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We’re all pretty familiar with Murphy’s Law: something that can go wrong will go wrong. Right? Well, maybe not everything will go wrong in life, but there are certainly elements of risk with most things in business. Every company will have risks that could affect business somehow. Something could go wrong, and there could be problems—sometimes really big problems—from it.
With an industry-wide turnover rate of 100%, we often attribute crashes to our road rookies. But, what about our drivers who have been with us for the long haul? You may think "He's been around for over 20 years - just leave him be and let him drive." You're wrong.
We hear it all the time from business owners: "We are paying too much for insurance. There's gotta be a better way."
And our industry responds: "Have you heard about captives?"
Too often, insurance brokers confuse the financial instrument with the strategy.
The reality is that these tools alone will not solve the problem of high insurance costs. To clear the air, though, we thought we'd share the pros and cons of 3 insurance products, each with different levels of risk ownership: full insurance, captives, and high deductibles.
In some trucking companies, the words safety and compliance are used interchangeably. The line that divides these two areas has been further blurred as focus has been placed on CSA numbers by federal regulators - but, don't be fooled by simply complying with the FMCSA to boost your safety performance.
2015 was a solid year for most truckers, yet it was anything but easy. Looking forward to 2016, uncertainty looms large when it comes to the future of our industry. As risk advisors, we look at 3 types of risk when assessing what's likely to happen in 2016.
Hazard Risk: insurance-related perils that could result in a loss today
Business Risk: non-insurance risk that could affect your business today
Strategic Risk: long-term risk factors
With these 3 types of risk in mind, here are 5 predictions for trucking risk in 2016.
Some trucking companies use the words safety and compliance interchangeably, as the line between them seems to have been blurred by federal regulators placing a great deal of focus on CSA numbers. Indeed, both are important, but they are definitely not the same.
If you’re a football fan, you know that the role of the left tackle is to protect the QB from the pass rushers coming in from his blind side. Typically the defense positions their most dangerous pass rushers on the blind side of the Quarterback to maximize the potential for an impact play (sack, fumble, or interception). Thus, while the left tackle most likely will never pass, run, or throw the ball, he is one of the most important offensive players on the field.
In the world of risk management, we are always looking for those metrics that serve as leading indicators for predicting and preventing that next loss from happening.
Your personal brand is more than just a buzzword – it’s something all leaders should be thinking about.
Strong organizational culture is an asset to be leveraged for the long haul.
HNI works with high-performing companies to help them address the hidden risks in their business and avoid The Insurance Dependency Trap. This is done by proactively DE-RISKING their business so they can be less dependent on insurance.
HNI also offers the basic services of insurance and employee benefits. HNI has offices in Milwaukee, Chicago, and Minneapolis.