How Loss Control Can Reduce Costs for Commercial Transportation Companies

The Commercial Transportation sector — including trucking companies, moving and storage businesses,  franchised dealerships and independent contractors — faces a variety of costly risks from injuries, accidents and other safety issues that can negatively affect profitability. And, while good insurance coverage will help mitigate potential losses, the best solution is to keep them from happening in the first place through loss control.

The potential financial benefits of good loss control practices can be significant. A company culture focused on risk management can help prevent higher deductibles and insurance premiums, as well as loss of business, while maintaining customer satisfaction.

Many insurance companies that work with the commercial transportation industry, including IAT, have dedicated loss control teams. These specialists work with clients to create and implement comprehensive and tailored loss avoidance and mitigation plans and procedures. They review a company’s accident/workplace incident history and develop actionable solutions to make their operations safer and more effective.

Depending on the nature of the client’s business, these loss control services have both onsite and online components. IAT’s loss control specialists, for example, frequently visit an insured’s business in person and:

• Identify future areas where potential losses could occur
• Determine how much money it could cost the company if a loss occurs
• Develop a loss control plan to reduce the company's losses
• Support regulatory compliance efforts
• Guide the company every step of the way to execute strategy, complete with an annual follow-up to ensure everything is going smoothly

Note: All onsite loss control work is done in compliance with current local, state and federal COVID-19 prevention guidelines as well as any other applicable health and safety regulations.  

IAT also provides a variety of free online resources and training information to our agents and insureds, including:

• Quarterly loss control safety newsletters
• Training videos (Transportation, OSHA, General Safety, Human Resources)
• Quick links to safety resource websites
• Safety bulletins
• Safety training material

For companies operating within certain segments of the commercial transportation sector, IAT also offers specialized loss control services. Our loss control team, for example, provides Motor Vehicle Report (MVR) data monitoring to trucking companies and other commercial fleet operators through a partnership with SuperVision and DriverAdvisor.

The vendors monitor driver data on an active basis and give side-by-side comparisons of recent and previous MVRs, with changes highlighted. They also record and analyze key driver data, including medical certificates as well as driver’s license status, class, type and expiration date. MVR monitoring is an important component to an active driver management program and has proven to reduce overall loss costs and improve driver performance.

IAT also partners with Lytx Safety Promotion to help improve driver safety, lower operating costs, and reduce claims. Lytx fleet management programs are designed to help you identify, prioritize, and correct unsafe driving behaviors – before they lead to collisions. The technology combines video, analytics, expert review, and driver coaching to help protect your drivers, your fleet, and your bottom line.

As another example, our DealerPack coverage for franchised dealerships offers loss control services that include on-demand videos offering training in areas such as harassment and discrimination prevention, spray booth safety, employee screening and contractual risk transfer.

No matter the kind of commercial transportation company an insured operates, loss control should be an important part of all risk management activities. Not only can it reduce insurance costs, but it can also prevent accidents, injuries, enforcement agency scrutiny and business losses. IAT’s loss control team stands ready to help our clients with all that’s required to keep their businesses running safely.

For more information regarding IAT’s loss control services, please call the IAT loss control hotline at 866-428-4440 or send an email to Cynthia.Scarborough@iatinsurance.com.