Workers compensation insurance for trucking companies is expensive. It pays to shop around and find the best deal.
We can help. Just fill out our simple quote form and we will bring 3 trucking insurance agencies, that write workers comp, to compete for your policy.
It’s fast and free. May the best agent win!
Who needs Workers comp?
When you have employees, they may get injured while on the job. If you had to pay their medical bills out of pocket, you could go bankrupt faster than a Ferrari in the hammer lane. Workers comp covers your truck drivers if they are injured or disabled while working for you.
This is also commonly called Workman’s compensation, but if you haven’t noticed, there is a growing number of lady truckers. So it’s best to pick a name for the coverage that includes everyone.
The laws for this coverage vary by state, but if you have employees you need this coverage. There are stiff penalties for not covering your employees.
If a state senator had his trucking operation shut down for not carrying workers compensation, how do you think you’ll fare?
Workers Comp Rates for Trucking Companies
Rates are mostly a function of the number of drivers you have and their salary. These rates also vary tremendously by state with California having the highest rates in the nation. It pays to shop around and get the best deal. We can help you with that.
Here’s a real example based on a truck company with 4 drivers with annual salaries of $38,000/year.
- In Alabama the rate would be $375 per driver per month. So with 4 drivers, it would cost $18,000/year for a workers compensation policy.
- In Mississippi the rate would be $250 per driver per month. With 4 drivers the yearly cost would be $12,000.
- In California the rate, don’t cry, would be $625/month per driver. So 4 drivers would be $30,000 each year. Ouch!
It makes sense to do a safety analysis of your operations and put into place an employee safety plan. There are a number of ways to actually lower the chances that one of your drivers gets injured on the job.
You can do things like requiring adequate footwear while a driver is behind the wheel in one of your trucks. Outlawing cowboy boots or tennis shoes can reduce driver ankle injuries.
Talk with your insurance agent about what else you can do to mitigate your risks. The cheapest way to save on your insurance is to prevent accidents in the first place.
Lower your premiums
Truck insurance premiums are downright expensive, but there is not a good way (or a legal way) to cover these expenses out of pocket. Getting quotes from knowledgeable agents can and will save you a substantial amount on your annual premium. We have developed a service to bring the truck insurance agents to you. This is the most efficient possible way to shop for such an expensive and complicated policy. Simply fill out our quote request form and soon you’ll have 3 quality agents in your state competing for your business.
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