In our 2022 risk survey, respondents from the waste and recycling sector ranked ‘Fleet management, vehicle, and transportation losses’ as the number one risk concern for their business1. This is unsurprising due to the heavy fleets they operate, and the regular incidents that occur that can lead to large claims. In turn, this increases your business’s risk profile which can result in higher insurance premiums, not ideal in an already hard market. Learn more about the hard insurance market here.
Furthermore, due to COVID, Brexit and other factors, driver shortages are also affecting the waste and recycling sector. A Road Haulage Association (RHA) survey of its members estimated that there was a shortage of over 100,000 qualified drivers in the UK in 20212. While businesses can’t afford to be picky, this means they are struggling to find experienced, safe drivers which increases the likelihood of incidents on the road.
The top four causes of collisions are:
- Fatigue
- Distraction
- Speed (stress)
- Driving too close (stress)
Implementing technology in your fleet can indicate when these collision causes are more likely and help you to prevent incidents and losses before they happen. For example, dashcams can be fitted into your vehicles to mitigate tired and distracted drivers, and there are telematic solutions available to incentivise improved driving behaviours.
How telematics reduces the risk of collisions:
- Monitors driving habits and sends alerts for behaviour
- Alerts fleet managers to review risks and incidents
- Provides video footage that can be used to coach drivers
- Identify claims trends with analytics
At Specialist Risk Insurance Solutions, we have trusted partnerships with market-leading telematics providers who provide our clients with exclusive offerings. Get in touch with our team to find out more about how your business could benefit from these solutions.
Are you working with the right insurance broker?
A good insurance broker will highlight these factors for you, and work with you to better utilise claims MI. This will allow them to identify troubles/pain points and in turn, provide robust risk management advice to help you mitigate future losses.
Despite investing in technology and streamlining your processes, accidents can still happen, so it is vital that your insurance broker has a trustworthy claims team that provide the comfort of having your business’s back in the event of an incident.
At Specialist Risk Insurance Solutions, we are proud of our multi-award-winning claims team who are on hand to support clients 24/7. Last year we won the Insurance Times Broker Claims Achievement award and the Broker of the Year award in the British Claims Awards, recognising our commitment to providing the highest level of claims management service for our clients. Find out more about our claims management offering here.
Early reporting is vital and significantly reduces the cost of a claim, which in turn and over time helps to keep your insurance premium down. Click here to read our early reporting initiative which shows the difference between reporting a claim early and reporting it late and the consequences of late reporting.
We are here to help
Our dedicated team have specialised in arranging insurance solutions and providing risk management advice for businesses operating in the waste and recycling sector for over 30 years. We are proud to be the market leading insurance broker in this sector and we can provide you with seamless access to our in-house waste facility which has unique benefits, including enhanced coverage and limited conditions and exclusions. Find out more about our offering here.
Sources
1 https://srinsurancesolutions.co.uk/news-and-articles/protecting-your-business-in-2022-and-beyond
2 https://www.rha.uk.net/LinkClick.aspx?fileticket=ICI0C-FWmVo%3d&portalid=0×tamp=1627564639720
