Trucking business comes with its share of infractions and compensation claims. After the great recession of 2008, the industry thrived well and the demand to transport goods increased.
While this trucking industry is steady, it also comes with its set of problems. In fact, most of the trucking businesses are going for highly qualified drivers, which means more benefits and wages. To make things worse, workers’ comp for trucking companies is a major headache compounding financial strain on the organization owners.
This begs the question, how do you mitigate this problem? Truckers’ workers compensation insurance is a government basic requirement depending on the size of Truck Company, to protect workers who are injured on the job.
According to the US Bureau of Labor Statistics Reports, the industry experiences more on-the-job-injuries and illness, more than the manufacturing, mining, and construction businesses—not the nicest fact to know. This fact alone makes truckers workers’ compensation insurance premiums very high.
However, this should scare truck company owners, because there are ways to control the cost of premiums. For one, despite the insurance firms remaining strong, workers contribution towards the premiums can always help to cut the cost, if approached correctly.
Whilst distribution fee and fuel are out of carrier’s control, there is internal power of an organization to leverage workers comp for trucking organizations. Additionally, by enforcing strict safety procedure and education helps in minimizing the number of claims.
As we mentioned earlier, depending on the size of the truck company you might be required to have some sort of insurance. The higher the fleet means the higher the number of employees who can be hurt on the job, so this calls for higher premiums.
Additionally, as the company grows, the working condition of the drivers will intensify as they move more products. This increases the probability of on-job-injuries.
Whether your company is required by the law to have workers’ compensation insurance or not, it is always a smart move to make sure your employees are protected and covered against the cost and lost income caused by injuries.
Additionally, this undertaking will save you money and time that could be spent on costly lawsuits. For those who do not have this insurance, a single claim can have detrimental financial repercussions on the organization.
Learning from experience is not always a smart move. An insurance policy will help you protect others as well as yourself from unanticipated accidents and losses.
We have helped truckers save money on insurance policies in the State of California. Our unparalleled commitment to helping you get the best premium deal is unmatchable.
We always work with agents who are experienced and have profound knowledge on truck insurance policies.
All of our information is obligation-free, meaning there’s no pressure to commit to a policy. If you would like to purchase a policy for your business, our expert staff can provide a customized CA workers’ comp quote.
To learn more about workman’s comp insurance, as well as truck insurance policy options, contact us now.