The winter months can be slow for many businesses in Wisconsin, and trucking is no different. It is important to keep an updated schedule of your fleet during these months because you may have units that are parked and not in use. This schedule should also be shared with your insurance agent to ensure that you, the agent, and the insurance carrier have appropriate coverages for your vehicles.
When a truck is parked for the winter, you do not need collision coverage on it because it is not at risk of getting into an auto accident. By removing this coverage while the unit is out of use, you can save money on your insurance premium. That is why most companies choose to remove that coverage over winter. However, it is important to remember to put that coverage back on when the truck is ready to get back on the road. If you forget, there could be a gap in coverage in the event of a claim.
By keeping an updated vehicle schedule that is shared with your agent, it is easy to tell what trucks have coverage and which do not. Your agent can provide you with a monthly or quarterly copy to make sure the schedule they have matches up with yours. If your agent does not do this, there is a better chance that you may forget to add coverage back on your vehicles when they are ready to be used again. It can also be helpful to agree on a date for your agent to check in and see when you will be using your whole fleet again. Usually, business in Wisconsin starts to pick back up around April or May, so setting a day for your agent to contact you in late March may be a helpful reminder to double check the schedule and see if any units need to have coverage added back in the next couple of weeks.
To keep your business protected, it is important to have good communication between the insured, agent, and insurance carrier. Keeping a detailed schedule of your fleet and coverages and checking it often will help prevent gaps in coverages and keep your business properly covered while on and off the road.
Contact Paroubek Insurance today and get expert advice on potential risks trucking companies face in their unique industry and what coverages are essential to protect your trucking business.