If your primary business is a fleet or if you depend on a fleet to run your core business, the risks involved can destroy your bottom line. A risk management strategy approaches operations from a perspective of improving safety, efficiency, and mitigating liabilities. There are a number of factors that can detract from the value of your services, productivity, investment return, and overall profit. Having an insurance policy is just one part of a trucking fleet risk management strategy.
The Tremendous Risk
Trucking services face a primary risk of safety. Drivers on the road must contend with weather conditions, other motorists, or equipment failure. Those working in the warehouses or during the loading face slips, falls, or other injuries from lifting and moving cargo. The operations of the business and physical business location have the normal liability concerns of property damage, slander, errors and omissions, and worker’s compensations. Any of these concerns could jeopardize the company’s finances and ability to fulfill their services to others or for their own operations.
The Management Strategy
Insurance offers financial peace of mind in the event of a lawsuit, accident, or cargo damage. In addition to having monetary coverage against liabilities, implementing strong safety practices and quality training programs for all employees can help mitigate the risks present. Conducting a risk assessment audit lets you know where your primary concerns with liability are.