Your business is all about moving forward. That’s why, in an industry filled with risk, staying protected from whatever lies ahead on the road is incredibly important.
Transportation and logistics services insurance can help cover you if something goes wrong throughout the journey, from before you head out on the road until you’ve reached your destination.
Whether your operations involve long-haul or local-radius, living cargo or frozen goods, or vehicles used in a trailer-interchange agreement, the right coverage can help keep you moving.
What is transportation insurance?
A lot can go wrong working with trucks, trailers, and cargo. A significant portion of that risk is beyond your control. On top of the risk, there’s a lot on the line—financially, legally, and for your reputation.
Depending on the goods you haul, the equipment you use, and where you travel, you could face everything from vehicle damage to theft in your day-to-day operations. Events like these can jeopardize safety, revenue, and your reputation. A safety net can help keep your business going.
Whether it’s a collision, a rollover in extreme weather, a moose strike, or cargo issues, you need coverage for whatever the road brings. That is what transportation and logistics services insurance can help provide.
Your transportation insurance can protect more than just your vehicles. There are several policy options that can protect everything from your fleet to your cargo to your legal liability.
Cargo insurance
Cargo is the central aspect of your business. Safe transportation is essential, whether it is a trailer full of new cars, frozen fruit, livestock, or liquid propane. It would be best if you had protection for when the unexpected happens. That’s what makes cargo insurance an invaluable aspect of your transportation coverage.
Cargo insurance can provide protection when you are found liable for damage or loss of third-party goods you’re transporting. The coverage can extend beyond the road, as cargo insurance can apply when the freight is in a garage, at a terminal, depot, or warehouse, and being loaded or unloaded.
Let’s say you’re hauling an oversized load, like a prefab home, and it’s damaged when it hits a piece of infrastructure. In this case, you’d look to your cargo insurance coverage to possibly help with the cost of the lost cargo or if you’re found liable for the damage the home sustains, the costs associated with that.
Commercial automobile insurance
Commercial automobile insurance can cover your company vehicles and employed drivers for liability, injuries, and physical damage sustained as a result of owning or using the vehicles.
Commercial auto coverage can respond if things go awry on the road. The right commercial automobile insurance can help cover you for physical damage to your vehicle, property damages to the other vehicle, and bodily injury to a third party.
Commercial general liability (CGL) insurance
Some legal and regulatory requirements are essential to consider in the transportation industry. Enough liability insurance to meet federal requirements isn’t an option—it’s necessary.
But commercial general liability insurance goes beyond checking a box in your federal requirements. It helps protect your business if you’re found legally liable for injuries or property damage caused by your services.
Commercial general liability coverage is a crucial part of your transportation insurance policy, considering how one minor incident could bring expensive consequences. Suppose a customer or other visitor brought a lawsuit against your company for property damage that occurred on your worksite. That could cause a massive financial issue. Thankfully, in this case, your CGL coverage could help with the costs of the legal proceedings.
Property insurance
Unexpected damage to your business property is often out of your control and could happen anytime. Whether water floods the building or a storm damages your office, dealing with these situations can be financially devastating. Property insurance can be your safety net, an important tool to help protect the valuable assets and property you’ve worked so hard to acquire.
Transportation pollution liability insurance
Transportation pollution liability insurance can provide protection for pollution emanating from products or materials during loading or unloading while being transported, shipped, or delivered by the customer or by a carrier on their behalf.
Warehousemen’s legal liability insurance
Sometimes you have cargo that you need to store for an extended period. For example, your container may need to sit before moving along to its destination. Your cargo policy may cover you if it’s a short waiting period, but if you’re storing cargo longer than that and something happens to it during that time, you may be on your own.
Business interruption insurance
Business interruption insurance is essential for small businesses, including transportation companies. This policy comes into play when a loss forces you to suspend operations.
Business interruption insurance can help replace a source of income that’s disrupted, reduced, or completely eliminated. Furthermore, it can cover additional operating expenses that result from a covered loss.
Ready to get a transportation insurance quote?
Having helped transportation companies navigate risks on and off the road for over 70 years, Northbridge Insurance understands your industry’s unique insurance needs. We leverage that experience to create a custom transportation insurance solution to help keep your transportation business protected while keeping you competitive.
With Canada’s most trusted brokers, we use our in-depth industry expertise to help protect your business, so you can worry less about the risks and focus on the opportunities. Request your free quote today and get the transportation insurance you need. Learn more about transportation insurance here.
This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information.
