At any given moment, your fleet is at risk. Of course, this is unavoidable, as operating your fleet on the roads will always bring associated risks. Therefore, a fleet’s success in mitigating this risk lies in ensuring an effective risk management strategy. Understanding fleet risk management and the added value it provides can be a daunting task, that’s why we’ve developed a simple guide to help navigate the tricky subject.

What Is Fleet Risk Management

In its simplest form, fleet risk management is a process designed to ensure fleet drivers, employees and vehicles are as safe and secure as possible. Ultimately, fleet risk management reduces risk and protects your employees and assets from unforeseen circumstances.

When it comes to fleet safety, one solution rarely fits all. As fleets operate in varying industries as well as having different sizes, their risk management needs also vary. That’s why it’s important when you select your risk management policies and providers that the solution is bespoke to your business. Most often risk management providers will charge a small monthly fee per month per driver, this can be included in a lease plan.

Why Your Fleet Might Need Risk Management

As mentioned before, due to the differing demands of fleet operations each business will face unique risks. Some potential risks which could apply to your fleet include:

  • Damage to fleet vehicles and property (asset damage).
  • Regulatory fines due to non-compliance.
  • Injury of employees.
  • Accident Liabilities.

Fleet risk management will help mitigate this risk by tailoring policies and processes for your business.

The Benefits Of Fleet Risk Management

When operating any business fleet, it is important to ensure any resources invested in risk mitigation and management are of good value. As well as safeguarding your fleet a good fleet risk solution will be financially beneficial.

Perhaps one of the most important aspects of fleet risk management is to protect your employees and maintain driver safety. By having a strong risk management process in place your employees will be working in a safe environment that protects their well-being as well as other drivers.

Additionally, taking the appropriate measures to protect your employees and ensure their safety on the road will bolster your brand’s reputation. Ignoring fleet risk management and endangering your employees will certainly lead to more road accidents, and this in turn will lead to reputational damage. 

As mentioned previously risk management also has significant implications for the cost efficiency of your fleet. When managing risks correctly, you of course avoid any large costs such as accident liability costs, health and safety fines and higher insurance costs. Being proactive in the risk management of your fleet will certainly give you a financial advantage over your competitors.

Lastly fleet risk management reduces the liklihood of costly fines through non-compliance being levied at your business. Simple licence checks and verification help to ensure your fleet aligns with government requirements and therefore avoids costs associated with violating the regulations.

What Fleet Risk Management Solutions Include:

At Toomey Leasing group we offer a risk management solution to help mitigate the risks above and capitalise on the associated advantages. Our solution includes online driver risk assessments, full accident management and individual driver training. This service can also be extended to include, a telematics and camera monitoring service, advice on creating and implementing a drive safety policy and much more.

How you manage your fleet’s risk is your decision, but there are obvious and important advantages to managing the risk correctly. Your fleet will be subject to a high amount of risk daily and it’s the management and mitigation of such risk which set you apart from your competitors. It could result in a happier and safer cohort of drivers as well as a better and more efficient fleet.

To find out more about Toomey Leasing Group’s fleer risk management service click here, alternatively, call us on 01332 205828, or fill in the form below. 

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