Saving money on commercial auto insurance should be a priority, yet it is important not to decrease the amount of coverage you already have. If one of your trucks is involved in an accident and your business does not have the right coverage it can cost you financially. Not only will you have to pay to get the truck repaired you are going to lose out on business while it is in the shop. There are much better ways to save on insurance rather than cutting your coverage. Let's take a quick look at a few options.
Raising the deductible might be a very good option for your business. It is going to help save you money in the here and now. If your truck is stolen or damaged in the future, you will just have to pay a little more out of your pocket.
Having the best drivers possible is as good of way as any as lowering your costs. Make sure that a motor vehicle report is run on every new hire. You can ask your insurance company to help you with this process, just be sure to notify your drivers in a timely manner. Keep in mind that businesses that require larger vehicles and drivers with a CDK often qualify for special discounts, so be sure to ask.
It is also important to choose your payment plan carefully. Many insurance agencies charge a much higher finance charge with some of their payment plans, while others offer no flexibility. Your goal is to find an insurer who offers low initial payments with no finance charges and has the ability to be flexible.
Without a doubt you never want to jump on the first insurance policy you see, take the time and shop around. You can save a substantial amount of money by ensuring that you choose the best plan for your business. Take the time to research and understand coverage, available services, and carriers to help you make the most informed decision possible.
There are services that are designed specifically for tow companies such as garage keepers legal liability and on-hook legal liability. On-hook legal liability simply covers towed property. Just recently a large insurer expanded this coverage to take into account more than just the vehicle in tow. Personal items, raw material, and equipment are now covered. In addition, any transaxle or transmission damage is now included in coverage as well. The limits for this insurance coverage have increased to $100,000.
Whereas garage keepers legal liability covers any vehicle that is being stored, repaired, or serviced at up to three business locations. The same amount of $100,000 coverage is in effect.
Be sure to always ask if you are eligible for any discounts. There are many insurance carriers who offer discounts for payments in full or those who have been in business for several years. By taking the time to review your insurance at regular intervals can help save money and allow your business to prosper. Take the time to contact an agent today and ask them what options are available for your business. Click here buriedcar.com/tow-truck-insurance-cost to read more about tow truck insurance costs.