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Adroitly Manage Fleet Auto Risks

Company-owned vehicles make it easier to conduct business, but offer great risk. Collisions can exact a heavy toll. Telematics and EDRs, however, can improve risk management, as well as allow claims to be assessed more accurately driving down costs for the business and insurer.

By Charles Hunter Mcree | Updated on November 28, 2011

“Drive” is a crime drama movie about a Hollywood, Calif. stunt performer who moonlights as a getaway driver. Actor Ryan Gosling plays the main character, who finds that the act of driving offers both opportunities and risks. Companies and their risk managers increasingly reach the same conclusion.

Many companies own motorized vehicles, ranging from a handful to hundreds or more. These certainly make it easier to conduct business. Often, they are an employee “perk” or benefit. With benefits, though, come risks. Accidents and collisions involving company vehicles can exact a heavy toll. Physical damage to company vehicles is expensive to fix. Downtime from repairs and damage can erode a firm’s productivity. Employee injuries from company vehicle accidents can spawn workers’ compensation claims and detrimentally impact productivity. Third-party liability claims—both for property damage and bodily injury—can create devastating financial consequences in the form of settlements, awards, and higher insurance premiums.

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