Delaware Business Insurance Update From CNC Insurance Associates Inc. "Trucking Insurance Challenges" 9-26-16

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. Drivers that do make the cut but still have some blemishes on the MVR's still cost the small business owners higher premiums.
Many claim this insurance challenge for truckers will weed out the poorly run businesses and leave only the best in class. However it could also be preventing decent small business owners from staying in business during a time when the economy needs them. Only time will tell. Until next time be careful out there and know your risks.


G. Kevin Nemith ,  CNC Insurance Associates Inc. & The Small Business Insurance Center.
Serving DE, MD, PA, NJ, & VA
www.cncinsurance.com
www.bizinsurancetv.org



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