Ever wonder what goes into determining the cost of your logging truck insurance?
How does your insurance company set your premium and deductible costs? Is there anything that you, as the owner of a logging company, can do to reduce your insurance bill?
To answer these questions, it helps if you understand the factors that insurance companies take into account when calculating your logging truck insurance quote:
- The value of your vehicles: You use a variety of vehicle types in the course of conducting your logging business—smaller sedans that your managers can drive between job sites; off-road log trucks that can handle steep gradients and treacherous forest terrain; and timber transport trucks to move loads of logs from one place to another on well-paved roads. Each of these vehicle types has a different risk profile and drastically different repair costs. Replacing the bumper on your foreman’s Ford Focus will be much less costly than fixing the tractor on your Oshkosh M911. All of these factors are considered by the underwriter who is calculating your logging truck insurance quote.
- The records of your drivers: As is the case with personal automobile insurance, the driving history of the person (or people) that will be operating a vehicle is a significant factor in determining the cost of a commercial vehicle insurance quote. This is an especially important factor for employees who will be operating large trucks with heavy loads of logs. Hiring a driver who has driving violations on his or her record could significantly increase your premium costs or prevent you from qualifying for certain types of insurance plans. (Check out www.teamsafetrucking.com for more information on how to make sure your drivers are doing what they can to avoid accidents.)
- Where your vehicles are going and what they’re carrying: The longer distance your drivers have to drive, the more likely they are to get into an accident, and the higher your insurance costs are likely to be. Another important consideration for logging companies is the type and value of the load that’s being transported. Moving large piles of expensive timber over long distances will increase the amount of your logging truck insurance quote.
As the owner of a logging company, you know you need insurance to protect your business assets and employees, but you don’t want to break the bank trying to obtain the necessary coverage. The right insurance agent can guide you towards a policy that fulfills your business’s requirements without bottoming out your finances. Contact one of our exclusive agents for help.
Longleaf Forestry Insurance has been serving the insurance needs of logging industry professionals for more than two decades. We know what coverage you need and we can help you find the policy that fits the unique specifications of your business.