How InsuranceHub can help your trucking business during COVID-19

We’re living through a very stressful and worrying time as the COVID-19 pandemic continues. The state of the country has been affecting many small businesses, trucking and towing businesses included. Here at InsuranceHub, we’ve been monitoring the coronavirus situation closely and working to find solutions that can alleviate the financial strain for our transportation insurance customers. We know that this is an extremely stressful time, and we want to help. Here are a few questions we’ll consider to see if we can be of assistance.

How InsuranceHub can help trucking businesses with their insurance during COVID-19.

1. Can some of your trucks be parked?

With so many states under lockdown, work for towing companies and truckers can be scarce. You might not need to run all of your trucks – for example, if you’re usually running five loads a week and all of a sudden only have two loads in a week. Of course, you probably want to keep all of your trucks rather than selling any of them – you’ll need them once things go back to normal. So, while you might not want to sell any of your trucks, you might be worried about paying the insurance premium on trucks that aren’t being used during the pandemic.

InsuranceHub has close relationships with the carriers we work with, and we may be able to help you arrange the reduction or alteration of coverages on your stationary trucks if the carrier allows it. That way you can lower your insurance premium while making sure all of your power units are known to the insurance company.

Now, you may need to keep a certain number of trucks going, but it can help you reduce your premium. And you don’t have to sell any trucks and go through the headache that entails. Your vehicles will be right there waiting for you when things get back on track, even though of course you can’t use the trucks while they’re parked. (And, naturally, there are some rules that apply to the arrangement that you’ll have to familiarize yourself with.)

2. Can we change your insurance limit?

We can find out if we can adjust your limit to be $750,000. (If your state allows this, it may be an option.) Of course, adjusting your level of insurance always warrants careful consideration. But if this is what’s best for your situation under the current COVID-19 circumstances, we can see if this would be an option.

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3. Can the payments be restructured or extended?

We can also take a look at whether your insurance payments could be restructured to help your business through this time. If the carrier allows it, restructuring your payments could help with your budget. Also, if it would help, we can see if your carrier will extend the payment. We’re here to help you explore these options to see what your carrier can do.

4. Can we put trucks on a separate physical damage policy?

We may also be able to take some trucks off of the expensive trucking policy and just let them have non-trucking liability and physical damage coverage, if the carrier is fine with that. (Another option is turning in the tags and just having physical damage coverage in case of falling trees and the like – again, if the carrier allows it.)

5. Would it help to get you in touch with our factoring contacts?

If it would be helpful, we can get you in touch with our factoring contacts. We also have dispatch/broker contacts we can connect you with if you are in need of loads. We want to be helpful in any way that we can be, so let us know if putting you in touch with some of these contacts would be beneficial.

6. Will you rent a dry van or reefer trailer?

If you’re doing something like auto hauling, you might be considering renting a dry van or reefer trailer so you can haul essential loads. We can help you make sure you’ve got the proper coverage to protect you. It’s crucial that you’ve got the correct insurance coverages you need during this time.

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During the COVID-19 crisis, InsuranceHub wants to use our relationships with our carriers to help tow truck drivers and truckers stay in business. We want to see your business thrive and succeed through these uncertain times. So, if you have any questions about your transportation insurance during this crisis, please let us know and we’d be happy to see what we can do to help. Give us a call or message us on LiveChat to get in touch with us.