TRANSPORTATION

Update Your Insurance To Navigate Rising Equipment Values , Repair Delays , And A Driver Shortage .

The transportation industry is feeling the ripple effects of a pandemic economy . The good news is there are risk management strategies that carriers can deploy . Deeley Insurance Group can position your business to deal with rising equipment values , repair delays , and potential loss of income due to downtime .

DEALING WITH THE DRIVER SHORTAGE

The labor pool is shallow across all industries , and most trucking companies struggle to attract experienced drivers . Because of a lack of available recruits , some carriers have lowered their minimum experience levels so they can keep rigs on the road . Unfortunately , this can result in greater risk . To prevent accidents and protect workers ’ compensation premiums , tap into safety training resources . Your insurance advisor can connect you with options and offer guidance on how your comprehensive safety and training protocols will tell a proactive story to underwriters . Enhancing these programs helps you avoid accidents and secure the best possible rates .

Communicate often with your insurance provider . It ’ s especially important to let them know when you bring on a new driver . An example : A carrier who was diligent about calling in every driver did not call in a driver with one year of experience . The driver had an accident — and he was unscheduled . The insurer did not renew the policy .

The lesson : We know how busy the days ( and nights ) can be . But take the time to add new drivers to your policy so you don ’ t risk losing insurance or end up paying out-of-pocket completely if an accident occurs .

ADJUSTING VALUES MIDTERM

Insufficient equipment values can hurt if you have a claim . As equipment prices increase due to limited availability , ask your insurance advisor to review values — even midterm . Why wait for renewal ? Insurers are allowing carriers to increase limits midterm in this unprecedented environment . This is important : if an accident occurs and values are not updated , you ’ ll end up sacrificing profits to pay out-of-pocket for repairs .

MANAGING BUSINESS AMID REPAIRS

We ’ ve seen it a number of times during the last couple of years . A smaller carrier with a few trucks is out a vehicle because it needs repairs . Parts shipments are delayed — indefinitely . The equipment sits in the lot , and the carrier is still paying for everything except the fuel . This scenario can put a company out of business . And if a driver ’ s vehicle is off the road waiting for repairs , they may even lose that employee .

We can ’ t control supply chain stress , but there are risk management solutions to help keep a business whole . Talk to your advisor about coverage for downtime interruptions and review your business policy for Loss of Income coverage . With open communication , you can Be Sure your business is prepared to handle the unexpected . +

BY : THEO HOBBS , CLIENT ADVISOR

During Theo ’ s 23 years of service with the Maryland State Police , he supervised troopers assigned to the Commercial Vehicle Enforcement Division and holds many FMCSA certifications . 410.213.5597 • thobbs @ deeleyinsurance . com

BY : BRIAN DEAN , CLIENT ADVISOR

Brian Dean has seven years of experience in personal and commercial insurance and 30 years of experience in Fortune 100 foodservice transportation . 410.213.5543 • bdean @ deeleyinsurance . com

BY : NICOLE BRUSHMILLER SENIOR RESOURCE ADVISOR

Nicole Brushmiller joined Deeley in 2005 , and is an expert in Commercial and Transportation Insurance . She serves on the Board of Directors for Maryland Motor Truck Association and chairs the Eastern Shore chapter . Nicole lives in Berlin , MD with her husband and children . 410-213-5584 • nbrushmiller @ deeleyinsurance . com