These days, the world of transportation offers few certainties. Whether you’re a solo driver, an independent contractor or an owner of multiple trucks, everything seems to change in the blink of an eye in this industry.
Everything except for a key requirement: if you want to hit the highways, you’ll need commercial transportation insurance.
So, you know that you need commercial transportation coverage in case something happens on the road. But with so many insurance companies coming and going, jockeying for your attention with flashy advertisements and too-good-to-be-true promises—how do you choose the right one? Do you simply go with the cheapest option? Pick the first company that pops up on Google?
At RTS, we’ve been helpings drivers find success on the road for over 30 years. In this article, we’ll unpack what traits you need to look for in a commercial insurance company: financial stability, range of coverage options, customer service, competitive pricing and industry experience.
What is Property & Casualty Insurance?
First, let’s cover some terminology. “Property and casualty insurance” refers to the whole range of coverage options that could be included in a commercial liability trucking plan, including auto liability, cargo, physical damage, trailer interchange and more.
Property and casualty insurance is meant to protect your property from damage caused by collision and non-collision incidents, as well as protect your trucking company in case your truck caused property damage or bodily injury to others.
5 Traits to Look for in a Good Commercial Insurance Provider for Truckers
Your trucking business depends on having the right coverage to protect against unexpected events on the road. Everyone tells you to “do your research” to find the right coverage—but what, exactly, do you research? Your time will be maximized if you focus on these five essential traits in a commercial trucking provider:
- Financial Stability: A reliable insurance provider needs to have strong financial stability. In other words, they need to be able to pay out claims. You may want to check independent rating agencies to gauge the financial strength of the insurer you're considering.
- Range of Coverage Options: Not all trucking businesses have the same needs. A provider with flexible coverage options allows you to customize a policy that fits your specific needs. A good insurance provider should offer a variety of coverage options, which may include:
- Liability Insurance: Covers damages to the other party if you’re at fault.
- Cargo Insurance: Covers the goods you transport.
- Physical Damage Coverage: Covers damage to your vehicle.
- Trailer Interchange: Covers damage to non-owned trailers that you’re temporarily hauling.
- Focused on Customer Service: The quality of customer service can make or break your experience with an insurance company. Look for a company that answers the phone promptly, offers personalized attention and has knowledgeable representatives in your corner. When an accident happens, you don’t want to deal with long wait times or clunky service.
“When you’re vetting a potential insurance provider, look for a company that has been in the trucking trenches.”
- Competitive Pricing: Price shouldn’t be the only factor in your decision, but it is important to get the best value for your money. The best way to do this is by obtaining multiple quotes from different providers and comparing their offerings—including level of coverage, deductibles and exclusions. Balancing affordability with comprehensive protection is important.
- Industry Experience & Expertise: As you know, the commercial trucking industry has unique risks and regulations. When you’re vetting a potential insurance provider, look for a company that has been in the trucking trenches—from DOT regulations, to cargo liability issues and beyond. A provider with deep industry experience understands the challenges you face and can help strategize solutions. Beyond just offering insurance, any company backed by an ecosystem of trusted experts wins bonus points in our book.
Choosing the right commercial insurance provider isn’t just about finding coverage, it’s about finding a long-term partner for your business. A reputable provider with solid financial backing, plenty of coverage options, competitive pricing and industry experience will give you peace of mind through the ups and downs of the industry.
Commercial Transportation Insurance Backed by Experience
As a member of Shamrock Trading Corporation’s family of brands, RTS not only offers a full suite of fuel card and finance solutions, but also provides property and casualty insurance plans for commercial transportation clients nationwide. When you need an insurance provider that truly understands the road ahead, reach out to RTS.