The most important part of your business is not the truck, its not the trailer, and its not even the loads and rates you receive from brokers.
Your most important asset is you, because without you there is not a company.
The good news is protecting yourself and the future of your company is not nearly as costly as the insurance that keeps you on the road. In fact, many companies have loosened underwriting guidelines for disability and life insurance, making it easier than ever to qualify. In many cases approval only takes 5 minutes.
Disability Insurance, Why You Need It
The M.U.G approach is the simplest way to understand what disability insurance does for you, and also help you calculate how much coverage you need. M.U.G stands for Mortgage + Utilities + Groceries. One unique feature with many companies is that business owners receive an upgrade in rating class, and this helps to further improve your cost of coverage. What if I have Workers Compensation coverage? That’s great if you have it in place but remember Workers Compensation is only going to be available for a work-related accident or illness. Disability Insurance can be 24/7 coverage, On-Job Only, or Off-Job Only.
Business Owner’s Expense
Business Owner’s Expense is a specific type of Disability Insurance that is meant to cover the immediate overhead needs of your business while you’re recovering from an accident or qualifying illness. These funds can be used to make truck payments, insurance payments, taxes, utilities, salaries, and other direct business needs.
Life Insurance
Sometimes Life Insurance is a taboo conversation topic because nobody wants to think about dying, but there are more uses for Life Insurance beyond protecting your family and business in the event of your death. The core purpose of Life Insurance is to provide for your family financially in your absence. This can mean paying off equipment, buying out partners in the business, or taking care of the financial needs of your family. Life Insurance can also be utilized for retirement, recruitment, and retaining best in class employees.
These are not protections that should be taken lightly and is in your best interest to partner with a team that understands truckers and trucking companies and their unique needs for these protections, as well as their unique tax situations.
Let’s set up a call to discuss your needs, and how we can help protect what you’ve built for your family.
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.