The harsh reality is that the insurance premiums owners and operators of trucking companies pay have skyrocketed in recent years, and now are projected to go even higher. A lot higher.
You’re already taking action to manage your fleet, equipment, and drivers in ways that will qualify you for the best rates available in this volatile insurance market. The question is, are there ways to do those things with a better chance of cutting your insurance costs? Better yet, are there tools or techniques you don’t know about that could make a real difference?
The answers come from a better understanding of the metrics insurance carriers use to identify companies that are the least likely to experience financial losses they have to cover. Insurance carriers with the best rates are companies that have a long track record of experience in the transportation industry and have studied the business practices that have a direct effect on the number and size of their customers’ claims. The best rates are given to the transportation companies who can provide hard evidence that they are following the best practices possible based on their latest safety research.
The idea is to work with an independent agency to make sure your carrier offers better rates for trucking companies that qualify for their “Best-in-Mover” status and do what it takes to meet and maintain their criteria. Many owners and operators are familiar with the impact of basic metrics and tools such as lowering their CAB (Central Analysis Bureau) scores and having high quality ELDs (Electronic Logging Devices) with better tracking data. They also are aware that their driver hiring, trading and management practices in the area of safety issues are part of the equation.
What you may not know is that there are recent innovations in technology and several specific safe operating practices that can really make a difference in this present insurance environment.
In this series, we will be zeroing in on lesser-known, but very impactful, approaches to creating a safety environment in your business that can establish your company as one that has earned the very best rates available based on your commitment to the latest and most important safety practices.
Each installment will focus on key actions you can take in one of the following three areas:
Technology - Innovations such as AI that can deliver data that underwriters use to establish your rate tier
Driver Safety - The safety practices and commitment that deliver the kind of verifiable proof that your insurance carriers consider most when rating your insurance policies
In our next installment, we’ll start by looking at the scores and safety system findings and how they are compiled. What you don't know about your score can affect your bottom line, so we take the time to increase your understanding in a way that will empower you to take action.
It’s clear that when motor carriers are making decisions as to the rates they offer, they are also looking for a close partnership between their insurance carrier and the agents who work with them to apply for and maintain their coverage. DNI Services is committed to providing that kind of partnership, and this series is part of that commitment. We hope that sharing some of this information will help you make it through one of the biggest concerns that the trucking industry is now dealing with.
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