The logging industry still includes almost 50,000 logging companies at this time. But over the course of the last 20 years or so, there has been a big decline in the number of logging jobs available.
Part of this has been because newfound technology has helped some logging companies replace human workers with machines. But part of it has also been because the industry as a whole has seen a decrease in profits in many parts of the country due to certain environmental logging company restrictions.
Is your logging company experiencing this? Cutting your logging insurance costs might be one way to inject some life back into your company by making it more profitable.
There are a number of ways in which you can go about slashing the prices and logging company fees you pay for insurance purposes. Here are some suggestions on how to do it.
Make Sure You Understand What Logging Insurance Is
Before you can start trying to cut your logging insurance costs, you need to have a good understanding of what logging insurance is. The last thing you want to do is inadvertently skimp on the logging insurance coverage you need in an effort to save money.
Logging insurance is a broad form of insurance that is designed to protect those who work for logging companies as well as all of the equipment that is used by logging companies. When you obtain logging insurance from a logging insurance provider, they’ll usually offer these types of insurance as part of it:
- General liability insurance
- Commercial auto insurance
- Workers compensation insurance
- Truckers liability insurance
- Commercial property insurance
Every logging insurance company is a little bit different in terms of what they offer as part of their packages. But you should be able to get one logging insurance policy that offers all these types of individual forms of insurance as part of it.
Check Out Some of the Top Logging Insurance Companies
Now that you know a little bit more about what logging insurance offers, let’s get into talking about actually obtaining a logging insurance policy. One of the first things you’re going to find is that there are many logging insurance companies that can offer one to you.
It would be a good idea for you to compile a list of those companies that offer it in your area. You can then research each of them to see what kind of reputation they have within your community.
By doing your homework, you should be able to narrow your options down based on what you learn about each logging insurance provider. Consider everything from how quickly different logging insurance companies process claims to what they charge for each of their policies.
Find a Logging Insurance Company That Can Provide the Best Rates to You
Once you’ve compiled a list of logging insurance companies that would be a good fit for you, it should be simple enough to obtain insurance quotes from each of them. Most logging insurance companies can offer you a quote in a matter of just minutes.
Here is how to get your hands on quotes from logging insurance providers:
- Visit a logging insurance provider’s website
- Fill in some basic information about your logging company
- Let a logging insurance company know how much coverage your company needs
- Check out the quote that they send to you
By following these simple steps, you’ll be able to see approximately how much it’ll cost to get logging insurance. You’ll also be able to find out which logging insurance provider can set you up with the best rates.
Put Safety Plans in Place to Prevent Accidents That Can Cause Rates to Spike
After you track down the logging insurance company that will give you the most affordable rates, you should sign up for a policy through them. But you shouldn’t stop there as far as cutting logging insurance costs is concerned.
Accidents on your worksites are going to cause your insurance rates to spike over time. It’s why you need to make it your mission to keep your sites as safe as they can be to avoid overpaying for logging insurance.
For starters, you should train each and every person who works for your company before you let them begin working on your worksites. You should also put safety plans into place to keep your worksites safer than they would be otherwise.
The fewer accidents that your logging company is involved in, the lower your insurance costs are going to stay. By limiting your total number of accidents, you can stop your logging insurance costs from spiraling out of control.
Review Your Logging Insurance Coverage on a Regular Basis
Your logging company is going to change a lot over the years. Employees will come and go, and you’ll start using new equipment in favor of your old stuff.
As a result of this, you should get into the habit of reviewing your logging insurance policy on a regular basis. Do it at least once a year to make sure you’re not paying for a policy that includes too much coverage.
You should also talk to your logging insurance provider about potentially lowering your rates as time goes on to reward you for your loyalty. Many insurance companies will offer discounts to long-time customers to keep them happy and to show them that they value their business.
Use These Tips to Keep Your Logging Insurance Costs to a Minimum
It’s obviously very important for your logging company to have a logging insurance policy that offers the right amount of coverage. But that doesn’t mean you should get stuck paying an arm and a leg for it.
Utilize the tips that we’ve listed here to stop your logging insurance costs from skyrocketing. You don’t want to end up having to bankrupt your business simply to keep it insured.
Would you like to read more tips on running a successful business in the logging industry? Browse through the business-related articles on our blog to get all the advice you could ever need.
