If you just finished your DOT application, then you’ve probably already received three phone calls from compliance companies, a couple emails from factoring companies, and a minimum of ten freight brokers have already added you to their mailing list. The next few weeks are going to feel like you’re sprinting a marathon.
From signing up for a consortium, registering with IRP, and finding your process server you probably want to get as much out of the way as soon as possible.
The good news is you typically will have a full 21 days to complete all these tasks including one of the more important tasks, finding your insurance agent and company.
There are only a handful of insurance companies that currently write new venture trucking companies, but that does not mean you should go with the first quote you receive. I get a lot of calls and referrals because of buyer’s remorse, and new trucking companies not realizing they were underinsured or their were better options available. Sometimes the insurance rates were good, but then their agent was charging them excessive fees for certificates (hint: these should be free).
Request A Trucking Insurance Quote
I’ve compiled this short list of tips to help new venture trucking companies through their first insurance purchase. As always Fleet Risk Solutions is available for all your insurance and risk management needs.
What Information We Need
Since you’re new in business, there’s not much information to give the underwriters, but we always stress the importance of details when working with our clients. The basic information is simple:
- Your Full Name
- Copy of Drivers License
- Year and VIN of Equipment
- Commodities you plan to haul
- Your intended radius of operations.
Additional information that we have seen firsthand help our clients receive improved new venture rates include:
- Five-year resume
- Length of time with CDL
- Do you plan to be on the road for months at a time, or home weekly?
What Questions You Should Ask
- If I total my equipment how much will I receive?
- Am I with an “A” rated carriers?
- How do I get my certificates?
- How do I file a claim?
This is not a complete list of our recommendations, but this is a great starting point for all new ventures. For more details and assistance with insurance activating your authority please fill out our quote form below.
About the Author
Logan utilizes a holistic approach to assist trucking companies with growth, and survival in one of the most volatile times in our history. A strong risk management program is critical for every business, but trucking companies are extremely susceptible to breaks in the risk management process. Maintenance violations, driver violations, breakdowns, driver turnover, and the list goes on, all have a domino effect on each other, and the cost of operating a trucking company.