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TRUCK INSURANCE IS OUT OF CONTROL.

The highest performing companies are breaking-free.
 

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"NO MATTER WHAT I DO, MY INSURANCE RATES ALWAYS GO UP."
 

This is how many trucking companies feel about their insurance right now. 

 
 

   

It's frustrating. It's time consuming.
It's the same pointless game ever year.
So why is this happening? 

 

 

EVERY ACCIDENT IS COSTING MORE

The median cost of an accident has increased by 14% in the past 5 years. That means that the same exact accident is costing you 14% more now than it did 5 years ago. Oh, and if there's a bodily injury claim? Those are costing 50% more. 
Asset 23@8x
 
 
  

COST OF
COLLISION REPAIR
 

TRUCK REPAIR
& MAINTENANCE

MEDIAN BODILY
INJURY CLAIM

 
 
  

ACCIDENTS ARE 2X MORE LIKELY TO EXCEED $100K
 

The impact of large claims is the biggest reason for increased overall costs. Just 3% of all accidents drive 75% of all incurred losses.

And now, it's far easier to run a claim over $100k than ever before. From 2010 to 2016, the percentage of claims that exceeded $100k nearly doubled.

 

2X Accidents@10x

 

  

INSURANCE COMPANIES ARE LOSING, TOO
  

Even though it's probably hard to believe, insurance companies aren't actually benefiting from increasing rates. In fact, the 'nuclear verdicts' won by plaintiff attorneys are making it one of the toughest times to be an insurance company. 

Seemingly every month, a major insurance carrier announces that they are ending their truck insurance practice due to mounting losses.

 

 

LARGE SETTLEMENTS AWARDED TO ACCIDENT VICTIMS 

Nuclear Verdicts

 

    

THE OPPORTUNITY:  

 Increase your company's value by becoming a top-performer.

 

  

 

 
HOW CAN WE DO THIS?


If we're really going to change the way the insurance game works, we can't expect to win by doing the same things we've always done. 

Your performance matters more than ever right now. And the best trucking companies turning their cost of risk into a competitive advantage. Here are the 5 ways that the highest-performing companies are DE-RISKING their business and amping up their performance:

1.  UNCOMPROMISING SAFETY CULTURE

2. CATASTROPHIC CLAIMS AND VERDICTS

3. PROACTIVE CLAIMS SETTLEMENTS

4. HIGH OWNERSHIP OF RISK

5. FINANCING RISK VS. BUYING INSURANCE

 

 

 

Half Chute-04 

 

 

Want to do it on your own?
We made this guide to walk you through it. 
 
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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. 

REQUEST A COPY   READ IT ONLINE

  

Client Stories
PTI_Story

PAPER TRANSPORT'S STORY
SemiRoad_MRS

MIDWEST REFRIGERATED'S STORY

  
   
 
Interested? Let's chat.
 

 

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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.

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© 2016 HNI