Mitigating transportation risks should be an integral part of running your business. And Truck Insurance Quotes can help. The structure of your risk management program should look to the endgame – your price.
To reach that goal, we help you to do the following:
- Get you three free truck insurance quotes
- Analyze your exposures
- Implement control measures to those exposures
- Determine risk transfer or financing options
- Manage current and future exposures
Analyze Your Risks
As part of our risk management process, we confirm that your approach supports your overall business objectives. We want to know what keeps you up at night. If an incident happened, how would your cash flow be affected if there were unforeseen depletions of capital or a shutdown? Exposures are both qualitative and quantitative. Analyses into both offer the foundation for developing forward-thinking approaches to those exposures.
What is your viewpoint on risk? Is your company risk-averse? Is it in a financial position to take on more risk versus transferring that risk contractually to a carrier? We ask questions to determine where you are at on the risk scale.
Additionally, we consider norms for the transportation industry, and your market position and competition to tailor your risk management solution to the changing needs of your business.
We look at the “hard numbers” and prior losses to identify trends in your performance. We also analyze those losses to identify a variety of variables, such as the following:
- Average incurred costs per loss
- Total incurred trends
- Top loss drivers
- Locations with high-frequency issues
- Fraud behaviors
- Reporting lag time
- Frequency vs. severity ratios
- OSHA-recordable performance
The results of our in-depth analysis will reveal opportunities to approach the critical areas driving your total cost of risk. We will isolate the root causes of these problematic areas and look to implement control measures to mitigate your transportation risks.
Conduct Loss Control Evaluations
Identifying exposures directs us to focus our resources on delivering the best control measures. An estimated 75 percent of commercial insurance expenses are claims-driven. We look to control and reduce this percentage through pre- and post-loss control measures.
A comprehensive loss control evaluation uncovers your strengths and weaknesses. One may have strong management leadership behind their initiatives but have no employee participation. Truck Insurance Quotes has the solutions to establish a safety committee, delivering a comprehensive employee safety education campaign to address your exposures.
Transfer Risk
Once we have identified exposures and created control measures, we can focus on the remaining exposures. You’ll want to address questions such as: How much risk can I afford to assume in-house? How can Truck Insurance Quotes assist in contractually transferring that risk to a third party? Lastly, what portion of the exposures do I want to finance through an insurance policy?
Bottom Line
We work with you to develop a strategic action plan, assist in the execution of the designed risk management program, and are committed to the monitoring and support of these initiatives. If you’re interested in reviewing your risk management strategies to control your price, contact us today at 678.271.3449.
Additionally, we can assist with all your insurance needs. Need to know the cost of cargo insurance? We’ve got you covered. Want to know the top 10 commercial truck insurance companies? No problem.
