The Insurance Journal reports the booming economy gets more businesses on the road. That’s the good news.
Experts tell us the bad news is this increases the risk for everyone on our roads. Distracted driving is causing more fatalities, and many workers are on the road longer than ever.
So, almost all auto insurance line premiums are rising due to common dangers.
But, electrical contractor insurance doesn’t have to break the bank. As homeowners bundle, add security systems, and lower deductibles, so can electricians.
Though it takes some homework and a knowledgeable broker, it’s well worth the effort.
Here are some tips to lower the costs while maintaining the coverage you need.
Monitoring Systems
Telematics systems aren’t anything new. Individuals and families use them for discounts, too. The tech system reports driver and vehicle safety back to the business.
This gives you quick alerts to potential problems.
Both your rates and risk lie in the driving skill of your employees.
Though mistakes happen, too many mistakes can cost you big. Getting in front of those who put you most at risk saves you big.
Driving Records
Nothing makes a rate climb faster than a bad driving record. Those who collect tickets either on the clock or on their own time will show up in significant increases.
Though most business owners check records at hire, you should consider checking them annually after that.. You’ll want to see driving records with one point or less at all times on the driver’s license.
Know the Deal-Killers
DUI, reckless driving, and excessive speeds are deal-killers. And, word travels fast through DMV.
Employees may lose their insurability before you know what’s happening.
This is more reason to check records often.
Also, maintaining a driver safety program keeps employees skills sharp.
These steps also ensure your employees are reporting accurate information to you.
Driver Education
Teaching defensive driving is easy to work and saves you money. Yearly classes in Indiana are available, but you’ll want to have business guidelines, too.
Vehicle checks and employee reporting should be part of regular duty. If there are issues with a vehicle, employees will know.
Don’t get a surprise that ends with costly claims due to overlooking simple safety issues.
Increase Deductibles
This is an obvious way to lower premiums, but worth me bringing it up.
As your business grows, so does your ability to pay for small claims out of pocket. Plus, as your number of autos increases, the savings in higher deductibles increases with it.
Of course, you’ll want your deductible to match funds available to do so.
In addition, avoiding filing small claims keeps your record clear for lower premiums.
Add GPS/Telematics to Vehicles
Having real-time tracking on vehicles accomplishes more than lowering your premium. This allows you to track work time, schedules, and driver’s speeds.
Proof of problem driving habits is a good first step.
From there, your business can further train, suspend, or if necessary, end employment.
Though no one likes the idea, having a dangerous driver on the road isn’t something anyone wants. Learn more on how to manage the drivers of your fleet..
Choose Less Expensive Vehicles
The purchase price between base models and luxury models is significant. The same can go for premiums to insure those two different vehicles.
You don’t want to skimp on safety, but there are features more effective than others. It’s been said that the safety feature with the biggest impact in preventing accidents is the forward collision avoidance.
Aging Vehicles and Collision Coverage
As fleets age and your ability to replace vehicles improve, take a look at collision coverage. I listed raising deductibles previously. This is taking that one-step further.
Have your broker go over the pros and cons of eliminating the coverage. Consider the vehicles resale value, then subtract your deductible and the cost for the comprehensive and collision coverage. That is is your risk to remove “full coverage”.
Consider an Umbrella Policy
When it comes to liability, we have risk exposure when we drive, at home, and at our place of business.
And, where there’s risk, there are opportunities for litigation. Umbrella policies offer coverage above and beyond existing policy limits.
In turn, you have the freedom to maintain standard coverage at least levels.
Consider Bundling Policies
If you’re going to look into bundling, make sure it’s right for you. Some include auto and others do not.
If you have a business interruption coverage and a property policy, you may be able to bundle and save.
Ask Others How Your Employees Are Driving
We all see the “How am I driving?” stickers on commercial vehicles. Do those work? Yes! The public’s help is an easy way to discover if your employees are following basic traffic rules.
However, GPS tracking is much more reliable and effective. Rather than confronting your driver with “hearsay”, you have the documented proof from your reports the telematics program provides.
How You Pay Makes a Difference
Some insurers offer discounts for automatic bank drafts or paying an annual premium up front rather than monthly by mail.
When you have several policies, this can make a nice dent in your yearly outlay.
Cash In on Being Claim-Free
If you are claim-free, are you paying the insurance premiums you deserve? Ask your insurance agent if you are getting the best price. There may be discounts with your good history that weren’t available when you started with them.
Also, if your agent is an independent, they provide coverage from multiple insurance companies. Your independent agent can quote through their other companies to see if you are still with the best company for you.
How to Get Electrician Insurance at Affordable Prices
No two people or businesses are the same. Differing needs is why there is a myriad of options to make sure coverage is there when you need it.
The best electrician insurance you can get are policies that make sense for your risks and your budget.
We work with our customers to manage risk while making sure they get every discount available.
Check out our blog for more information you can use. Or, learn more about our business products and get a quote today.