Speeding is a serious offence, and presents a lot of serious consequences for businesses from increased safety concerns to severe legal consequences.

Impact of Speeding on Business

With businesses in constant competition to win the race against their many competitors, employees often feel like they need to go the extra mile. However, employees can sometimes take this race a little too literally at times, with the metaphorical race track becoming the roads that company cars, trucks and vans spend their days and nights on.

When this happens, a crucial consideration often takes a back seat: the profound impact of speeding on businesses. But with approximately 126,247 road traffic accidents occuring every year, the need for safety on the roads is paramount. This article will examine just how severely speeding can impact a business, from issues like increased safety concerns to a negative public image.

Increased safety concerns

When vehicles are operated beyond the speed limit, this greatly increases the risk of accidents. Businesses often have employees who operate vehicles as part of their job duties, whether it’s for sales visits, deliveries, or service calls. When these employees are under pressure to meet tight deadlines, the temptation to speed can be strong. However, this can lead to dire consequences when drivers end up in serious harm due to speeding. However, the use of vehicle tracking solutions help fleet managers monitor their entire fleet thanks to journey playback features that highlight any speeding during a driver’s journey. Many vehicle tracking solutions also offer detailed reports that help to identify drivers that might be regularly committing speeding offences.

It’s not just the drivers themselves who are put at risk though, as passengers, other drivers and pedestrians are also put at risk. When drivers speed, it’s easy for other drivers or pedestrians to be caught off guard by the vehicle moving at high speeds. In 2022, 376 pedestrian fatalities were recorded as a result of dangerous driving. This number amounts to 22% of all dangerous driving fatalities, which means nearly a quarter of all fatalities were pedestrians. This equals nearly a quarter of all fatalities being pedestrians, which has tragic knock-on effects to their friends and families. Speed limits are in place to try and minimise accidents and harm finding others, which is why it is essential to strictly follow them.

Increased operating costs

Speeding also impacts a business by increasing operating costs substantially. In the race to reach destinations quickly, businesses might overlook the toll speeding takes on their operating costs. The acceleration caused by excessive speeding results in higher fuel consumption, more frequent maintenance requirements, and accelerated wear and tear on vehicles. These increased costs directly impact a business’s bottom line, affecting its profitability and financial stability. Fuel cards can be particularly useful for businesses when it comes to monitoring and managing fuel consumption, allowing them to have real-time insights and great oversight over their vehicles’ fuel consumption to help them identify when certain drivers are speeding.

Negative public image

It is imperative for any business to maintain a good public image in order to retain existing customers and grow as a company. However, when a business’s driver is caught speeding this can have severe consequences on their public image. Accidents or reckless driver behaviour can lead to a perception that the business prioritises expediency over safety, damaging the reputation of the business. This damaged reputation can erode customer trust and loyalty, and even lead to a decline in business altogether.

Legal consequences

If an accident does occur as a result of speeding or dangerous driving, legal consequences often follow. Speeding brings with it a host of legal consequences, from fines and penalties to potential licence suspensions for drivers. These legal issues can disrupt business operations, forcing businesses to fork out large sums of money in order to pay off any fines and penalties. As well as this, drivers who face a ban mean that the company is down an employee, which can impact workforce productivity and overall operational efficiency. The absence of a key driver due to a licence suspension can evoke understaffing, increased workloads on remaining employees, and potential delays in fulfilling business commitment

Employee productivity

Employee productivity and efficiency can be a difficult task to manage, and many employees may feel like they need to speed in order to make their deliveries on time. However, if a driver faces a licence suspension due to speeding violations, businesses could find themselves with diminished resources and capacity to fulfil deliveries or tasks. This results in speeding being much more counterproductive in the long-term than it is beneficial, especially when a driver is facing a ban or a business faces negative backlash.

Insurance premiums

Speeding-related incidents can trigger increases in insurance premiums for businesses. This financial strain adds another layer of complexity to budget planning and resource allocation. Higher insurance costs divert funds away from growth initiatives, potentially hindering a business’s overall progress.

Damage costs

When a road traffic accident does occur, there’s likely to be costs involved regarding repairs and any damage to the vehicle involved. Whether an individual is harmed during the accident or not, almost no vehicle remains unscathed after an accident, especially when it is a speeding offence. This can cause the business to have to fork out large sums of money in order to repair the car or buy a brand new one if the vehicle needs writing off, which can be very troublesome, especially for smaller businesses.

Conclusion

From safety concerns to financial impacts, the ripple effect of speeding is undeniable. By recognising these challenges and taking proactive measures, businesses can navigate the complexities of speeding-related issues and ensure a safer, more sustainable future. Companies like Crystal Ball that offer a range of vehicle tracking solutions, vehicle cameras and more provide fleet managers with greater oversight of their fleet to help ensure both their driver’s safety, and the publics.

By leveraging such technologies and committing to responsible driving practices, businesses can not only safeguard their reputation but also contribute to fostering a culture of road safety across the industry. In doing so, they play a pivotal role in reshaping the narrative surrounding speeding and its impact on businesses.