Shopping for a new insurance policy is a stressful task. Shopping for a new insurance policy when you own a trucking business and need professional liability coverage? That's even harder.
You have many options for professional liability insurance, but it can be easy to make mistakes when you aren't careful. If you own a trucking company and want to ensure that you have the best insurance available, you need to avoid making common mistakes like these.
Mistake: You Didn't Shop Around
One of the biggest mistakes you can make is choosing the first insurance company that you find. You will find many different commercial insurance companies that tout professional liability coverage, but you need to know the details. What kind of service does each offer? What are the best prices available? It is important to make a list of your needs and determine which company can take care of all of them.
Mistake: Choosing a Company With Around-the-Clock Care
A company that offers 24-hour service for claims is important for a professional. Your company may not operate solely during business hours, which means you could find yourself needing to make claims at all hours of the day and night, even on weekends. You need to know that you can reach a representative at any time.
Mistake: Not Understanding What Kinds of Repairs Your Plan Covers
Many insurance companies that cover professional trucking businesses do not cover the cost of original manufacturer parts. They may cover generic, lower-quality parts that may not provide the same sense of safety and stability. You need to know what kinds of repairs your plan will cover before you need a repair.
Mistake: Not Getting the Coverage You Need
Rarely does the bare minimum standard meet all your needs as a professional. Don't try to save money by getting the coverage that doesn't completely protect you. It can be financially dangerous in the long run, especially if you find yourself in a position where you can't financially cover the costs of damage to your vehicle, to other vehicles, and the items you were transporting.
Not a Mistake: Talking to a Professional
Professionals need liability coverage that works for them. There is no one-size-fits-all option that covers every kind of business. It is important that you speak with an insurance pro to determine which kind of coverage is right for you. How can you make the most of your insurance policy?