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Entries related to: risk-management

Ask the risk manager: Loss Exposures

WHAT ARE LOSS EXPOSURES?  There are several key risk management terms to understand when it comes to loss exposures. “Loss exposures are the possibilities of accidental losses with measurable financial consequences," according to Warren T. Hope, author of Introduction to Risk Management. There are four types of loss exposures that motor carriers must account for: property, liability, personnel, and net income.   Below is a summary of each type of loss exposure.
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Do You Repair Trucks? You May Need Garagekeepers Coverage

Many trucking companies have a shop on the premises, where they repair trucks they own and provide repair services for others. When equipment that is not owned by the trucking company is damaged on the premises, who is responsible?
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4 things you can do now to protect your company from cyberattacks

WHAT CAN I DO TO PROTECT MY COMPANY FROM CYBERATTACKS?
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Preventing Distracted Walking

  Each year, pedestrians are struck and killed by motor vehicles due to distracted walking. Additionally, work-related injuries and fatalities caused by employees not paying attention to where they are walking have caused workers compensation costs and out-of-pocket expenses for employees to skyrocket. Incidents involving distracted walking are 100 percent preventable. Read the information below about the three types of distractions and what you can do to protect yourself.
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Preventing Cargo Theft During the Holidays

      Cargo theft continues to plague the transportation industry, and this year has seen theft activity over 15% higher than pre-pandemic levels. It may seem like cargo theft is a victimless crime, but it affects all of us because manufacturers price their goods to include a theft component.   While it is difficult to tally the amount of loss attributed to cargo thefts annually, the National Insurance Crime Bureau estimates cargo theft costs up to $35 billion dollars per year. Thefts typically increase around the holidays. 
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Protecting Parked Equipment from Fires

  A fire can be a devastating financial event for a trucking company or a driver. Modern trucks and trailers are manufactured to be as light as possible, which means they are constructed using a variety of potentially dangerous materials; that construction can become extremely hazardous should a fire occur. The dangers of today’s truck fires include extreme heat, rapidly spreading flames, and potentially toxic fumes.
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Try blended learning to improve safety training

Are your safety meetings effective? The traditional instructor-led approach involves one person standing in front of a group of drivers, telling them what they think the drivers need to know. This delivery method may work in some cases, like explaining a new regulation, but it is less effective when trying to change behavior (ex. prevent a rear-end crash). In reality, each worker has a learning preference. Some learn best by doing, while others may prefer online, self-paced learning. Attempting a one-size-fits-all approach to safety training could be the reason your training efforts are unsuccessful and not achieving your desired results. To improve your results, consider using a blended-learning approach to reach a broader range of learning styles.
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Are you ready for Brake Safety Week?

  Contributed by the Commercial Vehicle Safety Alliance   The Commercial Vehicle Safety Alliance’s (CVSA) Brake Safety Week is scheduled for August 23-29, 2020. Enforcement officials will inspect commercial motor vehicles throughout the week. Vehicles found to have critical out-of-service brake violations, or other critical vehicle out-of-service inspection item violations, will be restricted from traveling until those violations are corrected. Vehicles that pass eligible inspections may receive a password-inspection CVSA decal.
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Employee Fatigue is a Risk That Can be Managed

Sleep apnea, restless leg syndrome, and insomnia are just a few sleep disorders that affect all employees, not only truck drivers. According to the National Safety Council (NSC), fatigue is a factor in 13 percent of workplace injuries, and “43 percent of Americans admit they may be too tired to function safely at work.” For motor carriers, a great deal of emphasis is placed on driver fatigue – and rightly so – but fatigue-related crashes and injuries are just part of the risk. Fatigue affects cognitive performance (i.e., short-term memory loss, concentration, etc.), work performance (i.e. decreased productivity, errors, etc.), personal health (i.e., depression, obesity, cardiovascular disease, etc.), and carries financial consequences such as increased health care costs.
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Ask The Risk Manager

WHAT CAN I DO TO PROTECT MY COMPANY FROM IDENTITY THEFT? Great question! This issue recently came up when a motor carrier was contacted by a third-party administrator (TPA) who was requesting unlimited access to the motor carrier’s intranet so it could file, process, and handle claims. Specifically, the TPA requested the motor carrier’s website login and password information to obtain information and documentation for a claim. This raised a red flag with the motor carrier, rightfully so. Before granting access to sensitive company data or agreeing to do business with anyone, you need to take steps to protect your identity from cyber criminals and other thieves to ensure the brokers, carriers, shippers, and receivers you do business with are legitimate. There are many ways criminals can steal a person’s or company’s identity. Below are common theft methods and ideas to help defend your company from identity theft.
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