November 21, 2023
Implementing telematics in vehicles can help construction companies monitor driver behavior, and by using the data to develop a safety culture they can better differentiate their risk profile to insurers.
“Loss prevention is critical, said Paul Anderson, Crum & Forster’s vice president of field underwriting. “The main thing contractors should be thinking about is not having an accident. The horse is already out of the barn when you have the accident, especially if a lawyer gets involved,” Mr. Anderson said in an interview.
Technology such as GPS and dash cameras provide an extra layer of vigilance, warning drivers if they are too close to the car in front, if they are speeding, making excessive lane changes or at risk of collision, said Louise Vallee, vice president, risk engineering, at Crum & Forster.
“With employees driving alone, the human element can be so variable, depending on how employees are feeling, how tired they are, what day it is, and what’s on their mind,” Ms. Vallee said.
Investing in equipment and monitoring might cost about $1,000 per vehicle and “seems way worth it as opposed to some of these policy limit and nuclear verdicts that go to multiple millions of dollars,” she said.
Read the complete article in Business Insurance: https://bit.ly/3MWGLpn