Staying Ahead of Hidden Accident Costs
Accidents happen. It’s a matter of fact in both our personal lives and our working worlds. But how prepared are you to tackle the hidden costs that come with fleet accidents?
According to Rich Radi, ARI Director of Product Management, approximately 20 percent of the average company fleet will experience some sort of accident each year. Rich spoke with ConstructionEquipment.com and Construction Equipment magazine for a recent online column on the costs behind fleet accidents.
In his column, Rich breaks down the hidden costs that are involved with every accident, including lost productivity and a drop in employee morale, bad publicity and damage to your image, and increased insurance premiums. He points out that each average accident costs around $16,500 and can cost as high as $500,000 when injuries or fatalities are involved.
Fortunately for all, about 94 percent of accidents are caused by human error which means you can take proactive steps to reduce the risk of fleet accidents. Using Big Data and implementing strong driver safety programs can help curb your accident costs. Check out our Best Practices Guide for Fleet Safety to learn how you can minimize the costs related to driver safety.