Managing Risk in Commercial Fleets

Risk in Commercial Fleets

If you own or operate a fleet of vehicles then you know that it is the lifeblood of your productivity and business. You are also likely aware of the numerous risks that are inherent in any transportation-based company. From accidents to cargo damage and regulatory requirements, there are several scenarios that can harm your business if they occur. It is essential to understand the potential perils and have a solid commercial fleet risk management plan.

Components of a Risk Plan

The key to a risk management program is addressing items before they actually occur. Reacting to something detrimental is important, but it doesn’t help much if it could have been prevented in the first place. Aspects to a prevention plan aim to reduce overall costs associated with liability due to issues caused by your fleet. Some areas that should be part of a risk management plan include the following:

  • Training for new hires
  • Periodic training and reinforcement for existing employees
  • Understanding regulatory requirements
  • Maintaining appropriate records and documentation
  • Promoting and rewarding a culture of safety

Mitigating risk is a key factor in reducing liability and overall costs no matter what size fleet you manage. Having a plan and structured program in place can help transform the safety and awareness in your company culture.