Risk & Business

Trucking is a necessity for our economy, as  the flow of goods and services depends on it. However small independent trucking companies are seeing their insurance premiums increase. In addition some small truckers are having trouble finding insurance companies that will even insure them. So what is the problem?  Actually there are many issues causing the insurance challenges for truckers. First there is the increased reporting that insurance carriers have access to on every truck on the road. Federal reports/scores, on driving practices, inspections, out of service rates etc... are making decent small truckers look worse. Insurance companies are putting a lot of weight on these scores and rating policies or not writing policies based on them. Also, small business truckers are having a tough job finding qualified drivers. The trucking lifestyle is not appealing to many younger drivers. In addition the tougher standards on motor vehicle records disqualifies many potential drivers. Driver

In today's work environment small business owners find themselves working farther from the city or town they are located in. It is not uncommon for companies to send employees to other states to work and complete jobs. This is especially true in areas where small business locations are close to state lines. So the question that gets asked quite frequently is ,"If my employees get hurt in another state are they covered?"   The answer is "it depends",  and sometimes it could be "no".  Let me explain this in more detail. The work comp policy that covers your employees injuries will cover in most states as long as the jobs or work is temporary and the policy is properly written to include the respective state. If the state is not represented on the policy then there maybe no coverage. Some states have their own work comp programs (monopolistic). To get coverage you have to buy into their program.  Your policy would be useless in these states.  Also if your

Attention all small business owners with truck fleets, you have to use the new online registration system to comply with the Federal Motor Carrier Safety Administration's (FMCSA),  new guidelines by Jan 1 2017.  This new online system applies to all fleets that have USDOT numbers. The federal agency will only accept electronic filings using the online forms. This means starting in January of 2017 you will no longer be able to submit paper forms or faxes.  Also starting in 2017, identifiers such as MC and FF will no longer be used.  So what are you to do?  You need to go online through the FMCSA's online portal and set up an online account. This account will allow you to be part of this new Unified Registration System. All filings and financial responsibility proof will have to be in your electronic account to avoid penalties. You do not have a lot of time to get this done as January 2017 will be here before you know it. You also may want to hire a third party permitting servic