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The Great Insurance Safari: Hunting down the myths about Commercial Vehicle Insurance

Get the inside scoop on why commercial truck insurance is a road-trip superhero Commercial vehicle Insurance is essential for protecting your business assets by reducing the financial burden in accidents or theft. It’s often a legal requirement in many places for operating commercial vehicles on public roads. There are a number of things involved in understanding commercial fleet insurance. It ensures financial security, preventing significant losses from unexpected accidents. Moreover, proper coverage builds customer trust, showing your commitment to their safety and increasing engagement with your business. Uncover the fascinating world of commercial fleet insurance options There are a number of trucking insurance companies that provide different commercial truck insurance coverage options including liability insurance (for injury and property damage to others), physical damage coverage (for collisions, theft, and vandalism), uninsured/underinsured motorist coverage (for accidents with insufficiently insured drivers), cargo insurance (for goods in transit), and bobtail insurance (for liability when driving without cargo or a trailer). Discover the forbidden activities that even insurance can’t handle Businesses rely on commercial fleet insurance to comprehensively cover their vehicles, safeguarding them from potential financial liabilities arising from unexpected events. However, it’s crucial to remember that certain activities usually fall outside the scope of coverage. These include intentional acts, wear and tear, employees using vehicles for personal reasons, and transportation of hazardous materials. Join the ride to dispel the wild rumors floating around commercial truck insurance It’s time to close the curtains on this conversation! Commercial vehicle insurance is critical for protecting business assets. It offers diverse coverage options that reduce financial burdens from accidents or theft. However, there are common myths surrounding commercial vehicle insurance. Businesses must understand policy exclusions listed by trucking insurance companies and invest in the right coverage tailored to their specific needs for protection against financial setbacks. Axlerate is a unified fintech platform for logistics with products including AxleTags, AxleCards, AxleDrive, AxleFinance, AxlePay, AxleDirectory and AxleMarketplace. Our solutions help to simplify toll payments, fuel purchases and fleet expenses with FASTags, prepaid cards, fuel cards, capital loans, insurance, escrow, payments, online truck booking, GPS, fleet management software and the buying and selling of commercial vehicle spare parts.

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Why should you consider goods in transit insurance for shipments?

What you need to know about trucking cargo theft? According to the CargoNet report released in 2022, cargo theft incidents have been rising at an alarming rate of 20% annually. Additionally, a staggering 63% of all thefts involve truckers and the goods they transport, as revealed in a study conducted by the International Road Transport Union (IRU). Moreover, an astonishing 61% of these thefts occur at parking spots frequently used by truck drivers for taking breaks. Therefore cargo theft risk mitigation measures are vital to cover huge losses. Implementing effective strategies, technological solutions and claiming the benefits of goods in transit insurance will help to counter the challenge efficiently. 4 ways through which cargo in transit theft can happen The potential danger of cargo theft is a common and recurring issue in the logistics industry. However, ensuring necessary measures along with goods in transit insurance can be an effective cargo theft risk mitigation initiative. In order to implement the required strategies, it is important to understand the nature of cargo theft. There are a number of ways in which truck cargo theft occurs including truck hijacking, warehouse burglaries, driver deception and cyber threats. How can you implement cargo theft risk mitigation strategies? There are a number of factors that affect cargo theft including the type of shipment (high value goods are often targeted), location (some routes are either isolated or dangerous), vehicle type (goods carried on certain types of trucks and trailers are stolen frequently) and security level (some vehicles do not have security measures in place to detect cargo theft). However you can utilize strategies and technology for cargo theft prevention.  Why should you consider goods in transit insurance for shipments? In 2022, CargoNet reported a staggering $223 million worth of cargo theft. The most effective way to mitigate financial loss with cargo theft is to claim goods in transit insurance. In the event of a cargo theft, truck load insurance can be claimed by submitting a claim report, noting the damage sustained, reviewing the loss incurred and providing essential paperwork. All you have to do is choose the best cargo in transit insurance provider with a streamlined process, comprehensive coverage, prompt claim settlements and professional assistance. Let’s Wrap Up! Cargo theft is a common and recurring problem in logistics and it can occur in multiple ways including truck hijacking, warehouse burglaries, driver deception and cyber threats. However, by implementing effective strategies, technological solutions and claiming insurance will help to counter the challenge efficiently. Goods in transit insurance is the most effective solution to mitigate the financial losses arising from cargo in transit theft. Axlerate provides a unified digital logistics management platform with transportation management solutions to simplify tolls, fuel purchases, fleet expenses, loans, insurance, escrow, payments, truck booking, fleet management and the buying and selling of logistics products and services.

