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Insurance for Trucking Companies in Demise
We appreciate that times are hard for those who are working in the trucking industry. That’s why we deliver excellent quality insurance for trucking companies. High-quality insurance is still necessary, despite the industry facing a downturn.
The downturn has left many business owners or independent drivers facing bankruptcy, with many having to look for other ways to make a living. In late 2019, one of the largest trucking firms – Celadon – closed its doors for good and left a staggering 3,000 drivers jobless. Individuals were stranded along the roads mid-route with no means of paying for fuel to get themselves home. This was the latest company in a long line of over 800 trucking firms and independent drivers to go under.
There are two main reasons for this ongoing catastrophe:
- The rising tariffs imposed on goods imported from China, which impacted the ability to get goods at an affordable rate
- The soaring cost of insurance for trucking companies
The market for insurance for trucking companies has been a touchy subject for a while. Increased premiums coupled with more and more insurers unwilling to take on the risks that come with the trucking industry have left thousands of workers unable to afford insurance. Or they have been unable to find insurance. This is even more of a problem for trucking businesses that have a safety or accident/loss record that is less than exemplary; these are often outright refused by insurers.
Trucking is Still Necessary
Even though the trucking industry is in demise, it hasn’t lessened the need for truckers. The trucking industry accounts for more than 5% of all full-time jobs in the US. However, there is currently a shortage of approximately 900,000 drivers.
That means there is a chronic need for drivers on the roads for the country to keep receiving the goods it requires.
XINSURANCE: Insurance for Trucking Companies
While it’s up to the government to address the issue of the current tariffs imposed on imported goods, there is something that existing truck drivers and new truck drivers can do to get the right insurance coverage they so desperately need.
At XINSURANCE, we know and understand the difficulties that drivers face in obtaining insurance coverage. Anyone with less than a perfect record is likely to be rejected or find themselves with sky-high premiums. We believe that everyone has the right to obtain proper liability coverage for themselves, and we have made that possible through our unique all-in-one approach.
XINSURANCE is powered by Evolution Insurance Brokers, LC (“EIB”), an excess and surplus lines insurance brokerage. We’ve developed our expertise over the last three decades and have established ourselves as leaders when it comes to providing insurance for trucking companies.
We look at a company or an individual’s experience levels and business operations so that we can create a comprehensive and customized policy. Our insurance for trucking companies can provide coverage for:
- Commercial auto liability
- Commercial auto physical damage
- New operators coverage
- Contingent auto
- Hired & non-owned auto liability
- Excess auto liability
- And more
Get in Touch With XINSURANCE
If you’re a trucker and you need insurance, get in touch with us and find out why we’re so successful in providing coverage within your industry. Call us at 877-585-2853, or email us at firstname.lastname@example.org.
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Finally, we believe it’s important to meet our customers face to face. Therefore, please check out our events calendar and see if we’ll be attending any events near you.
At XINSURANCE, we know how vital truckers are to keeping the country running. That’s why we make it our priority to ensure that all truckers can receive the right insurance coverage and keep themselves on the roads. If you’re a trucker in trouble, get in touch today and discover why we’re leading the way for your insurance needs.