How To Reduce Commercial Insurance Premium Hikes & Why You Can’t Afford To Wait

Commercial insurance premiums are rapidly rising and it is greatly due to distracted driving which is why SAFE 2 SAVE is teaming up with employers, commercial insurance brokers, and hospital systems to bring an end to this deadly behavior. Phone distraction is now the root cause of about 52% of car crashes. Meanwhile, the frequency of collision claims has also skyrocketed in the U.S. over the past several years. This has auto insurance companies experiencing record payouts and according to Forbes, distracted driving could boost your insurance rates by as much as 41%.

When it comes to reviewing your commercial insurance and your bottom line, consider that the ASSE published a survey of financial decision-makers and the average perceived return on safety investment was $4.41 for every dollar spent on safety, read the full report here. The economic impact doesn’t just stop with insurers and employers, but auto crashes have a ripple effect that hinders economic expansion on a grander level. According to the NHTSA, approximately 7% of all motor vehicle crash costs are paid from public revenues. While third parties such as uninvolved motorists delayed in traffic, charities, and health care providers pay about 16%.

Overall, those not directly involved in crashes pay for over three-quarters of all crash costs, primarily through insurance premiums, taxes and congestion related costs such as travel delay, excess fuel consumption, and increased environmental impacts. In 2010 these costs, borne by society rather than by crash victims, totaled over $187 billion and continues to grow year over year. 

However, there are solutions for employers, healthcare providers, individuals, and communities that are ready to make a positive change. Click here to read AJ T. Cole of SAFE 2 SAVE’s full report on ways employers can reduce their commercial insurance premium increases.