5 STEPS OF MANAGING RISK

By October 17, 2022 Article, trucking-insurance

Managing Risk & Profitability

Managing Risk, a Task That is Key to Profitability.

All motor carriers share one thing in common: managing risk, a task that is key to profitability. Regardless of fleet size, every motor carrier strives to minimize the risks that can lead to financial losses. For those new to risk management, the concepts and techniques used may feel overwhelming, even confusing. That’s okay.
To help you ease into this world, review the graphic below; it demonstrates a five-step risk management process. Keep in mind, this example is not intended to be all-inclusive, and you may choose to expand your own process beyond five steps. This example is simply for educational purposes but spotlights a common risk all motor carriers face: rear-end crashes.

5 Step Risk Management Process

CALL TO ACTION

  • Train managers and supervisors on the risk management process.
  • Assign personnel to identify risks affecting their departments.
  • Rank each risk and prioritize those needing immediate intervention.
  • Evaluate alternative risk management techniques such as engineering controls.

 

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As always, you can count on the commercial truck insurance professionals at The Daniel & Henry Company to assist you through challenging claims and all of our insurance, risk management, and safety issues. Contact us today to discuss solutions for your transportation risk management program.