Truck drivers face one of the highest work-related fatality rates – five times higher than the average worker, according to the Bureau of Labor Statistics. That’s a remarkably sobering indicator. Add the financial impact that all accidents have against the bottom line, and it’s no surprise that safety is a primary concern of any trucking company. In fact, the U.S. Department of Transportation estimates that a motor carrier posting an average profit of two percent must generate an additional $1.25 million in revenue to pay the cost of a $25,000 accident.
Safety can’t be left to chance. That’s why Canal is dedicated to helping our insureds develop a comprehensive approach. Take one of our top insureds in Alabama. Although it had an award-winning safety program of its own in place, it was concerned a trucking firm it recently had acquired did not put the same emphasis on safety. Thus, Canal teamed up with the insured to implement a proactive plan.
Putting some safety posters on the wall or sending an occasional memo clearly was not enough. The goal was to recreate the successful safety culture already found at the insured’s headquarters. The project began by assessing the current standards at the new company through interviews with management and staff. An outside consultant provided oversight and created a training program to ensure this new focus on safety took hold, with progress checked at regular intervals. Canal’s internal risk manager now works with two safety managers – one at the insured’s original terminal and the other at a terminal added during the business acquisition – to monitor and confirm consistent implementation of procedures.
While acquisitions can create an array of challenges for many companies, safety should be of top concern for everyone. That’s why Canal remains dedicated to providing resources to enhance insured’s safety programs. This is an ongoing process that requires vigilance, but it certainly is simplified through partnership.