Posted on

Driver Shortage, Insurance Cost, Top Trucking Industry Concerns

Finding truck drivers, especially as the current group ages and more people are reluctant to spend time from home during the COVID-19 pandemic, is the trucking industry’s biggest challenge.

That’s the finding of the latest annual American Transportation Research Institute survey of the biggest issues facing the industry.

Motor carrier chief executives also echo the same problem as they report third-quarter financial results to industry analysts and investors.

Trucking rates are going up because the industry can’t find enough drivers to meet freight demand.

Continue reading “Driver Shortage, Insurance Cost, Top Trucking Industry Concerns”

Posted on

The reasons behind trucking’s rising insurance rates

The largest driver of increased rates right now is available insurance capacity. Distracted driving, the commercial truck driver shortage, nuclear verdicts, and litigation funding have also compounded the problem.

Over the last 10 years, commercial trucking insurance rates have skyrocketed. Despite those rate increases, however, insurance companies are experiencing losses, which means the transportation insurance industry is seeing continued deterioration and availability in capacity.

Continue reading “The reasons behind trucking’s rising insurance rates”

Posted on

Boost Driver Safety and Your Bottom Line

Focus on safety and risk management to control rising insurance costs

Keep Your Drivers Safe on the Road

Many commercial fleets are seeing premium increases for the second or third year in a row, and some have even seen rates double – the direct result of increasingly high legal settlements and skyrocketing auto repairs.1 Fearing loss of profits (or no profit at all), insurance companies are being very selective when it comes to renewals and new quotes.  It’s important to work with an insurance broker who understands the market and can advocate on your behalf.

Continue reading “Boost Driver Safety and Your Bottom Line”