risk mitigation

Addressing the supply chain’s underinsurance crisis

With more than 60% of freight under- or uninsured, the underinsurance crisis is a symptom of the fact that traditional insurance processes cannot adequately protect stakeholders in the demanding environment of the modern supply chain. 

Traditional insurance policies are designed for enterprise accounts; inherently cumbersome, inaccurate and one dimensional, they are often unfit to serve small and mid-sized businesses (SMBs) and meet their unique needs. 

Johnny McCord, CEO and founder of Loadsure,...

https://www.freightwaves.com/news/addressing-the-supply-chains-underinsurance-crisis

Democratizing Access to Enterprise-Level Risk Management

The value proposition of risk management strategies for major enterprises makes sense at large scales, but most privately-owned businesses – particularly those in the freight industry – simply cannot absorb the time or cost of the work to implement them, nor the one-size-fits all insurance policies that are traditionally offered. 

As a result, SMEs are priced out of essential bottom-line protectors and exposed to unnecessary risk, which explains the disturbing statistic that more than 60% of...

https://www.freightwaves.com/news/democratizing-access-to-enterprise-level-risk-management

The crucial role of cyber liability insurance for your business

Cybercrime poses an increasing financial threat to individuals and businesses. According to the FBI’s Internet Crime Complaint Center annual report, cybercrime complaints more than doubled from 2018 to 2022. During the same time, losses skyrocketed from $2.7 billion to $10.3 billion.

Logistics and supply chain businesses are often targeted for cyberattacks due to the industries’ critical role in the economy. This includes freight brokers, who, as the intermediary between carriers and shippers,...

https://www.freightwaves.com/news/the-crucial-role-of-cyber-liability-insurance-for-your-business

How AI has the ability to help prevent accidents on the road

AI has the power to transform how people work and drive positive change in entire industries. When it comes to the trucking industry, nothing is more important than improving road safety. But while AI technology is available, the trucking industry hasn’t yet fully embraced it compared to parallel industries.

Now is the time to make that change. Roads are getting more dangerous. Recent data from the National Highway Traffic Safety Administration (NHTSA) shows traffic deaths reached a 16-year high...

https://www.freightwaves.com/news/how-ai-has-the-ability-to-help-prevent-accidents-on-the-road

Security gaps put your business at serious risk

Leaving vulnerabilities in your enterprise systems unpatched is like keeping your front door open all the time. It invites unwanted guests looking to do damage or steal your valuables.

But securing the systems and networks that you rely on to run your business is a little more complicated than protecting your home by locking your doors and windows and installing an alarm system.

Addressing security weaknesses in your operating systems is accomplished through vulnerability management, a proactive...

https://www.freightwaves.com/news/security-gaps-put-your-business-at-serious-risk

How safety can be the key to lowering insurance costs

Everybody in the transportation industry can probably agree on one thing: It’s not cheap to keep a trucking business running.

FreightWaves has estimated it costs $210,000 to operate just one truck annually, based on running 120,000 miles. Fleet owners might even say that most of the expenses that contribute to this figure are out of their control. After all, the industry is highly subject to supply and demand.

For instance, overall, companies can’t really control driver pay. If carriers want to...

https://www.freightwaves.com/news/how-safety-can-be-the-key-to-lowering-insurance-costs

Wisdom doesn’t come from experience but from willingness to learn

No two days are the same for a truck driver. And so there’s always something new to learn.

Think of the highway challenges you encounter every day, the maintenance issues that pop up from time to time, not to mention the ever-changing regulatory environment.

Robert Kaferle, Reliance Partners’ vice president of safety, explains that from an educational standpoint, many wrongfully think that earning a CDL is the last bit of learning you will need to enter the transportation industry.

“But it’s...

https://www.freightwaves.com/news/wisdom-doesnt-come-from-experience-but-from-willingness-to-learn

Set New Year’s resolutions with safety in mind

Happy New Year! Now that the holidays are over, it’s time to make those resolutions.

Whether it’s to improve your vehicle maintenance record, boost retention rates, mitigate driver violations or revamp your safety training program — or all of the above — January is the time to put a plan into motion.   

But just like having a personal trainer at the gym, you don’t have to go about tackling your goals alone. 

Brian Runnels, Reliance Partners’ vice president of safety, encourages motor carriers to...

https://www.freightwaves.com/news/set-new-years-resolutions-with-safety-in-mind

Fleet safety can be as easy as rocket science

Fleet safety isn’t rocket science. But for the sake of the argument, let’s pretend it is.

Think of your company as a rocket and your drivers as the astronauts. When the countdown to launch begins, their training and trust in the engines will determine the success of the mission.

Your engineering better be top-notch because one error can lead to catastrophic failure. 

Here, the engines are your safety program. Reliance Partners Director of Safety Robert Kaferle uses the rocket analogy to describe...

https://www.freightwaves.com/news/fleet-safety-can-be-as-easy-as-rocket-science

White Paper: Dynamic Risk Mitigation for In-Transit Cargo

Risks are nothing new to in-transit cargo. Supply chains have always faced unforeseen disruptions. And an influx of data and modernization can be just as challenging…unless it is used correctly.

With IoT Technology, real-time analytics, and the digitization of supply chain operations, supply chain managers have the ability to be truly proactive. 

Sensitech’s SensiWatch® Alert Solution can alleviate the heartburn of unanticipated delays and bottlenecks within your supply chain. It can help you…

  • Col...

https://www.freightwaves.com/news/white-paper-dynamic-risk-mitigation-for-in-transit-cargo

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