Fleet Solutions
Managing A Growing Fleet
As your fleet grows, so do your risks—and opportunities. At Joe Morten & Son, we specialize in risk control and risk financing solutions tailored for trucking fleets like yours. Whether you’re hauling regionally or nationwide, our customized coverage keeps you compliant, protected, and competitive.With experienced agents who understand trucking, solid coverage options from Great West Casualty Company and fast claims service that keeps your trucks rolling, we’re your partner for the long haul.
For most motor carriers, getting the most out of risk financing is based on:
- Your trucking company’s ability to control losses
- Your interest in actively managing your insurance costs
- Your ability to balance your risk tolerance and cash flow
When you’re ready to take greater control of managing your trucking company’s insurance costs, we can provide a variety of effective ways to finance risk.
Risk Financing
As a motor carrier, financing risk is an important component of your overall risk management strategy. You’ll find your risk control and risk finance work in tandem. While risk control is the systematic approach to identifying and reducing the frequency and severity of operational losses, risk financing is a technique you can employ to efficiently pay for losses.
By financing your risk, your overall goal is to pay for losses in the most effective and least costly way available. Through Great West Casualty Company we offer a number of risk financing solutions including reporting policies, large deductible/retention programs, and captive options which provide potential financial returns with a commitment to risk control. Let's look at a brief description of each of these options:
GUARANTEED COST POLICIES
If your trucking company is budget conscious and prefers to keep your insurance costs stable, a Guaranteed Cost policy is a risk financing option that may be a good fit for you. A Guaranteed Cost plan is a policy that is not subject to adjustment due to losses that occur during the policy term.
REPORTING POLICIES
Changes in the economy, fluctuating freight demand, and market conditions can really impact a motor carrier’s bottom line. A reporting policy by Great West allows you to manage the cost of insurance according to the revenue generated by your trucking operations.
DEDUCTIBLE OPTIONS
Motor carriers that are safety-minded and focused on cost control could be suited for Great West’s large deductible risk financing options. When a loss occurs, Great West provides administrative and claim-handling services, and you reimburse Great West for any losses below the per-claim deductible you’ve selected.
CAPTIVE OPTIONS
Make insurance work for you by joining one of our captive programs designed specifically for best-in-class truck operations. We offer group, protected-cell, and single-cell captive options. Our captive options help to manage risk but can also provide potential financial returns.
Risk Control - A Comprehensive Consultative Experience
What sets Joe Morten & Son apart as a leading trucking insurance provider is Top G.E.A.R.®, an operational improvement program that delivers a robust set of risk management solutions specifically for the trucking industry. Top G.E.A.R.® is a true differentiator in the trucking industry. Its unique platform provides innovative, customer-centric solutions to improve the operational health of the customers which it serves.
After taking a simple online assessment, our risk management team will initiate consultations. The assessment results are integrated with industry-specific benchmarks and analytics to build long-term safety and loss prevention strategies. The ultimate aim is to identify, quantify, and minimize client risk exposures; the end goal is a trucking company that is hitting on all cylinders, one that is operating in Top G.E.A.R.®
General Review
Find out of how well your company is performing by using our online assessment tool, backed by years of experience.
Enterprise Analytics
Combining the assessment results, proprietary loss data, and industry benchmarks, a snapshot of your company is created identifying areas of excellence and areas of improvement.
Application of Programs
Based on the information and results gathered, Joe Morten & Son risk management specialists will identify programs and resources to address agreed-upon areas of improvement.
Reassessment
Our risk management specialists will work with you to monitor the progress of the programs you have implemented and revisit benchmarks as a comparative tool.
While some trucking companies just try to survive, Joe Morten & Son will allow you to shift into Top G.E.A.R.®
FACTORS TO CONSIDER WHEN FINANCING RISK
For most motor carriers, getting the most out of risk financing is based on:
- Your trucking company’s ability to control losses
- Your interest in actively managing your insurance costs
- Your ability to balance your risk tolerance and cash flow
When you’re ready to take greater control of managing your trucking company’s insurance costs, we can provide a variety of effective ways to finance risk.
PowerTech® Elite is a member-owned captive program for best-in-class fleets that want to play a more active role in their risk management.
Our PowerTech® Elite captive is a good fit for trucking companies focused on long-term financial strength and stability. You must have a management team committed to safety, solid safety programs in place, and loss histories that are better than average. A long-term mindset for managing your overall cost of risk is key to this risk financing option.
With more than 20 years of experience creating captive programs for trucking companies, Great West, in partnership with Alternate Risk Underwriting LLC, is proud to be your partner in leveraging this risk management approach.
If you’re a motor carrier that runs a safety-minded workplace and you’re focused on cost control, Great West provides large deductible risk financing options. These options are tailored to motor carriers who want to assume more risk for their operations.
A large deductible plan means your company funds the “first layer” of a loss. Your trucking company purchases a workers compensation policy or a truck policy with a minimum deductible. When a loss occurs, Great West provides administrative and claim-handling services, and your trucking company reimburses Great West for any losses below the per-claim deductible you’ve selected.
When your trucking company is faced with an accident, protecting your assets is a top priority. An excess limits policy is a risk financing strategy that can help you do just that.
Whether you’re a large motor carrier or an owner-operator, an excess limits policy is designed to help you manage the financial risk of your trucking company facing a catastrophic loss. An excess limits policy increases your underlying Auto Liability or General Liability Coverage to a greater dollar value — up to $5 million total in coverage. An excess limits option doesn’t change your liability policy other than making the coverage limit higher. The same terms and conditions as the underlying policy apply.
Trucking businesses can face large payouts as the result of incidents like an accident or injury settlement — sometimes reaching into the millions of dollars. These can easily exceed the limits of a standard liability policy. That’s why many trucking companies leverage excess limits policies to reduce their financial risk of having to pay large, unexpected out-of-pocket expenses.
If you’re a trucking company that is budget conscious and prefers to keep your insurance costs stable, a guaranteed cost policy is a risk financing option that may be a good fit for you.
A guaranteed cost plan is an insurance policy that is not subject to adjustment due to losses that occur during the policy term.
Does Joe Morten & Son offer trucking insurance in my state?
Joe Morten & Son offers trucking insurance including commercial auto liability coverage, cargo coverage, physical damage coverage and workers compensation cover age in over 45 states. Click here for a full list of states we serve.