During a recent government meeting, a representative from a small trucking company in Lake Charles, Louisiana, voiced serious concerns about the skyrocketing insurance premiums affecting the industry. The owner, who has been in the trucking business for 15 years, highlighted a staggering increase in costs over the past decade. In 2014, the company operated 14 trucks with an insurance premium of approximately $3,200 per truck. Fast forward to 2024, the company has reduced its fleet to 8 trucks, yet the insurance cost per truck has surged to over $17,500—an increase of more than 500%.

The owner emphasized that these rising costs threaten the viability of their business, stating, \"At that rate, there's no question in my mind that we will not be in business in 10 years if that continues to climb.\" He pointed out that despite the reduction in fleet size and a decrease in the umbrella coverage from $3 million to $2 million, the total insurance expenditure has ballooned to $62,385.75.

The owner expressed frustration over the negative portrayal of the trucking industry, citing numerous advertisements targeting truck-related accidents. He argued that while other industries, such as healthcare, have statutory caps on liability, the trucking sector faces no such relief, exacerbating the financial strain on small carriers.

In response to questions about the company's safety record, the owner noted that they have maintained a strong safety protocol and have not experienced significant losses in the past decade. However, he acknowledged that the challenges of finding younger, experienced drivers and the overall competitive landscape have contributed to the company's struggles.

The testimony underscores the broader issue of rising operational costs for small businesses in the trucking industry, raising concerns about the future sustainability of such essential services. The owner concluded by warning that if current trends continue, the industry could see a significant reduction in small carriers, ultimately impacting the availability of trucking services and contributing to inflationary pressures.