Insurance costs for fleet operators are continuing to rise, with many companies seeing double-digit premium increases. But why? Legal settlements in accidents and high repair costs are driving rates up. So, what can you do to keep your insurance manageable?
1. Focus on Safety
Keep your fleet’s safety scores low by preventing violations, such as tire or light failures. Implement a solid safety program, and make sure you’re using tools like telematics to track and improve driver behavior.
2. Hold Drivers Accountable
Safety programs are only as strong as their enforcement. Let your drivers know the consequences for unsafe driving and implement consistent accountability.
3. Manage Claims Proactively
Stay ahead of claims by reporting incidents quickly and keeping thorough documentation. Work closely with your insurance provider to manage claims efficiently and cost-effectively.
4. Be Transparent with Your Broker
Keep your insurance broker informed of any changes to your fleet’s operations, such as new drivers, changes in cargo, or violations. Transparency helps brokers negotiate better rates with insurers.
5. Incentivize Good Performance
Reward drivers for clean inspections and safe driving practices. Small rewards can make a big difference in encouraging positive behaviors.
In a hard insurance market, the key is proactive management. A strong safety program, transparent communication with your broker, and an engaged driving team will put you in the best position to secure better rates and reduce overall risk.