What to look for in your commercial truck and fleet insurance broker
For commercial heavy vehicle business having access to an industry specialised insurance solutions specialist who knows the business, knows the industry and lives and breathes commercial transport and logistics, can make a positive difference to your business. Their knowledge, regular communication and expertise can help minimise downtime and disruption, help you get the most from your insurance policy, allow you to retain business, and forecast effectively.
There are several things specialist commercial truck insurance brokers can do differently for your business; let’s look at some of the main pain points we often see, and how a relationship with a specialised transport broker can keep your trucks and cargo moving and add value to your business.
1. Accident and trucks off the road
A general insurer may cover you for an amount in the event of an accident for the cost of repairs for your truck, but what about the loss of income that results from being a truck or vehicle (and possibly a driver) down? A specialist will know to discuss ‘loss of use’ cover with you, which can cover you for an agreed number of weeks for loss of your income or to hire a replacement truck when yours goes in for repair, or you are waiting on a claims settlement. That way, you’re back on the road quickly, and there’s no concerns over losing a customer contract because of delays.
2. Staff benefits - retaining key personnel and talent
Does your current broker look at the key people in the business when assessing your needs? You may well have people in your business that are almost indispensable; those are people you want to retain. A general insurer may be unlikely to factor that into your cover. A specialist transport broker is expected to look beyond your immediate transport needs and use their broad network to offer you options for a staff benefits package that might include a medical scheme, or life insurance to help retain those staff.
3. Claims management
If you need to make a claim, chances are, it’s a time of tension and potentially stress. Assuming there are no injuries, clients’ first thoughts are often ‘how can I get this settled as quickly as possible?’, and ‘will I lose this contract’?
It’s important for you to help your broker to get all the mitigating factors surrounding the incident in place early so they can quickly manage expectations around the claims process; and swiftly advise what’s covered and what isn’t.
A specialist truck insurance broker will have made it clear to you at the outset of the policy, what would be covered in an incident, and what wouldn’t. They’ll make sure you are fully aware of all the benefits and cover under the policy, how the insurer will handle your claim, and the practical realities of it. Clear communication avoids frustration and uncertainty at a time that might be stressful.
For example, if your truck rolls down a bank in a remote rural area, it could be a week until a loss adjuster can get out to assess it. Communicating this to you right at the outset of the claim allows you to plan accordingly, and not wait wondering. Similarly, if your truck has dropped a reefer of milk on the Southern Motorway, and there are clean-up costs, they should quickly advise you what you’re covered for under the policy and help you assess any costs the business will need to cover itself. A good broker will be proactive.
There’s another thing an industry specialist broker is expected to do too, and that’s actively represent your interests to ensure that the insurer is handling the claim promptly and within the insurance council guidelines.
Effective brokers should also do these things. Does yours?
4. Regular meetings and premium forecasting for your large trucking fleet
If you operate a large trucking fleet, you should expect to see your broker face to face at least a few times a year, typically every quarter.
Meeting regularly means your transport broker can update you on how the market is performing, and review your claims and loss ratio with you, and the likely effect on your premiums for the coming year. so you can forecast this aspect of your P & L accurately.
5. The good oil on underwriters
Specialised truck insurance brokers are 100% in the transport and logistics space all day, every day. Marsh offers specialist expertise in transport and trucking insurance with a network of brokers all over the world. Our brokers have a great handle on which underwriters perform well in all areas pertinent to transport and logistics – we know which underwriters are innovating, who is performing well in the claims space, who has updated policy wordings.
We also know exactly what your policy will entitle you to in the event of a claim, and we’ll share this information with you. A specialised broker should know the nuances of the policy our clients have, it‘s a good idea to check if your broker understands all the benefits of yours.
Because Marsh specialists form good relationships with specific contacts within the underwriting business, we know how to unlock those benefits in the event you need to make a claim. For example, you may be entitled to cover for a relief driver if yours is injured in an accident. Do you know if that’s a benefit under your current policy?
6. Truck telematics technology and smart fleet risk management
A specialist transport broker will work with the underwriters and your business to manage your fleet and trailer movements to be safer and work to the best advantage for you, lessening risk to your people, and business – in addition to helping keep premiums down.
One example of this is accessing your fleet telematics data. Looking at that in relation to your loss ratios, a good specialist broker should collaborate with you to mitigate risks.
