trucking company setups.
When applying for any type of insurance, a basic form is provided. That is a good starting point, but being proactive about setting up a new insurance policy is what should be done. Ask about what should be expected in the future once more and more experience is gained. It might be inevitable to have to pay a little bit more for insurance early on, but after getting a couple of years of experience, the rates can start to go down.
Work on personal credit
Not every company is going to look at an individual’s credit score, but it can be beneficial for those who might come up short in other ways. Maybe a person does not have quite the experience as a truck driver, but they have great credit. Anything that helps to keep the rate down is worth exploring.
Understand territories and limitations
For some, a trucking business is going to take them around the country. The problem is, some plans are going to be a little bit limiting when it comes to the radius of operation. Keep that in mind when initially applying for insurance. It could be limited somewhat, and that can eat into a person’s business.
Update the policy 12 months later
if a person has a clean record and shows that they can drive responsibly, there is a chance that insurance rates can go down in as little as 12 months. Ask questions and see if there is any way to reduce the premium later on. It might just work, and everyone enjoys saving a little bit of money in that way.
Don’t be afraid to get multiple quotes
The best companies are going to really stand out when a person applies for multiple quotes for insurance coverage. Sometimes, people need to see what alternatives are out there before making a final decision. There are plenty of places to get insurance for any type of new venture, but those who want quality insurance will know when they are working with the right company.
Talk To Reliance Partners
In the end, Reliance Partners stands by what type of insurance is offered to people starting a new trucking company. Don’t be afraid to call or email to get any and all questions answered.