It’s no secret that the commercial truck insurance marketplace continues to be volatile. Even for safe companies, rates continue to increase year-over-year. Some trucking companies may gain a competitive advantage by moving into a self-insured program. There are many options available in the marketplace—from smaller self-insured retention programs to single-parent captive programs for larger fleets.
Any fleet with a good safety record that is spending more than $250,000 in combined auto and workers compensation premium should at least explore some type of self-insurance. It may not make sense for all companies, but for those that meet the parameters, there is a significant opportunity to reduce costs long-term.