When you are running your own transport company, you’ll want to find ways to save money to help your bottom line, and there are things that you should do such as make sure your drivers are not accelerating too hard and needlessly speeding! But there are other things that you should not cut out, and one of the most important things to make sure you keep is your insurance on your trucks at all times!
I heard from a friend of mine who worked for an owner of a transport company who regularly took the insurance coverage off of trucks that he wasn’t hauling with at the time, and it really ended up being more costly in the end! He had two trucks parked in his gated lot, and one night an uninsured drunk driver careened off the road and was going so fast that he went through the gates—hitting not just one, but two currently uninsured, but 100% working trucks! The drunk driver was alright since he ran away and was found asleep under a bench a few blocks away, but the trucks were worse for wear!
The owner thought by having them parked on his company’s property they were safe and could save some money by not having them insured, but due to this accident he ended up having to pay to fix them both out of pocket for a price that he could have paid a year of insurance on both with! Don’t make a mistake like his, and always be sure to insure all your trucks at all times!
Just remember the old saying: a penny wise a pound foolish! Never take shortcuts when making your own business, and don’t cut out insurance for your trucks just to save some money! Ask your insurance agents about any potential gaps as well, such as driving bobtail or if a driver is driving for personal errands—it is always best to insure all trucks at all times to make sure your trucks are able to be back on the road if they are knocked out of commission for any reason!