Staying insured

It can be easy to renew your truck insurance every year without taking a closer look at your policy. But regular reviews can help you make sure you have the best – and most affordable – insurance for your trucks and your business.

To get started, ask yourself these five questions. They can help you kick off a conversation with your agent or insurance company.

1. Are all of my employees covered when they drive my trucks, even if they’re not listed on my policy?
Some insurance companies will only cover drivers who are named on the policy. So, if you regularly employ temporary workers, you would need to call your insurer and add them to the policy each time or else they wouldn’t be covered in an accident.

While you should always list employees who regularly drive your vehicles, ask if your policy allows permissive use, which means that temporary drivers are covered as long as they have your permission to operate the vehicle.

2. Will my policy pay to repair my employees’ personal vehicles if they get into an accident while running a business errand?
If you often send employees on business errands in their personal cars or trucks, or use rental vehicles, you should consider adding optional coverage to your policy to protect those vehicles. In many cases, a standard commercial auto insurance policy won’t cover damages in case of an accident.

3. How quickly does my insurance company resolve claims?
Find out how long, on average, it takes your insurer to resolve claims. The faster they take care of your claim, the faster you can get back to work.

Also, ask if your insurance will cover a rental vehicle or provide downtime payments. That way, if your truck’s out of commission, your business won’t grind to a halt.

4. Should I maintain my policy during the off-season if I’m not using my truck?
When the weather turns cold, consider switching to comprehensive-only coverage instead of canceling your policy altogether. This coverage protects your vehicles against incidents like vandalism or hail that can happen when they’re sitting for long periods.

If you do decide to cancel your liability insurance, check with the proper authority in your state. There may be some additional steps you need to take to comply with insurance laws.

5. What can I do to control my insurance expenses?
Insuring vehicles can eat up a big part of your total operating budget. Traditional ways to cut this cost include increasing your deductibles and paying your premium in full. But, you could save more if you qualify for additional discounts. Ask your agent if you qualify for discounts for business owners, safe driving or large fleets.

The author is a product manager for Progressive.