4. Think About Raising Your Deductible
This is another great way to save money on your business insurance. A greater deductible decreases premium but requires you to pay more out of pocket in the event of an accident.
Here, you can pick a deductible that won’t put too much strain on your business’s finances without sacrificing coverage. Hiring an insurance agent is another option for finding ways to save money on insurance.
5. Split up Operation Routes
Insurance costs are also directly affected by a vehicle’s route. More time is spent in transit while covering more ground. The longer you’re on the road, the more wear and tear there will be on your truck, and the more often you’ll have to get it serviced.
Insurance premiums tend to rise when these factors are present because they increase the risk assumed by the insurer. To get around this, you can divide your travel up into several shorter legs.
To do this, you can either increase the number of drivers on staff or have them work longer shifts. Reduced insurance premiums would free up sufficient funds to hire additional drivers or increase worker compensation in response to increased workloads.
6. Use Truck Rentals or Brand New Vehicles
If you lease a truck instead of operating under your own trucking authority, you can save a lot of money on insurance because the leasing company will be responsible for it. By leasing, you might cut your insurance costs by as much as 75%.
Yet, if you are in a position of power, you may be able to reduce your insurance premiums by purchasing newer trucks. Considerations such as the truck’s age, current condition, and value help determine the appropriate level of insurance protection.
Premium pricing also takes into account how frequently maintenance is performed. Newer trucks and commercial vehicles equipped with safety features could get better rates from an insurance company.