Innovation is the Key to Trucking Risk Mitigation
Trucking is really important for the world’s economy, but it faces some big challenges. These challenges include not having enough truck drivers, gas prices going up and down a lot, and not making a lot of money compared to the costs.
Truck companies also have to deal with higher costs for things like insurance because people sometimes use the legal system in a way that costs a lot of money. Also, insurance costs more because things like inflation (when prices for everything go up) and really big accidents make it more expensive.
Some trucking companies, especially small ones, have had to close down because these problems are too much for them. In the first part of 2023, 9,000 trucking companies in the United States stopped working, according to FreightWaves. The ones that are still running are having a tough time. The money they make for each mile they drive has gone down for different types of trucks since the start of 2022, according to the Bureau of Transportation Statistics. This makes it hard for them to make enough money.
Insurance is also a problem because it costs more. Some trucking companies might try to save money by not getting as much insurance coverage, but that’s not a good idea. When things like inflation make the cost of materials go up, even small accidents can cost a lot more. Plus, it takes longer to fix a truck if there aren’t enough parts. Having less insurance might save money now, but it makes it more likely that they won’t have enough coverage if something goes wrong. So, trying to save money could backfire if there’s an accident.
A better way for trucking companies to deal with these problems is to focus on finding ways to prevent accidents and other problems. One way that’s working well is using new digital technology. This can help truck drivers be safer and save money on things like insurance.
Things like cameras that look at what’s behind the truck and systems that help avoid accidents can make driving safer. Some of these systems can even tell if there are people on the road and tell the driver to slow down or move over. Another thing that’s helping is using data about traffic to find the best routes and avoid dangerous situations.
It’s also a good idea for trucking companies to work with partners who understand these risks and can help. Sharing data about things like how trucks are driven can be really helpful. Insurance companies like Cook Insurance Group look at not just the money side of things but also the data and information that trucking companies have. This helps them give advice on how to be safer. Sharing this data helps insurance companies make better decisions about coverage, and it can even lead to lower insurance costs for the trucking companies. So, using data to make things safer is a smart move for trucking companies.
With over 20+ years in the trucking insurance industry Cook Insurance Group combines national reach with local service to address the needs of large fleet, small fleet, single owner and tow trucking operations, and to charter bus lines. We ONLY serve the Trucking industry, providing the best trucking insurance. Let our friendly, bi-lingual staff help you find the right insurance protection at the right cost.
Cook Insurance Group is dedicated to meeting the needs of both small and large fleet trucking companies. Our reps handle every aspect of your program, ensuring you have the best trucking insurance plan for your specific needs. We work closely with you to manage your plan on an ongoing basis.
At Cook Insurance Group, we provide immediate certificate and ID card insurance, including 24/7 certificate availability. We leverage our client portal which allows you to access and issue certificates, check claim status and view policies. Cook Insurance Group is prompt and reliable, including 24-hr claims reporting. (Physical Damage and Motor Truck Cargo). We also provide educational seminars for management and drivers of companies.
At Cook Insurance Group we have licensed risk managers available to assist you with CSA scores and driver training. We provide border risk coverage (NAFTA) and mid-year loss run reviews.
Choose Cook Insurance Group for all of your trucking insurance needs whether you are located in Texas, Arizona or Arkansas.
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