Insurance plays a significant role in every business, especially the truck and transportation business. It helps trucking companies achieve effective risk management and save more money in times of accident or damage, explained Emma Kimonides, the founder of Yes Insurance Fair work Group. However, many trucking companies and individual operators do not know how to navigate their ways when it comes to choosing a creditable truck insurance broker or company.
They often fall victim to unprofessional and unreliable companies which cost them money and time. So the question is how should they go about it? The best way to avoid disappointment is to work with a truck insurance broker.
What is a truck insurance broker?
A truck insurance broker is a trained, professional and experienced broker that helps trucking companies buy the right insurance coverage for their trucks based on their needs. They also offer advice and make the process of finding insurance easier. A truck insurance broker represents and works for their customers to get the right policies, says Emma Kimonides Fairwork. Therefore, you need one of your ways to get the right insurance for your trucks.
With that said, read on as Yes Insurance Fairwork founder Emma Kimonides takes us through the benefits of choosing a truck insurance broker.
Provide professional advice
One of the jobs of a truck insurance broker is to provide personalized advice on the coverage options available. They are responsible for recommending the best insurance coverage that suits your company’s needs. Truck insurance brokers are different from other insurance agents whose recommendations and experiences are limited to the company they work for.
A broker works with many insurance companies and has multiple partners. These give them knowledge about several service options and experiences they draw their advice from.
Protect you from scam
Many countries have institutions that regulate licensing of insurance brokers. These institutions are responsible for the regulation of ethical conduct, professional competence, educational qualifications and insurance-related obligations for all insurance brokers in the country. Working with a licensed broker gives you the assurance that you are working with the right organization. It also protects you from scams and dishonest conduct.
The primary function of a truck insurance broker is to help you make decisions that will work in your favour. Hence they will ensure you get the right coverage for your truck at the best price. They will also clear your doubt, answer your question and put your interest first.
Get the best insurance rate
Truck insurance brokers often work with many insurance companies. These help them get you the best and affordable deal for your insurance coverage. They will go through your needs and budget to make good recommendations. Truck insurance brokers also negotiate prices with many insurance companies and also ask for discounts. These help you save money and time.
Unbiased, professional and reliable
One of the biggest benefits of hiring a truck insurance broker is their professionalism and unbiased attitude. It is important to ensure that they do not work for or linked with any insurance company therefore, they provide unbiased advice about the services provided by the insurers based on your needs and preferences.
Represent and Advocate for you
A truck insurance broker speaks directly to insurance companies and represents you when dealing with claims. They provide answers to all your questions and queries. This helps eradicate miscommunication and misunderstanding. Working with them also helps in terms of negotiations and settling claims.
Provide a good risk management strategy
The aim of getting insurance is to provide protection for your business in times of trouble. Many trucking companies often overlook this benefit and get caught up when accidents and other problems arise. Having a good truck insurance broker helps you recognize your risk and the type of insurance needed. They also provide good risk management strategies that minimize your insurance.
Good qualification and expertise
Professional truck insurance brokers have the training and expertise to offer you the best services. They are also up to date with the industry regulations, standards and market changes. This gives you confidence and peace of mind.
Build personalized relationship
A truck insurance broker takes time to talk to you and understand your business. They also explain the insurance process for you in detail to ensure you fully understand it. These include your Product Disclosure Statement(POS), Insurance price, renewal details and many more.
Saves time and energy
Finding the right insurance coverage and company often takes thorough research which is time-consuming. “Working with a truck insurance broker gives you a smooth and easy process.” – stated Emma Kimonides. They proactively engage with you and help get a reasonable quote. They also get a speedy response from insurance companies, saving you the stress of waiting for a long time. Additionally, they are knowledgeable, experienced and understand the policies. These save time in making decisions.
Claim settlement assistance
Your truck insurance broker can also stand for you during a claim settlement process. They know the law, policies and other important regulations in insurance coverage. You are at peace knowing you have a good chance at getting your claim. But dealing directly with an insurance company may require you to get a lawyer.
A licensed truck insurance broker helps you settle your insurance claim in a fast and accurate manner. This helps avoid the further legal cost and negative repercussions.
Provide insurer options
Working with a truck insurance broker gives you more options to choose from and also compare rates. They help you search for leading insurance companies to find the best coverage and the best price.