WHAT IS LOSS CONTROL?
Have you heard this term before? There are thousands of tool trucks on the road today. All are operated by independent business owners like you. Compare several thousand tool trucks on the road today to several thousand trucks operated by trucking company employees. The insurance company of any trucking company in conjunction with a fleet safety department requires drivers to participate in loss control and safe operator classes on a regular basis. The intent is to make drivers aware of conditions and situations that can result in automobile accidents and inventory claims. Accidents include collisions with other vehicles, buildings, low hanging objects and persons. There are also ways to reduce inventory claims utilizing theft prevention techniques as well as securing inventory to avoid damage in the event of an accident.
Your awareness and safe operation can help minimize or prevent losses. Fewer claims lead to a lower amount of required premium to cover losses. Insurance companies operate under close supervision of your state department of insurance. They price their policies for expected claims PLUS profitability. You and your fellow tool distributors can make a positive impact by helping to prevent or reduce claims. As an independent small business, your premium pricing is based on your industry. Your effort to control losses will help keep premiums down.