5 Ways to Reduce Your Commercial Auto Insurance Losses

Commercial auto insurance is a necessary evil for many businesses.

The cost of coverage can be expensive, but it's worth it to have the peace of mind that comes with knowing you're protected in case of an accident.

However, there are ways to reduce your losses and the cost of your coverage.

In this blog post (and video), we will discuss 5 key components of a loss control program that can help you save money on your commercial auto insurance policy!

 

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5 Key Components of Commercial Auto Insurance Loss Control Program

Loss control is a proactive approach to managing risk that can help you reduce the frequency and severity of losses.

A well-designed loss control program should address all aspects of your business, including your vehicles, drivers, and operations. By taking a proactive approach to loss control, you can save money on your commercial auto insurance policy!

Effective commercial auto insurance loss programs include these 5 key components:

1) Management Involvement

Managers should fully understand and be committed to their workplace responsibilities regarding road safety and risk management.

They should be actively involved in promoting an overall safe driving culture and maintaining regulatory compliance with all applicable federal, state, and local driving laws.

2) Driver Qualification

Commercial driver applicants should be required to provide a valid driver's license, list professional references, outline previous driving experience, allow for a detailed examination fo their motor vehicle record and be able to pass a road test.

One of the most important aspects of a loss control program is driver training.

Drivers should be trained on defensive driving techniques, proper vehicle maintenance, and compliance with all applicable traffic laws. An effective driver training program can help reduce the number of accidents and claims filed against your policy.

READ NEXT: How To Reduce The Cost Of Commercial Auto Insurance

3) Well-communicated Policies

All workplace safety policies should be properly distributed to the staff, using clear language, and be easily enforceable.

Important policies topics to consider include:

  • Aggressive driving,
  • Alcohol and drug use,
  • Vehicle maintenance and security,
  • Electronic device use, and,
  • Personal use of company vehicles.

Review your operational procedures and make changes where necessary to promote safe driving habits.

4) Safety Training and Meetings

New drivers should receive extensive training to help them successfully acclimate to their role as commercial drivers.

In addition, all employees should be required to complete refresher training on workplace policies and procedures, as well as attend routine driver safety meetings.

READ NEXT: How Much Does Commercial Auto Insurance Cost?

5) Proper Recordkeeping

Managing a commercial fleet requires detailed recordkeeping. Driver documentation should include driving routes and schedules, employee training records, and post-crash investigation reports.

Vehicle documentation should include maintenance and inspection information as well. This also includes claims management.

An effective claims management system can help you control losses by reducing the cost of claims paid out by your insurance carrier. Be sure to investigate any claims filed against your policy thoroughly and take steps to prevent fraud and abuse.

The Rub

Implementing a loss control program is an important step in reducing your commercial auto insurance losses.

By taking a proactive approach to managing risk, you can save money on your commercial auto insurance policy!

Here are three reasons you should call Rogue Risk for your commercial auto insurance:

  1. You think that you may be overpaying for commercial auto,
  2. You don’t think your commercial auto is currently placed with the appropriate carrier, or,
  3. Your insurance professional doesn’t have conversations with you like this one.

If your current insurance professional has never addressed issues like this with you before, then I’d encourage you to reach out to us today.

I look forward to introducing you to a new way of viewing your insurance program.

Thank you,

Ryan Hanley

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