One major problem we notice is the weight put on the actual pricing of the premium, while we will always look to find the best price for our clients we will not do it at the risk of providing insurance cover that does not meet our clients needs.
Some considerations when reviewing your truck insurance premiums annually should include:
1) Check the policy inclusion and exclusions and if you do not understand the wording ask your broker to explain what it means
2) Ensure the agreed market valuations of the assets insured are up to date and would adequately cover the loss or cost to replace the truck
3) If you have a fleet of trucks do not assume any newly acquired or disposed assets are covered, go through each truck on your Fixed Asset Register and ensure they are covered by an active policy
4) Assume the worst happens (fire, accident etc) and work out what the recovery process would include and the time it would take to get back up and operating. Ensure any business losses during this period are covered or acknowledge the risk and mitigate it to an acceptable level.
If you have any questions about your business and truck insurance needs contact BGI Insurance today.