For trucking companies, driver shortages are a big concern for the coming year. And as the economy continues to grow and expand, trucking companies are providing more services. As your company grows, protecting your team and your trucks becomes more important. Knowing when to expand coverage is key. Here is a closer look at some key opportunities.
When Do You Need More Commercial Auto Insurance?
In the trucking industry (or any type of freight or logistics company), there is often flexibility in the business model as the economy grows or shrinks. Any time there is a significant change in your operation, let your Fulton Agency representative know. Here are a few key examples.
Are you adding more trucks or new vehicles? From last-mile delivery vehicles to large semis, having customized commercial auto insurance is critical. Companies continue to work to expand the number of vehicles they have. Adding them often means new coverage. New vehicles tend to hold a higher value, too. This means a higher valued policy in most cases.
Are you replacing old vehicles with new ones? Many times, it becomes important to update the policy to match the features, size, and contents of such vehicles. Larger vehicles replacing smaller ones means more risk. It also means more opportunity to grow. Update your policy here, too. If you are purchasing vehicles with high-tech features, be sure to key in your Fulton Agency representative to your plans.
Another key way to grow a company is simply to begin handling more capacity. Covering the value and size of each load is critical. If your company is now hauling a significantly higher amount of product, you need to have commercial auto insurance in place to cover this new value. An accident or theft can become significantly difficult if not.
No matter how your company is growing, be sure your insurance grows, too. Work with your Fulton Agency representative. Learn about your options. Talk about your business. What is new this year as opposed to last? And, what steps do you plan to take in the future?
The more insight you have here, the better. After all, your commercial auto insurance policy must match the value of your vehicle. It is the only way to protect your vehicle and team from risk.