If you are starting a new company and it involves haulage, imports, exports or even just the use of a few trucks for deliveries, then you will need an insurance company before you even open the business.
This is so that you are covered for anything that goes wrong. If there is a crash or something happens with one of the trucks, then it will be a lot of money to get it fixed. Furthermore, if you are just starting out, then you might not have the money to deal with a massive breakdown.
It could mean the end of the business before it has even started. Insurance is very important in a new business. One of your drivers could get hurt, or they might have caused the crash. Therefore, the victim might have reason to take legal action against you. Your will want insurance to make sure that you are covered for the legal fees.
If you are looking for an insurance company, then you will want to make sure that you pick the right one to compliment your own company. You will want it to be tailored towards your needs. Read on for some ideas on how to pick the right insurance company for your haulage business.
1. How many trucks? – You will need to decide how many trucks you are going to need to be covered in the policy. That is why you need a specialist company. Some regular insurance companies will not cover many trucks on their policies, whereas a truck insurance company will be able to cover more than one truck. Ideally, you will want an insurance company, which allows you to have a minimum of 3 trucks insured. If you are planning on keeping your company small, then the company you choose to provide you with insurance should have specialist policies for companies with 1-3 trucks, without having to pay a minimum vehicle premium.
2. Which trucks? – Your insurance policy and the cost of said policy will depend on the type of trucks that you have. Some companies will have specific policies to 3.5 ton trucks and commercial trucks. If you have more than one type of truck in your company, then you will want an insurance company that will cover all of them on the one policy.
3. Expansion – You should choose an insurance company that will cover you for the whole time that you are in business. Therefore, if you expand and add more trucks to the company, you should be able to add more trucks to the policy easily. It should be done over a simple phone call and you shouldn’t have to pay for multiple policies. Obviously it might mean an increase in the premium because you are adding more vehicles, but you should not be willing to pay a massive increase. The increase should be proportionate to the increase in vehicles.
4. Where to get the insurance? – If you have contacted a number of insurance companies and you still haven’t found the perfect company, then you should think about using comparison websites. This will reduce the amount of work that you have to do to find the perfect insurance policy. You will only have to fill in some details, on an online form, which indicates which requirements are important to your company, and the website should put you in touch with insurance companies who meet those requirements. The best comparison website will make it easy for you to sign up to the policy without having to leave their site or contact the providers yourself.