Risk Management Systems and Lower Insurance Costs?

On Wednesday, Fleet Owner magazine reported that “insurance providers to the trucking industry are offering reduced premiums to fleets that use effective automated compliance and risk management systems.” Your organization may not own a fleet, but talk about reduced insurance costs linking to business continuity has been around for as long as I’ve been covering this industry. So, I thought I’d pass this bit of news along to all of you.

“With a comprehensive tracking system, up-to-date legal content and trainings, reliable workflow and documentation, fleets can proactively decrease the frequency and severity of issues in their employment practices and other areas of risk,” said Nick Goodell, general manager – trucking & transportation for Compli [a company that provides such a system]. “Insurers are now formally recognizing this with trucking companies and we are thrilled to pass along this great opportunity to help fleets save money.”

According to the report, it seems savings are in the five percent range. Read the article here.

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