Any business that uses vehicles in their operations needs to make auto safety a corporate priority, according to a newly released report by Chubb.
The report examines new and longstanding risk exposures facing companies that use vehicles for business operations. “Keeping Pace with Auto Risks: Overlooked Risks May Lead to Large Losses” provides tactical tips to help firms reduce their auto-related exposures. Part of a series of insurance and risk management perspectives, the new advisory was co-authored by Nicholas J. Davis, vice president, and Stephanie McMullen, assistant vice president, Chubb Excess Casualty – Major Accounts.
“Unfortunately, roads can be a very dangerous place, and even at the most safety-conscious companies, accidents can still happen. In addition to the potential loss of lives, a loss involving a company-owned or hired vehicle could result in multi-million dollar lawsuit,” said Davis. “Regardless of an organization’s size, it is vital that it stresses the importance safe driving practices at all times—whether on or off the company clock. By implementing accident protocols and ensuring a proactive approach to auto safety, companies can help reduce the potential for accidents. And by working closely with an agent or broker and insurer, they can secure the appropriate level of liability insurance protection.”
Key risk exposures examined in the Chubb advisory include:
- Cell phones and texting;
- Alcohol and drugs;
- Aggressive driving;
- Driver health and fatigue;
- Compromised vehicle parts; and
- Weather-related factors.
The report also discusses options companies can use to mitigate the exposures like driver tracking devices, regularly maintained vehicles, accident protocols, background checks and reward systems.
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