Trucking insurance is a necessity in the trucking industry. With the right coverage, it helps your business run without disruptions in the event of accidents, damage, or theft.
While there are specific trucking insurance requirements mandated by federal law, finding the right coverage can be tricky for new small trucking companies. Maximizing that coverage to ensure all potential risks for your operations is key, along with finding a reliable insurer to meet your needs.
To simplify things while getting the coverage you need, you may want to consider bundling your trucking insurance policies. Here are some of the benefits you’ll get by putting them all together.
Better Savings
As a small business owner, you need to make every penny count. Savings can go a long way to keeping your business afloat. When you bundle multiple policies, it can be an excellent way to save more on this business expense.
Simplifies Billing Processes
Keeping up with numerous policies can take up a large chunk of your time. When you consolidate your policies into one, you have fewer bills to keep track of, plus you’ll only have to call one number for claims.
Ease of Managing the Insurance
Most people don’t want to spend tons of time dealing with insurance. With multiple policies to follow, you wind up spending so much more on this precious commodity. You can bundle your policies and make bookkeeping easier and less stressful, ensuring you don’t miss a beat when balancing finances.
Additionally, renewals are a lot easier by bundling, too. You can set them all to renew at the same time and with only one carrier, you don’t have to make multiple phone calls to get everything covered properly.
When changes arise—you want to add a vehicle to the policy or bring on new staff—you will only need to make one call to handle everything.
Reduce Gaps in Coverage
For small trucking companies that are just starting out, you may wind up with gaps in your coverage that don’t scale as your company grows. Working with one company to bundle your trucking insurance policies minimizes these gaps. This will result in fewer claims delays and less confusion about your policies.
Better Security of Your Information
Getting insurance quotes for trucking insurance policies means you have to provide sensitive information about your company. Usually, this involves details about your truck drivers or your business. When you use multiple insurance companies or policies, you’re giving out those private details much more often.
However, by dealing with just one company and bundling the policies, you’re limiting the number of times that information is given. Essentially, it’s less of a cyber risk for you, reducing the chances for potential hackers to run amuck with your information and harm your business.
The Bottom Line on Bundling Truck Insurance
Bundling your trucking insurance policies certainly gives you benefits. You can simplify managing multiple policies while getting lower premiums from discounts and incentives. Working with just one insurer helps them understand the overall risk profile for your business, which can give you better comprehensive coverage at a more reasonable price.
When you take advantage of bundling insurance policies while keeping safe operational practices, you can get the protection you need without going into debt or sacrificing the essential coverage needed.
Simplex FL is one company that offers options for bundling trucking insurance policies. In doing so, you may be able to take advantage of all these benefits listed above.