| Kick off the new year right: Draft a risk management strategy |
| As a business owner, you make daily decisions about the benefits and consequences of your choices, particularly those related to safety. You may not realize that you are performing basic risk management techniques. Simply put, risk management is the formal process of analyzing and controlling any undesired event or outcome. |
| Why focus on managing risks? |
| A comprehensive risk management strategy will result in a more efficient operation that increases value to the carrier and customer. A robust program will also help avoid costly litigation in the event of a catastrophic event. |
| More than ever, plaintiff attorneys are using any negative information found in written programs and/or training and compliance records against the carrier and the company they are leased to. Furthermore, attorneys are attempting to have punitive damages levied against companies for any negligence they can identify on their part. |
| Start your risk management strategy |
| It’s important to evaluate your risk management strategy at least annually. Begin planning now with these five steps: |
| 1. Understand the risks your company faces related to day-to-day operations, regulatory compliance and financial decisions, to name a few. Put these risks on paper and rank how likely they are to occur and how severe their impact may be. This ranking will help you prioritize your efforts. |
| 2. Develop goals to address the risks, such as reducing auto collisions and worker injuries, improving compliance scores or avoiding service interruptions. |
| 3. To meet these goals, plan specific activities that are measurable, achievable, relevant and timely. Be sure your activities are not just busy work; they should produce actual results! |
| 4. Create a safety dashboard that sets baseline measurements, tracks your progress and allows for regular communication of performance throughout your company. Remember, "what gets measured gets done." |
| 5. Build a toolbox of resources to help you carry out your plan. Include websites that cover safety meeting topics and regulatory agencies such as FMCSA and OSHA. Make a list of vendors that offer compliance manuals, fleet equipment, safety supplies and training solutions. See the box below for resources that offer special discounts to Protective customers. |
| For a more detailed look at enterprise risk management and the safety planning process, download our in-depth article. This downloadable article contains language that may not be completely applicable to smaller fleets, however you can use the principles it describes to talk with management at the motor carriers you are leased to about how you can contribute to risk management. The Safety Director or the Contractor Services Department may be helpful initial contacts. |
| Safety and compliance resource discount program |
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J.J. Keller offers Protective customers 10% off safety and regulatory compliance products including signs, forms, log books, posters, wall charts, books and more. Get discount >>
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| Save on fleet equipment and supplies |
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Protective customers can receive up to 18% off retail price on vehicle parts, shop supplies, maintenance tools, training and more from Ryder Fleet Products. To get the discount, you must mention Protective Insurance Company as your corporate account when you sign up. Learn more >>
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| Online driver training solution |
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Improve CSA compliance and driver safety by training your drivers with the Infinit-i Vertical Alliance system available through Impact Training Solutions. Protective offers this program at a substantially discounted rate. Learn more >>
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