Where can you find Trucking Workers Compensation Insurance companies at a fair price? Learn how Coastal Work Comp Brokers can help save you 30-40% OFF your premium—even if you haven’t been able to get affordable coverage in the past.
Perhaps you are struggling to qualify for coverage for your trucking and towing business through traditional insurance companies, but purchasing through the State Fund is cost-prohibitive. What can you do?
At Coastal Work Comp Brokers, our brokers are the problem-solvers and experienced insurance shoppers you need on your side. We help trucking and towing companies like yours to find the ideal policy to meet their needs and budget.
Because our team specializes in high-risk industries, we won’t turn you away—even if you have had a lapse in coverage or previous accidents.
Learn how to protect your business and employees with the worker’s compensation insurance every trucking business must have to operate ethically and legally.
Do Trucking Companies Need Workers Comp?
Like nearly every other industry, a Trucking Workers Compensation Insurance and towing company that hires employees must either purchase a workers’ compensation policy from an insurance provider or through the State Fund. It doesn’t matter if your truckers work full-time or part-time—they still need coverage.
Without proper insurance, you may experience significant financial hardship or even lose your business trying to cover medical bills and related expenses out of pocket.
There’s no need to leave your business or employees vulnerable. Trucking company workers compensation insurance pays for any bills that may arise due to a work-related injury.
Even the most experienced and cautious truckers can suffer from unfortunate accidents and injuries, both on and off the road. These accidents can lead to extensive injuries or death.
Some of the most common trucking and towing injuries include
- Sprains and strains
- Cuts and abrasions
- Soreness and chronic pain
- Typically, these injuries happen in a road accident, when loading or unloading freight, while making roadside truck repairs, or during a slip and fall accident exiting or entering the truck.
- For truckers in the towing industry, accidents that result in fatalities are 15 times greater than usual, while nonfatal injuries are twice the average.
- All it takes is one accident to end a Trucking Workers Compensation Insurance employee’s career. Each time they go out on the road for you, there is inherent risk. The right workers’ compensation coverage will give your truckers peace of mind, so they can focus on doing their jobs to the best of their abilities—not worrying about the future if they have an accident.
Have Other Companies Denied Your Applications for Coverage?
- Unfortunately, many national insurance companies won’t even quote insurance policies for specific categories of Trucking Workers Compensation Insurance and towing, such as long-haul and short-haul, because these categories have a “high risk” label. If they offer a quote, the premiums are often so outrageous that you can’t afford the coverage.
- As a result, you may find yourself between a rock and a hard place. How can you get reliable and affordable work comp coverage to avoid a worst-case scenario? Costal Work Comp has Trucking Workers Compensation Insurance solutions to protect your employees and your business.
- Our dedicated brokers will not turn you away or try to sell you something you could never afford. We work diligently to help you find a plan that meets your unique business needs and budget.
- You should never feel like you don’t have viable work comp coverage options. Let our brokers shop for your Trucking Workers Compensation Insurance or towing business and show you how hassle-free the process can be.
- At Coastal Work Comp Brokers, our goal is to simplify the way you shop for Trucking Workers Compensation Insurance. Unlike other brokers, we know how to find the ideal plans for businesses in any industry.
- Our team specializes in high-risk, high-mod industries, including long-haul and short-haul trucking. When you choose us, you can expect to find the coverage you need at a fair price.
Factors Affecting the Cost of Trucking Workers Compensation Insurance
The Trucking Workers Compensation Insurance industry is a vital component of the American economy, responsible for the transportation of goods across the country. However, with the high risks and potential for accidents involved in the industry, it is crucial for trucking companies to have Trucking Workers Compensation Insurance. This insurance provides financial protection to employees who suffer work-related injuries or illnesses. However, the cost of this insurance can vary greatly depending on several factors.
Size of the Trucking Company
The size of the trucking company is a significant factor in determining the cost of Trucking Workers Compensation Insurance. Larger companies that employ more drivers and operate more vehicles are at a higher risk of accidents and potential claims. Therefore, Trucking Workers Compensation Insurance coverage costs more for larger trucking companies. This is because the risks and potential claims increase with the size of the company.
However, smaller trucking companies may also face higher insurance premiums due to their limited resources and lack of experience. Trucking Workers Compensation Insurance companies may view them as a higher risk and charge them higher rates to compensate for the increased risk.
Location and Jurisdiction
Another significant factor that affects the cost of workers compensation insurance is the location and jurisdiction of the trucking company. Trucking Workers Compensation Insurance is regulated by each state, so the rates and requirements vary from state to state. Some states have higher premiums due to higher risks of accidents or higher medical costs. For example, states with higher minimum wage rates may also have higher insurance premiums.
The jurisdiction of the Trucking Workers Compensation Insurance company can also affect the cost of insurance. For example, companies that operate in urban areas may face higher premiums due to the increased risk of accidents and higher medical costs. On the other hand, companies that operate in rural areas may face lower premiums due to the lower risk of accidents and lower medical costs.
Safety Record and Training Programs
The safety record and training programs of a trucking company can also affect the cost of Trucking Workers Compensation Insurance. Trucking companies with a good safety record and comprehensive training programs are relatively safer and can save money on their insurance premiums. Trucking Workers Compensation Insurance companies may offer discounts to companies that have implemented safety programs and training initiatives to reduce the risk of accidents and injuries.
