Posted by: jmwilsonmga | February 14, 2012

Carrier Loss Control Programs – How Your Agency and Insured Can Benefit

Mary Ricks, Fleet Underwriter

So what is Loss Control?  How can it help your agency and insureds?

The ultimate goal of a Loss Control Program is the overall reduction in number of claims as well as the severity of claims.  This is beneficial not only to the insurance carrier but also to your insured.

Loss Control Departments are often composed of highly specialized individuals with prior experience and exposure to the type of risks which they service.  A Loss Control Specialist has the ability to evaluate a risk and provide your insured with a Loss Control Program which is tailored to that risk’s particular needs.

How does Loss Control benefit your Insured?

Your insured is spared the expense that can be associated with losses such as;

  • downtime,
  • repairs,
  • fines and
  • lawsuits.

A better loss history can also lead to better insurance rates.

What can Loss Control provide to your Insured?

Drivers are a key component in the profitability and overall performance of any trucking risk.  Employees who feel safe and confident in their positions will perform better and have a higher level of job-satisfaction.  This can lead to less employee turnover.  Less employee turnover saves the insured the expense of hiring new/replacement employees which can be one of the most costly aspects of running a business.

Loss Control services can help your insured’s drivers by providing;

  • safety materials,
  • training programs, and
  • help your insured implement driver reward programs.

Equipment is another key component in the operation of a business.  Well-maintained equipment can lead to a reduction in losses.  Well-maintained equipment can also save your insured the cost of downtime, major repairs, and fines associated with out-of-service violations.  It also helps promote the feeling of safety and confidence necessary for the drivers to perform at their highest.

Loss Control services can help maintain your insured’s equipment by providing;

  • safety materials, and
  • help insured implement vehicle maintenance programs.

Providing your insured with a resource such as Loss Control where they can get information, materials, and guidance can only strengthen your relationship.  Helping a business to become more efficient and profitable can lead to a sense of loyalty and overall satisfaction with their current carrier and you, their agent!  Satisfied customers are customers who stay. -Mary Ricks, Fleet Transportation Underwriter

Sandi Fritz, Vice President Branch Offices

A note from Sandi Fritz, Vice President of Branch Offices :

So you may be asking what size of an account needs or can benefit from Loss Control?   A transportation risk with  11 plus power units is usually the starting place for using loss control services.

We work with leading transportation markets that offer superior Loss Control services.  A few examples of services Loss Control can provide are:  participating  in  Customer safety meetings,  assisting with DOT compliance issues,  reviewing operations and assisting in risk improvement.

An excellent resource for more Loss Control information is www.truckinsurance.com.

Has your agency used Loss Control with your insureds?  Please share your feedback – we’d love to hear what you think!

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