The Role of Safety and Compliance in Commercial Truck Insurance Rates

If you have a commercial truck, whether financed or not, you need commercial truck insurance before operating it. The premiums for this coverage have been known to put quite a dent in budgets at times.  

Ready for some good news? The more you follow safety protocols and stay in compliance with regulations, the greater the chance you have of reducing your truck’s commercial truck insurance rates. 

What Do Safety and Compliance Look Like in Commercial Trucking? 

Commercial trucking involves more than just driving a truck. At all times, you face the risk of an accident or loss. So, to keep the driver and the cargo safe there are a few things you must do.

Hire Experienced Drivers

You will want to make sure that your drivers have the proper training and endorsements, as well as a clean driving record, before allowing them behind the wheel. Requiring refresher training courses throughout their employment is another step that can minimize risk. 

Properly Secure Cargo

Securing your cargo will look different depending on what type of cargo you are carrying. Making sure that it is safely secured at all times will reduce the risk of any damage and can prevent accidents. 

Perform Routine Maintenance

You will want to keep your trucks in top shape to minimize dangers while on the road. Performing maintenance and inspections can make issues less likely to happen. 

Invest in Safety Equipment

Equipping your truck with new safety technology can help you reduce your risk of accidents and injury. This includes things like dashcams, collision avoidance systems, and more. Having these on your truck may lead to a discount on insurance, too. 

Commercial Truck Insurance

Investing in commercial truck insurance is a vital component of owning and operating your business, as well as protecting your assets and your cargo. The more steps you take to secure your safety, the more affordable you will find your insurance policy to be. 

Your Safety Measures Impact Insurance Costs

Insurance providers are taking a risk when they offer you a policy. Because some trucking companies are at a much greater risk than others, those who tend to do things by the book often get rewarded in a few different ways. 

What does this mean for you? If you take steps to implement safety measures in the everyday scope of business, you may find that your insurance costs are directly impacted by: 

Having an excellent safety record. If you make safety a top priority and have implemented measures to continue that streak, you can expect to have lower premium costs. 

Little to no claims. With every claim you file, you risk your insurance premiums going up — or getting canceled by your insurance. But when you do things right (and safe), you reduce the risk of needing to file a claim at all. 

Your ability to negotiate a better policy. When you are an ideal customer, insurance companies want you. Having a shiny record means negotiating power — when it comes to add-ons and lower premiums. 

What About Compliance? 

Local and federal regulations are put in place to protect those within a certain industry. For instance, trucking. Some days it may feel like adhering to these rules is a lot more trouble than it is worth. However, they offer structure and can reduce risk. 

Just as safety matters to your insurance company, so does your level of compliance with industry regulations and standards. Non-compliance will not only lead to fines but can leave you with higher insurance rates, too. 

Get Started With Your Commercial Truck

At 10-4 Financing, we know that commercial truck insurance is a requirement – especially when the truck is financed. Contact us today to discuss your options for commercial truck financing, whether you are a first-time semi truck buyer, have bad credit, or just need a new truck for your fleet, we’ve got what you need.