Roberts Insurance Group Blog
If you've had a commercial auto policy in Georgia for any length of time, you've probably felt the pain involved in paying for your commercial auto insurance. It probably feels like, year after year, your premiums keep rising and it keeps cutting into your profits.
Something we do at the Roberts Insurance Group is work with our clients to develop actionable plans and strategies to lower their premiums and total cost of risk, which increases your business' profit.
Before we go over the Top 6 Ways to Reduce Your Commercial Auto Insurance Premiums, I want to say that 1 thing YOU SHOULD NOT DO is decrease your liability insurance. If you have an agent or broker that has recommended that, then you should run the other way because that agent just wants to sell you a policy and they do not care about the financial well being of you or your company.
The Top 6 Ways To Reduce Your Commercial Auto Premiums In Georgia
Just like with personal auto insurance, your company's commercial auto experience is a major factor in what you pay for your commercial auto insurance in Georgia. If your business has recent claims on the record, then you're going to be paying much more than a similar business that is claims free. In addition, companies with lapses in coverage are going to pay significantly more than businesses that do not lapse their insurance.
Now, more than ever, it is vital to hire and retain employees with good driving records. This will help keep your commercial auto premiums in check now and in the long term. It is a good practice for your business to run Motor Vehicle Reports and Background checks on every new driver hired. In addition, depending on the industry, it is important to run periodic MVRs on drivers.
Safety Training & Regular Vehicle Maintenance
Safety training, like defensive driving courses, are critical to keeping your commercial auto insurance premiums low. Even though it may seem very straightforward, research shows that simple things like periodic safety training for drivers and regular maintenance for your vehicles will reduce claim frequency by over 30%. Reducing, minimizing, and eliminating claims is the #1 way reduce your commercial auto insurance premiums and increase your company's profits.
Post Accident Training
This goes hand-in-hand for reducing your workers compensation premium as well. All employees need to be training on what to do after an accident and your business needs to be quick in getting claims reported to the carrier. Accidents are a part of life, which is why they are called accidents and why insurance exists. However, minimizing the claim pay outs after an accident is a major factor in reducing your commercial auto (and workers compensation) premiums long-term.
Pay In Full
Many carriers will offer a discount for paying your premium in full for the year. With some carriers, it is minimal. With others, it is pretty significant. Ask your broker what discounts or premium reduction is available for paying the policy in full.
Work With An Independent Agent Or Broker That Has Access To Several Markets
When it comes to commercial auto insurance in Georgia, it's more important now than ever to have as many options as possible. If it has been years since your policies have been reviewing or re-marketed or if your agent or broker is only checking with a couple of carriers, chances are, you've been over paying for your insurance for quite some time. We do not recommend shopping your insurance at every renewal by any means. However, having your agent or broker check the market every few years is a good practice to implement to ensure you're not overpaying in the ever-changing commercial auto insurance market in Georgia.
If your agent or broker has not discussed these things with you, give us a call at The Roberts Insurance Group at 678-250-8133. We're commercial auto specialists that would love the opportunity to help your business!
The Roberts Insurance Group is a Georgia Insurance Broker specializing in commercial and personal insurance for our clients throughout the state of Georgia. We help our clients lower their cost of insurance with our superior claim and risk management expertise and our extensive carrier access. We are in the business of building relationships with our clients to help them grow and succeed. Contact us today to see what we can do for your family or business.
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