A trucking firm makes the decision to invest in new tractors, excited by the upgrades in technology and efficiency and by the satisfaction that comes with investing in the business. Then comes the insurance bill.
Trucking companies of all sizes are generally experiencing increases in insurance pricing due to factors that range from workers’ compensation costs to fleet issues to rising jury verdicts. The recent "Analysis of the Operational Costs of Trucking for 2015" from the American Transportation Research Institute identified an 11% year-over-year increase in truck insurance premiums when normalized on a per-mile basis from 2013 to 2014.
And in the fourth quarter of 2015, Marsh data showed rates for general liability, auto liability, excess casualty, and workers’ compensation remaining flat or increasing — significantly in some coverage lines and for some transportation companies, depending on specific circumstances.
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