Episode 162: How To Lower Your Insurance Costs With Peyton Richardson
You might wonder what insurance has to do with recruiting and retaining drivers. Hear us out. Recruiting and retaining drivers costs money. Your insurance premium also costs money. But here’s the thing, you aren’t stuck with your expensive insurance premium, you can shop around, take on more risk, and reduce costs. Freeing you up to spend more on recruiting and retaining drivers.
So what can you do to drive down insurance costs? What deductibles should you pick? How do you know what your risk tolerance is?
In today’s episode, Peyton Richardson, VP of Commercial Lines at McGriff insurance gives us an inside look at insurance, from the other side of the table. More importantly, he shares how companies can save unnecessary costs on their insurance premiums.
“The biggest thing I would say to [carriers] is make sure that you’ve got a plan. That’s where it starts. An agent or broker relationship with who you’re working with is important. Having an agent that knows the marketplace, who the carriers are, what their long term objectives look like.”
From the importance of finding an insurance agent with experience in trucking, to knowing how to pick the proper deductible for your structure, Peyton (and ultimately McGriff) are here to help carrier owners get a better insurance deal.
If you want to understand insurance better, download and listen to this latest episode.
WHAT YOU’LL LEARN ABOUT IN THIS EPISODE:
- The importance of having a plan
- Find agents with expertise in trucking
- The value of risk transfer
- How to pick the right deductible
- Frequency doesn’t lead to severity
- What is your risk tolerance?
HOW TO CONNECT WITH PEYTON RICHARDSON: