(Newswire.net — July 9, 2013) Salt Lake City, UT — Hub International Insurance Services, Inc., a leading North American insurance brokerage, has been quick to capitalize on one of the key growth markets reviving the nation’s economic fortunes. Spotting that in 2012, trucking employment grew at twice the rate of total U.S. employment and recognizing a gap in the market for a nationwide, dedicated truck insurance operation, the business set about creating a new specialist subsidiary with the intention of creating the largest commercial truck insurance broker in the country.
Now the process is complete and Hub International Transportation Insurance Services, Inc., is fully operational. It was formed by combining existing in-house insurance professionals with staff gained through acquisitions of smaller trucking insurance operations. The business has established its head office in Salt Lake City, UT. Other main offices are located in Colchester, VT and San Antonio, TX, with smaller branches positioned throughout North America.
With more than 80 employees and premiums in excess of $200M, Hub Transportation already accounts for a major share of the market for commercial truck insurance giving it access to many insurers in the marketplace.
As the U.S. continues along the road to recovery from recession, trucking is playing a vital part in the economic upturn. A report published at the end of May by the American Trucking Association (American Trucking Trends 2013), highlighted the dominance of trucking in freight transportation with significant year on year increases recorded in both the volume and value of cargo. Statistics published by the Labor Department, in April, revealed that, of the 165,000 jobs added that month, the for hire trucking sector contributed 11,700 new roles – the largest month-to-month increase since trucking added 12,700 jobs in February 2012.
There are already 6.9 million people employed in trucking-related industries but as more people consider entering or returning to the sector, the demand for commercial truck insurance will inevitably increase.
Zak Katz, Programs Manager, with Hub Transportation comments: “The vast majority of trucking companies are small businesses. Nine in ten run fewer than six trucks with only one in every thirty fleets operating more than 20 trucks. Owner/drivers especially are busy winning business, planning routes and making deliveries. Arranging their commercial trucking insurance can be very time consuming. They don’t have time to get multiple quotes from different suppliers or to keep on top of the latest offers and changes in terms that appear from time to time.”
“But we do. It’s all we do. Day in, day out, we look at risks, negotiate with insurance providers, analyze trends in areas like fleet safety and review updates to Department of Transportation regulations. We have the experience, professionalism, and expertise to help find the right insurance product, and the best value available anywhere.”
“Whether it is something general like commercial truck liability or something more specific like protection in the case of a collision, exposure to do with cargo or personal affects, even things like down time, rental re-imbursement, towing or workers compensation that a customer needs to cover, Hub Transportation has the knowledge and ability to help. Perhaps that’s why we provide more truck insurance to small fleet trucking operators than any other commercial trucking insurance agency in the nation.”
For further editorial information, digital photography or to arrange interviews please contact: Zak Katz via zak.katz@hubinternational.com or 1-866-870-8929.
Notes:
Hub International Transportation Insurance Services, Inc., is the nation’s largest independent broker/agency completely dedicated to the motor carrier industry. Based at 6440 Wasatch Blvd, Suite 235, Salt Lake City, UT 84121, the business turns over in excess of $200M annually and accounts for more than 40% of the US market for commercial truck insurance.
Hub Transportation is a subsidiary of Hub International Insurance Services, Inc. Headquartered in Chicago, IL, the leading North American insurance brokerage provides a broad array of property and casualty, reinsurance, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada.
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