Risk management systems can lower fleet insurance costs

Oct. 17, 2012

Insurance providers to the trucking industry are offering reduced premiums to fleets that use effective automated compliance and risk management systems, according to officials at Compli, a leading provider of HR, safety and compliance management software.

“With a comprehensive tracking system, up-to-date legal content and trainings, reliable workflow and documentation, fleets can proactively decrease the frequency and severity of issues in their employment practices and other areas of risk,” said Nick Goodell, general manager – trucking & transportation for Compli. “Insurers are now formally recognizing this with trucking companies and we are thrilled to pass along this great opportunity to help fleets save money.”

Wade Palmer, CFO of Kool Pak, LLC, an asset-based provider of refrigerated warehousing, transportation, distribution, and logistics services throughout the U.S. and Canada reports an initial savings of 5% on his insurance premiums by using Compli software.

“We bought compliance management software for other immediate benefits. At our insurance renewal we discovered our improved processes and documentation resulted in savings on our premiums that alone paid for the cost of the software many times over.”

Palmer added that in his case the insurance savings were not known at the time the products were purchased.

Many insurers have a list of approved companies, including Compli, that offer specialized services designed to help the insurance company’s customers develop effective, customized risk management solutions. Accordingly, the insurers are reimbursing customers with a portion of the cost of preventative services that directly relates to the Employment Practice Liability coverage written.

Goodell notes that companies with a formal program with approved vendors provide reimbursement any time during a policy period.

“Some insurers recognize the benefits in the underwriting process when setting premiums upfront and at policy renewal,” said Goodell. “This recognition of Compli’s HR, safety and compliance management software as a loss control tool is consistent with the success Compli’s clients have seen in other industries Compli serves.”

“Risk management benefits greatly increase with the ability to monitor compliance levels in real time, to discover and proactively address any compliance gaps. Companies relying on paper-based approaches and disconnected processes run the risk of increased litigation, exposure to fines and lawsuits, unnecessary legal fees and rising insurance costs,” Goodell said.

For a list of insurance companies offering the discounts, fleets can contact Compli, toll free, at 1-866-294-5545.

About the Author

Deborah Whistler

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Report: The 2024 State of Heavy-Duty Repair

From capitalizing on the latest revenue trends to implementing strategic financial planning—this report serves as a roadmap for navigating the challenges and opportunities of ...

Fleet Industry Benchmarks: How does your fleet stack up?

Discover how your fleet compares to industry benchmarks and gain insights from a 2024 Benchmarking Report on maintenance spend, turnaround time, and more. Join us to identify ...

Build a Tolling Program to Manage Toll Fees and Risks

Fleets looking to effectively manage their operational costs should consider their tolling costs. Download the PrePass whitepaper, “Build a Tolling Program to Manage Toll Fees...

Reducing CSA Violations & Increasing Safety With Advanced Trailer Telematics

Keep the roads safer with advanced trailer telematics. In this whitepaper, see how you can gain insights that lead to increased safety and reduced roadside incidents—keeping drivers...