Tag Archives: Investment

Signs of a Quality Insurance Company

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The insurance company you choose to protect you from loss in the event of an accident or situation needs to be a trustworthy one. Know what to look for as you analyze and examine different companies and policies to ensure that you choose the right coverage.
Positive Ratings

Rely on the assessments of the rating companies, whose purpose is to analyze the quality and financial wellbeing of insurance companies. Check the rating of any insurance company you are considering. As you check ratings, compare them to learn which business has the highest rating. Higher ratings have a direct correlation with the solidity of the business and the services provided. Higher ratings also indicate entities with more solid financial standings for paying out claims.

Business Longevity

Examine the length of time a business has been operating to get an indication of the quality and reliability of its services. A newly formed entity may not be able to offer customers the same reliability and performance as businesses that have been around for many years. A recent purchase and transfer between insurers could indicate that the new owner is undertaking positive growth.

Customer Service

The services provided to customers by an insurance company will be an important indicator of quality. Optimally, customers should be able to reach representatives in a variety of ways, such as by phone, online chat, and email. The response times to customer queries should be relatively short to ensure that all questions and concerns receive a speedy resolution. Customers should also be able to reach a representative around the clock and on weekends and holidays for emergencies.

Coverage Policies

The policies provided should meet your needs, with cost effective premiums, affordable deductibles, and terms that meet your coverage needs. Compare policy terms between different corporations to ensure that you choose the policy that fits your budget and needs. Explore the claim-paying process to find out how the business investigates claims and the typical time period for payment on a claim. Find out the rate of claim refusal, also, so you know the average pay out statistics for the insurance company.

Reviews and Complaints

Learn about reviews and complaints recorded by other customers to find out potentially positive and negative information about the insurer. Find positive and negative reviews on websites that allow consumers to record their experiences for other consumers to read. These reviews may provide surprising information about an entity that could lead you to decide not to choose them as your insurer. You might also learn positive information about the way a business takes care of its customers. Optimally, the corporation you choose should have very few or even no complaints lodged against it from other customers.

Once you gather extensive information about a company, you will have the data you need to choose a quality business for your coverage needs. This will enable you to put your trust and confidence in this corporation, knowing that it will assist you financially if you need it.

Tips for Managing the Cost of Commercial Truck Insurance

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If your business owns and utilizes work vehicles, commercial truck insurance is essential. Your policies and business practices can impact the costs and types of coverage you may qualify for. By avoiding some common mistakes and keeping the following advice in mind, you can ensure that you’ll get the best possible rate.
Common Mistakes that Increase the Cost of Commercial Truck Insurance

Driving for extended periods – When drivers are on the road for extended periods, it can be dangerous. Not only does it increase the risk of an accident, it can also increase your costs if it is reported. It is recommended that businesses receive permission to obtain a Motor Vehicle Report from any driver they may potentially hire. This report will indicate their driving safety record, including their time spent on the road. This will not only help you hire individuals who are more safety-conscious, it will also allow you to provide additional information to your insurance company that demonstrates the quality of your operations.

Not reporting new drivers – You should always report new drivers as soon as they are hired. If a new driver has an accident and is not listed on your policy, you could be denied coverage for the accident.

Insufficient or absent coverage workers’ compensation – Your company and employees should have proper workers’ compensation coverage. A workers’ compensation policy should cover the medical costs for an employee who is injured on the job. Without this separate coverage, the employee can make a claim against the commercial truck insurance company for medical costs associated with a work-related automotive accident. In many cases, it is a legal requirement to have the additional workers’ compensation policies in place.

Additional Measures You Can Take

Employee education – Regularly communicating with your employees about driver safety can demonstrate your willingness to ensure your drivers are taking the necessary precautions and operating their vehicles as safely as possible.

Documented processes for claims – Time is money, so having standard operating procedures in place makes your business more efficient. Work with your insurance company to make sure you have all the proper forms in place and that your employees know how to correctly complete them.

Verify all aspects of your coverage – Make sure you understand all the details of your coverage. Many carriers do not cover damage to unattended vehicles, or claims for stolen cargo. If you work with a carrier that specializes in commercial truck insurance, they can advise you of your options when applying for this coverage.

Every business is different. A business that utilizes 50 trucks per day has different requirements than a small business using only two work trucks that travel locally. Talk with an experienced commercial truck insurance company about your business operations and the coverage you need.