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Understanding the 4 types of commercial vehicle insurance coverage

What you need to know about commercial vehicle accidents? Commercial vehicle accidents can be a result of distracted driving, mechanical issues and the inability to identify blind spots. A blind spot is a dangerous zone surrounding the truck where vehicles are out of sight from both side-view and rearview mirrors, putting drivers at risk. While there are a number of strategies for risk management, claiming a commercial vehicle insurance policy helps to counter the financial loss.  The number of commercial vehicle accidents is quite frequent. For instance, The National Highway Traffic Safety Administration (NHTSA) reported that 8,40,000 accidents involving large commercial vehicles occur annually due to drivers not being aware of their blind spots while 300 people lose their lives in such collisions. How does insurance benefit the Logistics industry? There are a number of benefits of commercial vehicle insurance policy in the logistics industry. It  helps to protect drivers, vehicles and cargo in terms of loss or damage by meeting medical and other financial requirements. 4 types of commercial vehicle insurance coverage: There are multiple types of commercial vehicle insurance coverage including commercial liability, physical damage, motor truck cargo and non-trucking liability. Factors that influence the premium of commercial vehicle insurance: The cost of commercial vehicle insurance is determined by many factors, such as the age and condition of the automobile, its model and make, vehicle class, type of fuel it uses, insured declared value (IDV) and  location in which it is registered. You can buy commercial vehicle insurance online by choosing the best trucking insurance companies like Axlerate which provides commercial truck insurance, freight insurance coverage and health insurance for truck drivers. Let’s Wrap Up! Commercial vehicle accidents are increasing due to distracted driving, mechanical issues and trouble with identifying blind spots. However, having a commercial vehicle insurance policy will help to provide coverage for drivers, vehicles and cargo. You can buy commercial vehicle insurance online from the best trucking insurance companies in terms of commercial liability, physical damage, motor truck cargo and non-trucking liability. 

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What you need to know about commercial truck cargo insurance?

Why is cargo insurance for trucks necessary in logistics? The logistics industry involves shipment delivery that has to meet certain requirements like safe handling of goods and timely delivery. While goods are in transit there is a chance of goods being damaged, stolen or lost due to various factors. Therefore, the need for commercial truck cargo insurance is crucial to prevent major financial loss in terms of cargo damage or theft. The financial loss in terms of cargo damage and theft is huge. For instance, fleet vehicle collision cost sums up to $70,000 per year on average (Source: G2TechMarketplace). Moreover, CargoNet, a cargo theft reporting firm revealed that $223 million worth cargo was stolen in 2022. Cargo insurance for trucks can help to efficiently mitigate such risks.  4 common causes of commercial vehicle accidents There are a number of causes for commercial vehicle accidents including improper cargo loading, poor vehicle maintenance, unrealistic delivery timelines and unpredictable circumstances. In comparison to the loss that these issues can demand, the trucking cargo insurance cost is the bare minimum and helps to handle such costly expenses.  What type of coverage does Truck load insurance provide? There are different kinds of cargo that need to be delivered, some might be perishable or fragile items or even chemical components at a higher risk of explosion. In all these cases, protecting such goods in transit is necessary. However, you can mitigate the risk of unexpected financial losses for your goods and merchandise with a truck load insurance. Most cargo insurance providers ensure different types of freight insurance coverage including collision and non-collision coverage. How to choose and claim commercial truck cargo insurance? Cargo insurance providers have different metrics and requirements based on which a policy is framed. However, the best commercial truck cargo insurance will provide a simple process, maximum coverage, reliable claim settlements and expert support.  The process to raise a claim for insured cargo also differs with every provider, however the common way to file a claim includes reporting the accident or theft to the cargo insurance provider, recording the damages to understand the freight insurance coverage, sending a surveyor to inspect the losses, submitting the required documents and claiming insurance. Let’s Wrap Up! In the logistics industry there is always a possibility of goods being lost or damaged in transit as a result of improper cargo loading, poor vehicle maintenance, unrealistic delivery timelines and unpredictable circumstances. The most effective way to prevent financial strain for cargo damage is to claim commercial truck cargo insurance that provides collision and non-collision freight insurance coverage. The best cargo insurance providers will ensure a simple process, maximum coverage, reliable claim settlements and expert support. Truck load insurance can be claimed in case of a crisis by reporting the claim, recording the damages, inspecting the loss and submitting the required documents. Axlerate provides a unified digital logistics management platform with transportation management solutions to simplify tolls, fuel purchases, fleet expenses, loans, insurance, escrow, payments, truck booking, fleet management and the buying and selling of logistics products and services. 

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The importance of health insurance for truck drivers