Furthermore, having a good safety record can also help trucking companies attract and retain employees. Employees are more likely to work for a company that prioritizes their safety and well-being. This can lead to lower turnover rates and a more stable workforce.
Employee Classification and Payroll
The type of work that employees do and the size of the payroll are also significant factors that affect the cost of workers compensation insurance. Trucking Workers Compensation Insurance rates vary depending on the type of work the employees do (e.g., drivers, mechanics, office staff). The higher the risk associated with the job, the higher the rates. For example, drivers face a higher risk of accidents and injuries than office staff, so their rates may be higher.
The size of the payroll is also a significant factor in determining the cost of insurance. The higher the payroll, the higher the rates. This is because the insurance company will have to pay out more in the event of a claim. Therefore, Trucking Workers Compensation Insurance is essential for trucking companies to accurately report their payroll to ensure that they are not overpaying or underpaying for their insurance coverage.
Do Owner Operators Need Workers Comp?
Are owner-operators considered employees? The answer varies, depending on the contract and your state. Most states require all truckers—regardless of their owner-operator status—to have workers’ compensation coverage.
If your company is subcontracting truck drivers, you can typically elect to include them in your workers’ compensation coverage, or the trucker can agree to purchase Occupational Accident Injury Coverage for himself. Either way, there must be coverage in place.
What is right for your Trucking Workers Compensation Insurance business operations? Our Coastal Work Comp Brokers brokers can help you navigate the often complex guidelines for workers’ compensation in your state to determine the best option for your situation.
How Much Is Workers Comp Insurance for Truck Drivers?
Several factors contribute to your Trucking Workers Compensation Insurance premium. It’s important to keep in mind that the premium cost can fluctuate each year, depending on the number of employees you have, any accidents that take place, and the nature of your specific trucking business.
Every insurance company uses the same factors and formula to calculate the premium you will pay:
Trucking Workers Compensation Insurance Class Code (X) Employer Payroll (X) Experience Modification Rate (=) Premium
What is the class code for trucking? It depends on the details and duties of your business. The National Council on Trucking Workers Compensation Insurance assigns every job a class code rating. The 4-digit codes are directly related to the type of work the trucking employees perform on the job.
Janitors can also slip or fall while working on wet surfaces. Some go on to develop repetitive motion injuries. Even the fumes from cleaning chemicals can irritate or damage a worker’s lungs. Janitorial companies should buy a Trucking Workers Compensation Insurance policy to cover all their employees.
Unlike some industries that only have one primary code, the trucking industry has several:
- Short Haul Trucking – 7228
- Long Haul Trucking – 7229
- Mail and Package Delivery and Courier Services – 7231
- Trucking – Package and Parcel Delivery – 7230
- Commercial Drivers, Chauffeurs, and Messengers – 7380
- Contract Trucking – U.S. Postal Service – 7232
So using the above formula to calculate the premiums for a long haul truckers’ coverage, you would multiply the long-haul Trucking Workers Compensation Insurance class code 7229 by the employer payroll amount and by the experience modification rate to get the premium.
The experience modification rate is based on your claims history—similar to a credit score for your company. Your rating starts at 1, with no accidents, and the number increases each time your company has an on-the-job or workplace accident.
As you can see, the amount of your payroll also factors into your premiums. For each $100 of your trucking or towing company’s payroll, you will pay a set rate determined by the specific class code.
If your company involves multiple types of Trucking Workers Compensation Insurance services, you will need to plug each applicable class code into the formula.
We Can Help You Find Affordable Trucking Workers Compensation Insurance Coverage
At Coastal Work Comp Brokers, we understand that the workers’ compensation insurance details can get complicated. If you have a business with 5 to 500 employees, let us help you make sense of it all so that you can get affordable coverage in place right away.
We believe every business in every industry should be able to buy cost-effective coverage. Even if other insurance companies denied your application, we can help.
Strained muscles, puncture wounds, and fractures are some of the most commonly reported injuries. Workers’ comp is the only way to protect your home health employees after a work-related incident.
With our brokers on your side, you can:
- Avoid the annual insurance audit
- Avoid lawsuits
- Lower your premiums by 30 to 40%
- Get insurance at a fair price, even if you were non-renewed by a carrier or have gaps in coverage
Plus, we serve clients nationwide and provide value-added risk/claims management and human resources at no extra cost. We have helped thousands of small-to-mid-sized companies in high-risk industries, even those with high-mod ratings and gaps in coverage.
Let us pre-qualify you for coverage and then shop around until we find the right plan for your trucking and towing business.
Call 1800-411-0733 for expert help in finding the best workers comp for Trucking Workers Compensation Insurance companies.
Several factors affect the cost of Trucking Workers Compensation Insurance industry. By understanding these factors, trucking companies can take steps to reduce their insurance premiums and protect their employees and business. Trucking Workers Compensation Insurance is not just about complying with the law. It’s about protecting your business and employees from unforeseen accidents and illnesses. By choosing the right provider and coverage options, you can ensure that you have a safety net in case of any unfortunate incidents. Remember, safety should always be your top priority, and Trucking Workers Compensation Insurance is an excellent tool to achieve that.
Trucking Workers Compensation Insurance is a vital industry that drives our economy forward. However, it doesn’t come without risks. The nature of the work and the use of heavy vehicles make it a dangerous profession. Therefore, it’s crucial to have workers compensation insurance to protect your business and employees. In this article, we’ll explain the ins and outs of Trucking Workers Compensation Insurance so that you can make an informed decision for your company.