Insurance is something that every company in the shipping, trucking, logistics and transport industries will need if they want to operate a successful and longstanding business venture; it’s one of the first things you should think about before your first wheels hit the road to do business.
Without insurance, your business is vulnerable – and your nest egg is a little more like a sitting duck. Don’t take the risk: If you aren’t insured, the responsible thing to do is to get insured as soon as possible – and if you are insured already, you should make sure to check what you are insured for versus not.
How much is too much when it comes to hot shot insurance?
Whether you’re just getting insured now or you’ve been insured for a few months or years, it’s one of the most important questions related to your insurance that you can ask.
Here’s what you should know.
What is Hot Shot Insurance?
So, what’s hot shot insurance?
First, let’s talk about hot shot companies: This is a logistical, trucking and transport term that refers to smaller transport providers – usually one or two-person companies that use smaller trucks or one-tonners to conduct their business.
Hot shot trucking companies are often the guys roped in by larger conglomerates and companies to make their jobs of supply a little easier.
Reputable hot shot trucking companies drive a great deal of the world’s supply chains: But because they’re often smaller companies subcontracted by larger ones, you might not have known this!
Just like everyone else, they’re going to need insurance: And that’s because they are just as liable as any bigger or smaller company on the road. Accidents can happen to anyone: Getting insured protects the entire supply chain.
What’s the Average Price for Hot Shot Insurance?
There are so many companies that provide hot shot insurance (and other types) that the average price for hot shot insurance is a very hard question with only one real answer: There is no average price for hot shot insurance – and it’s up to each individual company to source a reliable and accredited (yet affordable and comprehensive) insurance provider to cater to their needs.
If you’re a company looking for first-time hot shot insurance (or wanting to switch to another insurance provider), get quotes from several accredited and high-rated insurance companies to see which one fits your budget.
Quotes can range from 5k per year to more than 50k per year. Seek several, compare what they’re giving you for the money and decide which is worth it (and sustainable for what your company comparatively earns and risks on the road right now).
The most important thing is that you choose a registered and reputable insurance provider: It’s a good idea to ask fellow truckers and transporters what they’re doing for their insurance and comparing this to your quotes for a bigger picture and a better idea.
Average prices can be hard to calculate, but if you feel you’re being done in, trust your gut instinct and start looking for alternatives: It could mean that your company pays less to get more – and it could serve you well whether you claim from your insurance one day or not.
