Technology to mitigate skyrocketing insurance premiums

While the social and economic impacts of the pandemic have been front and center this year, insurance has remained a top concern among fleet leaders in 2020. In its annual report, the American Transportation Research Institute (ATRI) listed insurance cost and availability as the fifth most pressing issue facing trucking. In fact, ATRI’s annual Operational Costs of Trucking analysis found that insurance costs per mile have increased 18.3% over the last five years. This figure is even more dramatic among smaller fleets, which report per-mile insurance costs more than three times those of larger fleets.

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Widespread concern is no surprise as rising insurance costs—coupled with sky-high verdicts—have also been cited as the reason many fleets have gone out of business. According to Donald Broughton, principal and managing partner at Broughton Capital, at least 795 trucking companies failed in 2019, with 24,000…

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