Insurance takes a great deal of planning. Most insurance companies will not issue you a policy until you have had your CDL for at least 2 years. If you do find an insurance company that will take a risk on you sooner, the premium will probably be very high. Most insurance policies want you to pay an up-front premium that is 25% to 30% of the total policy cost. Working with a company like TAFS Premium Finance that can help you find the right agent, and in some cases even help with a loan, is a huge benefit.
A best practice for making your insurance payment is to set aside a portion of money from each invoice you receive. Doing this yourself can be stressful. Did you set aside enough money? When is the payment due? TAFS Premium Finance saves the money for you by placing a portion of your factored invoices in to escrow account and ensures your payments are made on time. No more worrying about missing payments or risking policy cancellations
Insurance is a big part of the trucking industry. It not only protects your company but your customers’ companies as well. As long as you have a good policy in place and continue to make your payments, you have the ability to keep rolling.