Risk Management for Trucking Companies

Risk Management for Trucking Companies

Trucking companies perform a vital service by transporting essential goods that people and industries need. if you own a trucking company, you should take these steps to manage risk and protect your business.

Establish Clear Written Policies

Effective policies ensure compliance and accountability. Your concise written policies should address matters such as:

  • Employee responsibilities and accountability
  • Driver selection, training and discipline
  • Drug testing policies
  • Accident reporting and investigation
  • Safety procedures and equipment

Perform Routine Vehicle Inspections and Maintenance

Keeping your fleet in good repair saves you money and keeps your drivers and cargo safe. Keep careful records of all maintenance issues, including inspections, repairs and accidents.

Use Records to Assess Risk

Good record-keeping is not only required by DOT safety regulations, it is also a valuable tool in developing solid risk management strategies. Reviewing incident reports and maintenance records can help you identify the need for driver training, staffing changes or equipment upgrades.

Purchase Additional Insurance

If you only purchase the minimum insurance required by law, you may be setting yourself up for a devastating financial loss. Trucking companies should take additional steps to protect their assets with additional or specialized coverage, such as:

  • Crime insurance
  • Hazmat insurance
  • Pollution coverage
  • Trailer interchange coverage
  • Flatbed, dump truck or tow truck insurance

Risk management helps keep your fleet on the road and your business running smoothly, benefitting not only your company, but also the people who rely on your services.