Loss Control

Using portable tracking devices to keep an eye on trucks and cargo can help reserve capital and lower BASIC scores – not to mention preserve your fleet equipment.

Part I of our Transportation Industry Outlook for 2022 focused on 2022’s emerging trends and what fleet operators can do to reduce their risks proactively. In Part II, we’re talking about two legacy risks and why getting them under control now is critical to reducing potential liability in the coming year.

New challenges for the new year include maintaining driver retention, availability of trucking equipment and the changing motor carrier/owner-operator relationship.

The potential for misuse or unapproved operation of NIL vehicles is substantial and can expose a dealership to significant liability.

Whether you lead a fleet or operate an auto dealership, the threat of negligent entrustment is there. Negligent entrustment is a legal concept that addresses the act of putting someone in control of a vehicle or equipment without verifying their ability to operate it properly or providing training.

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.

The COVID-19 pandemic has required us all to modify our practices and adapt to changes on a personal and business level.