The top three carrier expenses are fuel, maintenance and insurance – things that are crucial to the success of a trucking company but that have seen a drastic uptick in cost the past few years. A new law in New Jersey stands to dramatically increase the insurance cost for carriers. Joe Schreiner, Reliance Partners’ executive vice president of sales, was on a recent episode of WHAT THE TRUCK?!? to break down the implications of the law and its long-term impact on the industry.
“For the companies domiciled in the state of New Jersey, the state is saying you need to pull $1.5 million in liability coverage,” Schreiner said. “It’s going to be interesting to see how this trend goes across the country and how other states and insurance companies are going to respond to this as the majority of carriers are interstate carriers.”
