Using insurance strategically is a powerful way to keep costs low and ensure your business’s revenue continues to grow. Hi, I’m Matt Rogers from CRS — Contractors Risk Solutions — and today I want to share insights about commercial auto insurance, particularly how managing your risk effectively can help keep your insurance rates down.
Understanding Commercial Auto Insurance and Risk Management
Many people focus on understanding their insurance rating, claims history, or driver’s licenses for employees. While these are important, there’s a lot more that goes into managing commercial auto insurance. The ultimate goal is to retain as much income as possible by making your company more profitable — and insurance can be a key platform to achieve that.
Risk management plays a vital role in this process, especially when it comes to fleet safety.
Fleet Safety: The Key to Lowering Insurance Costs
At CRS, we emphasize fleet safety programs to reduce risk and keep your insurance premiums competitive. Here are some critical components we focus on:
- Service and Maintenance Records: Keeping trucks serviced every 3,000 miles with regular inspections of tires, oil changes, and equipment ensures vehicles are in top condition. Proper maintenance significantly reduces the likelihood of accidents caused by mechanical failure.
- GPS Tracking: Implementing GPS within your fleet allows us to monitor vehicle locations, mileage, and usage patterns. Insurance carriers appreciate this data because it helps them understand how the vehicles are being used, which in turn limits risk exposure.
Using Data to Get the Best Insurance Rates
All the information gathered through fleet safety programs isn’t just for internal use — it’s valuable when negotiating with insurance underwriters. Presenting solid data on vehicle maintenance and driver behavior can help secure the most competitive pricing. This means your company could be “first in class” in commercial auto insurance if your broker actively supports a fleet safety program.
If your current broker isn’t helping you implement such a program, it’s time to rethink your strategy. Our system is straightforward, efficient, and especially beneficial for mid-market commercial construction companies looking to save money and increase revenue.
Why Commercial Auto Insurance Is So Critical Right Now
Commercial auto insurance is often the most expensive component of your insurance program. This is especially true in places like California, where rates are rising and coverage is becoming harder to place. Implementing a fleet safety program is a vital tool for securing good coverage at reasonable rates in today’s challenging market.
