Boost Driver Safety and Your Bottom Line
Many commercial fleets are seeing premium increases for the second or third year in a row, and some have even seen rates double - the direct result of increasingly high legal settlements and skyrocketing auto repairs. Fearing loss of profits (or no profit at all), insurance companies are being very selective when it comes to renewals and new quotes. It’s important to work with an insurance broker who understands the market and can advocate on your behalf.
HUB International has identified several ways to help you navigate the current hard insurance market. Follow these 10 best practices to get ahead of your next policy renewal.
- Keep CSA safety scores low. Address the easiest and most preventable violations - maintenance for tires and lights. Pre-trip vehicle inspections can prevent most of these issues. Tackle unsafe driving violations through training and accountability programs.
- Implement a safety program across your fleet. Keep safety concepts at the forefront of your drivers' minds and actions by instituting training on vehicle inspections, hours of service regulations and defensive driving concepts during training.
- Hold drivers accountable. Drivers need to know about both best practices and company rules. They also need to know what will happen when violations occur.
- Hire good people. Make sure the drivers you bring in are a good fit for your organization. This is especially critical if your organization does not have an extensive onboarding or ongoing training program.
- Manage your losses. Manage and report all claims in a timely manner and keep good documentation.
- Know your numbers and tell their story. Make sure you are familiar with your loss trends so you can talk to the insurance carrier about them.
- Be proud of what you’re doing right – and talk about it. If your fleet is utilizing best practices, let the insurance carrier know what you’re doing well so they can include it in your pricing model.
- Incentivize your drivers. Create an incentive program that rewards clean roadside inspections, no preventable crashes over various intervals and positive citizen comments.
- Prevent driver turnover. Know your turnover rates and be able to explain why they are what they are.
- Be as transparent as possible. Let your insurance broker know what your fleet does and what changes you’ve made over the last year so there are no surprises at renewal time.
Read 10 Things Fleet Carriers Can Do to Survive and Thrive in a Hard Truck Insurance Market for a more in-depth look at these steps or download HUB’s guide, Keep Your Drivers Safe on the Road to learn how you can put these strategies into place.
Visit HUB’s transportation industry resource page to learn more and to contact an insurance broker who specializes in commercial fleets.
In a rapidly changing world, we advise businesses and individuals on how to prepare for the unexpected. When you partner with us, you're at the center of a vast network of experts who will help you reach your goals through risk services, claims management, and compliance support. And this gives you the peace of mind that what matters most to you will be protected — through unrelenting advocacy and tailored insurance solutions that put you in control.