This the second of a three-part series to help carriers control, and even reduce, their insurance premiums. Part one covered the basics of how insurers determine premiums. Part three lists key ways fleets can reduce their insurance costs.
Drivers are the lifeblood of your company, even if your balance sheet shows trucks to be the company’s most prized assets. After all, each rig can cost tens of thousands of dollars to purchase and maintain. But without drivers, your trucks will sit idle and loads don’t get delivered. This makes your team your most valuable asset.
And your greatest liability.
Truck drivers share a tremendous responsibility when behind the wheel. The sheer size of a tractor plus its trailer makes any accident a catastrophic event. Because of this, insurance companies are highly sensitive to the drivers you hire. By taking a proactive approach to your hiring, training, and monitoring practices, you can reduce your fleets’ insurance premiums.
Hire right
Reducing your risk in the eyes of an insurance company begins with your hiring practices. Although insurers will run MVRs on each driver, they only tell so much. By expanding your due diligence with each new hire, your company will be more attractive to insurance companies.
