Insurance providers to the trucking industry are now offering reduced premiums to fleets that use effective automated compliance and risk management systems, according to officials at Compli, a leading provider of HR, safety and compliance management software.
"With a comprehensive tracking system, up-to-date legal content and trainings, reliable workflow and documentation, fleets can proactively decrease the frequency and severity of issues in their employment practices and other areas of risk," said Nick Goodell, general manager – trucking and transportation for Compli. "Insurers are now formally recognizing this with trucking companies and we are thrilled to pass along this great opportunity to help fleets save money."
Many of the insurers have a list of approved companies, including Compli, that offer specialized services designed to help the insurance company’s customers develop effective, customized risk management solutions. Accordingly, the insurers are reimbursing their customers with a portion of the cost of preventative services that directly relates to the Employment Practice Liability coverage written.
Wade Palmer, CFO of Kool Pak, LLC, an asset-based provider of refrigerated warehousing, transportation, distribution, and logistics services throughout the United States and Canada had reported an initial savings of 5 percent on his insurance premiums. "We bought compliance management software for other immediate benefits. At our insurance renewal we discovered our improved processes and documentation resulted in savings on our premiums that alone paid for the cost of the software many times over." Palmer added that in his case the insurance savings were not known at the time the products were purchased.
Goodell notes that companies with a formal program with approved vendors provide reimbursement any time during a policy period.
"Some insurers recognize the benefits in the underwriting process when setting premiums upfront and at policy renewal," said Goodell. "This recognition of Compli’s HR, safety and compliance management software as a loss control tool is consistent with the success Compli’s clients have seen in other industries Compli serves.
"Risk management benefits greatly increase with the ability to monitor compliance levels in real time, to discover and proactively address any compliance gaps. Companies relying on paper-based approaches and disconnected processes run the risk of increased litigation, exposure to fines and lawsuits, unnecessary legal fees and rising insurance costs."
For a list of insurance companies offering the discounts, fleets may contact Compli, toll free, at 1-866-294-5545.