As business owners, we’re familiar with the annual insurance renewal process. We put together schedules, payroll, revenue , loss history, and fill out a couple of insurance applications. We might get a couple of underwriting questions or requests for additional information, but expect that if our losses look good, we may even get rate decrease.
But, if you have a trucking company or large commercial fleet, it’s just not that simple….
Insurance carriers are constantly trying to get ahead of their risks, just like you are in your business. Claims history does a pretty good job of communicating the effectiveness of our safety programs and culture… but are we good…or just lucky?
It’s important to dive into the FMCSA’s data on your operation on a regular basis and take action on issues that may exist, especially if you’re in trucking. This information is used as a predictive indicator of risky behavior by insurance carriers, and having BASIC Alerts could impact premiums by $500-$1,000 per powered unit. Some carriers won’t even entertain a quote for motor carriers with Conditional Safety Ratings.
Working with a broker that can help you digest your compliance scores and develop an action plan is more important than ever, and we’re proud of the fact that we excel in this area.
It’s what service looks like!
Please note that the information contained in this posting is designed to provide general awareness in regard to the subject matter covered. It is not provided as legal, medical, or tax advice, nor is it intended to address all concerns in your workplace or for public health. No representation is made as to the sufficiency for your specific company’s needs. This post should be reviewed by your legal counsel or tax consultant before use.