Companies that utilize a number of vehicles as part of daily business are open to an exponential amount of risk. This applies to many industries, but commercial trucking companies are definitely at the top of the list. With multiple drivers logging miles on vehicles each day, the potential hazards are high. This is why having the right insurance coverage is so important.
There are several factors that go into an insurance policy for fleets. How many trucks, where those trucks travel to and what they typically haul can all play a role in how one is written. Here are just a few of the items that are part of an overall policy:
- Collision coverage
- Property damage
- Bodily injury
- Cargo insurance
While having the proper protection in case of an accident is wise, the ultimate goal is to prevent something from happening in the first place. A truck fleet risk management plan can help identify areas of exposure and where improvement is needed. Some examples of these include the following:
- Regulatory compliance
- Safety culture
- Documentation and record-keeping
Having a risk management plan for your fleet won’t eliminate the need for insurance. However, adopting one is good business practice and can ultimately lead to fewer claims and lower costs.