If you’re dealing with frequent claims, this is the video you need to watch! Hi, my name is Matthew Rogers, and I am with Contractors Risk Solutions, based out of Los Angeles, California. My specialty is working with construction companies, and today, I want to dive into Commercial Auto Insurance and how implementing risk management strategies can help you lower your costs.
The Impact of Frequent Claims on Commercial Auto Insurance
One common issue with Commercial Auto Insurance is when a company suddenly experiences an influx of claims. I’m working with a company right now that was claim-free for over 20 years. Then, out of the blue, they had four or five claims in one year. As a result, no one wants to insure them, and if they do, they change the coverage terms, making it even more challenging.
This can become a real headache, especially when vendors require that your company has Commercial Auto Insurance in place to do business. Suddenly, your ability to function as a company is in jeopardy. But here’s the good news—there are risk management strategies that can protect your business and make you more attractive to insurance providers.
Implementing Risk Management to Reduce Claims
One of the key ways to lower the chances of claims and reduce your insurance costs is by adopting a proactive approach to risk management. Here are some strategies we recommend to our clients:
- Service Maintenance Reports
Regular maintenance reports can go a long way in demonstrating your company’s responsibility regarding vehicle upkeep. For example, create monthly reports that track tire checks, oil changes, rotations, and other services performed on your vehicles. These reports show insurers that you take safety seriously, reducing the risk of accidents or incidents. - GPS Technologies
Implementing GPS technology in your fleet helps if a vehicle is stolen and demonstrates proactive measures. Insurers appreciate this approach, and it could help you earn credits that lower your insurance premiums. This makes your company look much less risky in the eyes of underwriters. - Fleet Reports
Detailed fleet management reports are another great tool. These show insurers that you are organized, track your vehicles, and responsibly manage your assets.
Why Risk Management Makes a Difference
When insurance providers see that you’re implementing these proactive measures, it changes their perception of your company. They may view your claims as a one-off bad year rather than a sign of ongoing risk. The reports and data you provide can help show that you’re taking steps to prevent future claims and are at a much lower risk than initially thought.
The Rising Costs of Commercial Auto Insurance in California
It’s no secret that the cost of Commercial Auto Insurance in California has skyrocketed in the past year. That’s why risk management is more critical now than ever. By adopting these strategies, you reduce the likelihood of a claim and position yourself to negotiate better rates.
What to Do If You’re Struggling to Get a Quote
If you’re currently struggling to get a quote for Commercial Auto Insurance because of too many claims, don’t panic. Implementing the strategies mentioned above can make a huge difference. You can also reach out to me for personalized advice. I’ve helped many companies navigate this challenging landscape, and I might have a solution for you, too.
Conclusion
I hope this video has given you some helpful insights into Commercial Auto Insurance and how you can get back on track. If you have any questions or need further advice, please get in touch with me via email or phone. And don’t forget to check out my other blog post and YouTube channel for more risk management tips!
