Managing a motor fleet is exhausting work. Whether your business’ fleet consists of five or 500 vehicles, gathering them all together and managing their collective risk can feel like an endless exercise in futility. While addressing one specific risk, three more different risks can pop up, all demanding your immediate attention.
Instead of addressing risks as they develop and perpetually playing catch up, invest in motor fleet risk management strategies that thwart problems before they appear.
Risk management is a pre-emptive, habitual strategy aimed at analysing risks and implementing processes to reduce or eliminate them. A concerted risk management effort comes with many benefits—it can lower your premiums, reduce business disruption, protect your employees and much more.
Although the process will vary slightly according to your needs, the five basic steps for analysing your business’ risks, listed below, should be the bedrock of any organisation’s risk management programme:
Pricing Motor Fleet Policies
If you purchase a motor fleet insurance policy for your business, be aware that your premiums will be highly dependent on your business’ past claims experience. But an unfavourable claims history does not necessarily preclude a favourable and affordable motor fleet insurance policy—good risk management can translate to vastly improved policy terms.
Analysing Claims And Accidents
As part of an effective motor fleet risk management strategy, investigating your business’ past accidents can slash claims costs. Start by analysing the conditions that led to your business’ past accidents and any preventive measures taken to reduce them. Did they work? If not, consider new accident-reduction programmes.
Rely on Willis IRM to supply the past accident data that will serve as the foundation of your analysis. A typical claims and accident analysis should include the following information:
Surveying Your Fleet
Some motor fleet insurers employ specialist fleet surveyors tasked with performing a more in-depth analysis that identifies significant problem areas and provides recommendations.
Insurers will sometimes provide surveys for free under the condition that the insured complies with the survey’s findings. Any resources the insurer expends on free surveys are expected to be recouped via the insured’s survey-compliant improvements and subsequent reduction in claim costs.
Because fleet surveys are more extensive and detailed, business owner and manager investment is central to success. Unless owners and managers are ready to support improvement initiatives spurred by the survey’s findings, the fleet survey will probably not achieve all of its objectives and will likely leave some risks unexamined.
Controlling Your Risks
Use the results from your internal analysis or external fleet survey to streamline processes and promote a positive health and safety culture. Apply the recommendations to your business’ management controls such as managerial structure, general processes and drivers’ handbook. Typical management controls which dictate how your fleet runs include the following:
Reining In Your Risk
Reining in your business’ motor fleet and driver risks can feel like trying to hold water in the palm of your hand—no matter what you do, some risks slip through the cracks. Trust the insurance professionals at Willis Insurance & Risk Management to help you create an effective motor fleet risk management strategy and find you the perfect insurance policy that comprehensively covers all your needs. Call Mark Willis at 028 9032 9042 to start bolstering your business today.