Wheely Protected; is now the time to invest in safety tech?
As haulage and logistics companies look to squeeze operating costs amid the coronavirus pandemic, we’re taking a look at whether cutting costs in the short-term will result in companies losing out on future savings?
In the wake of the challenges that the UK economy is currently facing, hauliers and logistics companies will undoubtedly have their fair share of challenges to overcome. From growing insurance premiums and ever-increasing environmental responsibilities, businesses up and down the country are seeing their profit margins waning.
With so many challenges to juggle, it’s no surprise that business owners and managers are struggling to prioritise their spending effectively. But the reality is, good driving leads to better fuel economy and tech such as vehicle camera safety systems can dramatically reduce accident rates, which in turn can result in lower insurance premiums.
Let’s have a look at how much of the industry is using safety tech:
Well, according to a recent survey 75% of respondents had recently purchased vehicle camera and/or vehicle CCTV systems. Respondents said that they acknowledged that technology could play a crucial role in improving road safety and lessening accidents by reducing blind spots as well as other everyday hazards.
The remaining 25% of people surveyed said they had not invested in such technology for their fleets because they deemed it to be ‘too expensive’.
What are the benefits of investing in safety tech:
We delved into the survey’s results a little more and it suggests that the short-term expense for safety tech can reap lots of financial rewards in the long term.
Of those surveyed who said that they did invest in safety technology, 47% said that their reason for doing so was to reduce insurance costs. Once installed 33% said that they had seen a decrease in their insurance premiums.
But it’s not just insurance premiums that are reap the rewards of HGV safety and security systems. 80% of the survey’s participants also reported improved driver behaviour and 23% said that they benefited from increased fuel economy.
Whilst we understand that a survey can only provide a brief snippet of the industry’s overall consensus, it’s clear from these findings that HGV safety and security systems should be high on every company’s agenda. We believe that the use of technology in the haulage and logistics industry should be welcomed as an opportunity to reduce risk, lower costs as well as increase safety for HGV drivers and other road users.
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