3 Tips For Saving Money On Your Commercial Transportation Insurance Coverage
Unlike many types of business insurance, you will find that your company is required by law to carry commercial transportation insurance coverage if you use a fleet vehicle or your own personal vehicle for transporting cargo. This can include anything from making local deliveries to moving large amounts of freight across the country. Thankfully, while you may not be able to eliminate the cost of this insurance coverage from your budget altogether, it is possible to lower the cost by utilizing the three simple tips below.
Be Mindful Of Employee's Driving Records
Just as your own personal insurance rates will go up if you are involved in a car accident or receive a traffic ticket, you can expect your employee's driving records to impact how much you pay for commercial transportation insurance coverage. Making sure that you are only hiring individuals with a clean driving record can help you to score the lowest possible price on your insurance policy.
In addition to screening your employee's records prior to hiring them, it is important to check these records on an ongoing basis since changes in a driver's record can cause your rates to go up.
Consider Purchasing A Business Insurance Bundle
Chances are, commercial transportation insurance is just one of the many different types of insurance coverage that your business requires to ensure you are protected. You may also require commercial property, workers compensation, or commercial liability insurance. Business insurance bundles allow you to purchase all of the different types of coverage that you need all at once through the same company. As an incentive for purchasing this type of bundle, the insurance company may provide you with a discount.
In addition to the ability to save money, purchasing this type of insurance bundle can also make it easier to keep track of your monthly expenses since you are able to pay just one premium for all of your insurance needs.
Inquire About Safety Discounts
Many insurance companies offer a variety of discounts that are based on a record of safe driving practices. Some discounts will reward you for your current driving habits. For instance, insurance companies often offer a mobile app that can be downloaded in order to track your driving performance. If you prove to be a safe driver you could qualify for a rather hefty discount.
Other safety discounts require time to qualify for. This is because these discounts are based on your claims record. If you are able to go an entire year or more without filing a claim against your insurance policy, you may be able to qualify for a no-claim discount.
To learn more about commercial transport insurance coverage, contact an insurance company.
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