Risk management – expense or investment?

Are risk management solutions an expense to be saved or a worthwhile investment for drivers, road users and businesses alike? We look at how making changes can save costs for firms in the long term as well as saving lives.

The current economic climate is still a tough place to compete and cost saving is likely to be a priority for many businesses. If you’re a haulage operator, risk management solutions may seem like an expense which provides little financial gain. However, it’s worth looking at the benefits little more closely and considering what else your business can gain from investing in risk management measures.

It can be easy to overlook that a carefully designed programme can tackle some key issues for firms. As well as benefiting truck drivers and other road users, some risk management solutions can significantly benefit the business too, for example:

  • Safer driving can yield substantial fuel bill savings, as well as reduced tyre wear, less truck and driver down-time and the potential for less management time used to deal with disrupted delivery schedules

  • Cutting accident frequency and severity can lead to lower insurance premiums, a cut in uninsured damage and prevent damage caused to the brand as a result of a serious or fatal accident involving a liveried vehicle

  • It also helps fulfil responsibilities from an occupational road risk perspective, thereby significantly reducing the risk of prosecution following a serious accident.

A key aim within Towergate’s Motor Division is to work in partnership with our customers to help prevent accidents happening in the first place. Helping to make sure vehicles are driven safely and responsibly, leaves more time for firms to focus on serving customers in a timely and efficient manner and can help reduce claims.

To find out more about how we may be able to help your firm, talk to your Towergate adviser.