10 Most Expensive States for Insurance Rates
Assuming you haul similar freight to multiple destinations in Canada and the US, where you haul that freight can have a big effect on your insurance rates. Why? The cost of the average claim in certain US states is far higher than that experienced in other regions. From an insurance perspective, some states carry significantly higher exposure to risk. In these “hot” states, the general cost of insurance claims tends to be far higher than similar losses occurring in other states and provinces. It’s also where we tend to see the headline-grabbing, multi-million dollar claims payouts:
Consult with your insurance broker and your insurance company regarding the true costs to run routes to certain provincial, territorial or state jurisdictions. This consultation should provide valuable information you need to maximize the profit and competitiveness of your routes. Knowing your true insurance costs to haul to and from “hot” states provides you an objective starting point if you need to broach the subject of surcharges or shipping rate increases with your customers.
For more information, please see The United Hot States of America by Northbridge Insurance.
Tia Chisholm, HUB International TRANSPORTATION
HUB International TRANSPORTATION specialists are based in Vancouver. Our longstanding relationships with the best providers in the business allow us to deliver the solution that serve you best. With HUB, you can run your business knowing that you are headed in the right direction.