This is one of the most standard coverages required for a motor carrier. It is also one of the most expensive single premium items purchased amongst the various coverages for a commercial trucking fleet. Most companies spend countless hours preparing for their renewal and in many cases “lose sleep” over it. However, over the course of the past several decades there are generally several outlets available to fill this need. However the “times they are a changing”.
The landscape surrounding Truckers Liability has made it more difficult to find the right insurance partner for the needs of the motor carrier. The primary focus should no longer be about price but truly about coverage. Truckers are becoming a bit more complex in who they are compared to the 1990’s and even the early 2000’s. Over time and in order to compete in an evolving world their business model has changed. Most of our insured partners don’t just move freight from A to B, they:
- Store goods of others.
- Provide maintenance services.
- Rent or lease equipment, property, drivers and space.
- Broker freight and act as a 3PL.
- Provide consultative advice
- Have on-site fueling capabilities
In addition they haul more complex freight including HAZMAT, food-grade and target consumer goods.
To complicate matters, not only has their business model evolved but so has the guidelines under which they operate including state, local and federal laws not limited to FMCSA and the advent or motor carrier SMS scores, driver PSP scores and social media. We are the height of “big brother” and we don’t have George Orwell to blame for this.
To demonstrate this a simple equation it would look like this:
Business Model Change + Regulation Changes = Potential Mess
At Encompass our primary focus is YOUR BOTTOM LINE but also to PROTECT YOUR ASSETS. We strive to find the most competitive cost but we will not sacrifice coverage OR helping you navigate this tricky math equation above.
If any of the above rings true, we can help you understand and audit your true exposures, better help you protect your assets and your company’s ability to perpetuate and grow but most importantly co-authoring a risk management plan that not only makes fiscal sense but will work.