The year of 2021 has already proven to be a record-breaking year for the trucking industry, as there are more active trucking companies now than ever before. According to the Trucking Register’s May 2021 report, there are 13,200 more active authorities than there were in April, which is nearly ten times the average monthly growth of the industry! This creates an issue for truck insurance carriers, as the industry is not equipped to handle the rapid growth.
Underwriting companies rely heavily on retail agencies to vet each trucking company and give them the insight they need to properly underwrite each risk. With over 431,000 active trucking companies all renewing their insurance on an annual basis, it is more important now than ever to partner with the right insurance agency. Whether you are a new venture planning on running one truck on a local radius, or a 100+ power unit fleet running cross-country, you will want to seek an insurance advisor who has strong relationships with insurance carriers, who is going to represent you well, and who will pair you with the insurance carrier that matches your business goals.
How do you know choose the right agent? Here are five simple questions you can ask as part of your renewal process:
- How many insurance carriers will they be checking with, and how much volume do they have with each carrier? (Negotiation power)
- How long have they been specializing in truck insurance? (Experience / clout)
- Are they keeping up with industry trends, and seeking new relationships as more insurance carriers enter the industry? (Multiple options for you)
- How are they going to navigate your shortcomings and highlight your successes as they present your account to the underwriters? (Enhances underwriters’ comfort level)
- What sets them apart from the other 50 agents who are prospecting your business? (Industry experts)
The right insurance agent is not simply the one who provides you with the cheapest renewal offer. You want to partner with an advisor who has experience, is active in the industry, and has strong relationships with the insurance underwriters. If your agent is simply another submission alongside the other 430,999 in the underwriter’s inbox, your account is going to fall to the bottom of their to-do list and not get the time and consideration it deserves.
At AssuredPartners, we train our insurance advisors to learn as much as they can about your business, so that they can paint a clear picture for the underwriters, which in turn puts you in the best position possible for your upcoming renewal. To learn more about what we can do for you, contact our team of transportation specialists.