Decisions about insurance coverages are important, but they are also a diversion from what you really need to focus on: building a multi-year strategy for taking ownership of risk and reducing insurance dependency.
True business leaders focus on building a strategy that addresses the "controllable" part of their risk.
Your Cost of Risk is one of the biggest expenses for your company, which means it should be managed with strategic importance. Knowing what your Cost of Risk is, and how it is changing, will allow you to choose a risk financing mechanism that puts you in a position to benefit from your strong performance.
A year ago, we set out on a mission to determine how prevalent insurance dependency is in the trucking industry– and why companies were unable to break-free.
THIS IS WHAT WE FOUND: Many trucking executives feel like they don’t have control over their insurance costs. Even when they perform well, insurance companies demand a rate increase.