What are the potential health hazards involved in truck driving? Truck driver health is a matter of concern as a lot of time is spent on the roads and it leads to potential hazards that can cause severe or permanent health issues. Truck drivers are vulnerable to accidents as they usually drive long-haul vehicles that are difficult to handle on narrow or uneven roads. They also suffer from muscular pain, sleep disorders, lung issues, hypertension and are vulnerable to heart diseases, diabetes and strokes. Therefore, health insurance for truck drivers is crucial. Truck drivers’ health mostly deteriorates due to improper sleep schedules, long hours of driving, exposure to loud engine sounds, and physical overexertion while loading and unloading cargo. Moreover, they can also be affected by unprecedented issues like inhaling poisonous gases due to the leakage from any chemical cargo that they transport. Thus, health hazards faced by truck drivers negatively affect their wellbeing.  How can health insurance help truck drivers during a crisis? Health insurance for drivers is beneficial because it caters to their physical and financial well-being or stability by helping them pay for medical expenses and receive timely care during emergencies. However, it is important to ensure that medical insurance or health insurance for independent truck drivers or trucking companies has comprehensive coverage for most of the major or potential occupational hazards in trucking. What are the loopholes in claiming health insurance for truck drivers? Most trucking companies can afford to provide health insurance for drivers working for them. However, more often, these policies do not include coverage for serious and long-term illnesses or even for road accidents. On the other hand, many independent truck drivers do not seek health insurance because the premium is often high and they cannot afford it due to their meagre income. Moreover, claiming health insurance is a lengthy process that involves a lot of paperwork, time and effort.  Can fintech companies make health insurance claims easier? Fintech companies optimise the payment systems to ensure that truck drivers can claim insurance benefits during a crisis within the stipulated time. Fintech companies utilise digital data and KYC for quick disbursement of funds unlike traditional insurance processing which takes several days or even months to claim benefits with a lot of paperwork that is involved. Thus, fintech companies simplify insurance claims which is beneficial for both trucking companies and independent truck drivers. You can buy health insurance for truck drivers from reliable fintech companies. Let’s Wrap Up! Truck drivers spend most of their time on the roads and are exposed to multiple hazards that either cause casualties, injuries or affect their health with a serious or permanent illness. Though truck drivers are prone to accidents and health issues resulting from various reasons, only a few trucking companies or independent truckers opt for insurance policies.  Moreover, most insurance policies do not offer necessary coverage or even if they do, the claims take a relatively long time to be processed resulting in delayed fund disbursement. This is where fintech companies become a game changer as they optimise payment systems and processes to ensure quick fund disbursement with regard to the health insurance of truck drivers. Axlerate is a unified platform for Logistics management, payments and services. Our solutions help to simplify tolls, fuel purchases, fleet expenses, loans, insurance, escrow, payments, truck booking, fleet management and the buying and selling of logistics products and services.

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The importance of trucking insurance coverage for logistics

Why do logistics companies need to care about risk management? Workplace accidents within the premises lead to loss of life, money and machinery. But major activities of logistics companies operate outside the premises and are even more vulnerable to casualties, theft and disasters compared to other workplace settings. Therefore, trucking insurance coverage in logistics is of prime importance to avoid heavy losses owing to unprecedented circumstances. According to research, 37.15% of logistics companies want to invest more in systems to automate risk identification and issue resolution (Statista, 2021). However, the predominant method of mitigating risks is to understand the importance of insurance for logistics and to adopt insurance policies to meet fleet expenses during a crisis.  What trucking insurance coverage do transport and logistics companies need? The prime reason leading to a crisis in logistics operations is the lack of visibility. According to research, 69% of companies do not have total visibility over their supply chains (Source: FinancesOnline). However, though visibility can be increased by installing and adopting tech solutions, a major portion of risk can only be mitigated using freight insurance coverage. Logistics companies usually need freight insurance coverage in terms of cargo damage, cargo theft or hijacking, transportation delays and even loss of sensitive data. What are the challenges of processing logistics insurance manually? Manual processing of commercial truck insurance by trucking insurance companies has its own challenges in terms of time, enormous amounts of paperwork, errors and even lack of insights on risk prediction to craft a holistic or personalised freight insurance coverage for specific industries or operations. Logistics is a complicated industry in terms of risk owing to the fact that most operations occur outside the premises. Therefore, with manual processing, logistics owners may not be able to claim benefits on time or even get enough coverage for all the risks involved in the industry. Why is utilizing fintech in trucking insurance coverage essential for logistics? In simple terms, digitization or automation saves time, money. Fintech solutions provide insights to trucking insurance companies, banks or third-party lenders on creating firm-specific commercial truck insurance, freight cargo insurance or health insurance for truck drivers by predictive analysis of risk using big data. Moreover, fintech leverages the potential of artificial intelligence, machine learning and blockchain technology to provide, record and analyse asset data in real-time and store it in a secure database that cannot be tampered. This sort of visibility and security with automated fraud detection prevents asset theft or fraudulent activities in data exchange which is of prime importance in claiming freight insurance coverage benefits. Let’s Wrap Up! Logistics industry is comparatively the most vulnerable to risks and therefore risk management in logistics is a matter of concern. The predominant means of mitigating risks is through trucking insurance coverage.  However, manual processing of commercial truck insurance, freight cargo insurance or health insurance for truck drivers lack maximum coverage for all fleet-related risks and is prone to errors, enormous amounts of paperwork and loss of time. Therefore, digitisation or automation of the process with fintech solutions help in crafting personalised, holistic and best insurance for logistics and speeds up the entire process! Axlerate is a unified platform for Logistics management, payments and services. Our solutions help to simplify tolls, fuel purchases, fleet expenses, loans, insurance, escrow, payments, truck booking, fleet management and the buying and selling of logistics products and services.

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