To find the right transport insurance company is about more than just checking to make sure your type of vehicle or cargo is covered. You want to find a provider that will partner with you to design customized policies that will give you the protection you need without stretching your budget. Whether you transport cargo and/or manage a fleet of trucks, having the right insurance is crucial to protect yourself, your company, and your profits. Here at Western Truck Insurance Services, we are here to provide the support you need to keep your business moving.
Who Needs Transport Insurance?
A trucking company transporting goods requires transport insurance to protect both the vehicle and the cargo. What about Companies who transport their own goods? The details will vary slightly in each individual case, but generally, there are policies designed for cargo owners and those designed for transportation providers.
Property insurance policies for manufacturers, distributors, wholesale companies, and retailers generally cover the property during transportation. These policies are designed to protect the businesses in the event of an accident or theft or other loss.
There are also cargo and logistics insurance policies designed to protect transport providers and carriers. These policies are typically recommended for motor carriers, freight forwarders, and logistics service providers. Certain types of insurance coverage are usually required by state laws, and there may be additional liability issues to consider. There are many options and requirements for this type of insurance, which is why working with an experienced transport insurance provider can be so helpful for your business.
What Type of Transport Insurance Do You Need?
While it may seem that the term “transport insurance” covers just about any sort of trucking operation, there are many different types of coverage available. It’s essential to make sure you have coverage for your unique transportation business. There are numerous factors that affect the type of coverage and policy you need. For example, several important aspects of your business include:
- Whether you operate in a single state or many
- Whether you transport owned goods, non-owned goods, or a combination of both
- Whether you haul hazardous materials
- What type and capacity of truck is being operated.
- Whether you have to comply with certain state licensing and financial responsibility requirements
These are just a few of the things that can affect the type and kind of policy and level of coverage you need from your transport insurance company. It’s essential to work with a knowledgeable insurance professional who can help you determine the right products for your company.
What Does Transport Insurance Cover?
When you work with Western Truck Insurance Services, we customize a policy to meet your unique business needs. The exact coverage will depend on the details of your business, but most insurance policies relate to the following coverage:
- Auto and General Liability: Protect motor carriers or for-hire truckers by providing coverage for injuries, property damage, medical payments, and advertising liability.
- Motor Carrier Insurance: This type of liability coverage is important if you use permanently leased independent contractors for your company.
- Motor Truck Cargo Insurance: This covers freight liability for cargo and is generally required for for-hire truckers. Policies can cover loss due to fire, theft, and collision, and may also cover debris removal and legal defense.
There are several additional types of transport coverage you may need to include in your policy:
- Garage Liability Coverage
- Real Property and Business Personal Property Insurance
- Workers Compensation Coverage
- Occupational Accident Insurance
- Non-Trucking Liability Insurance
- Warehouse Legal Liability
- Physical Damage Insurance
- Crime Coverage
- Passenger Accident Insurance
- Trailer Interchange Insurance
Is There Insurance to Cover Theft During Transportation?
Transport insurance for cargo may be categorized into two types: accident and theft. When you are choosing an insurance company, it’s a good idea to make sure your provider offers both types of insurance to protect your goods. Transportation of goods and passengers carries risks in every part of the world, and it’s essential to make sure your assets are covered in the event of an accident or loss due to criminal activity.
Additional Considerations When Choosing a Transport Insurance Company
Whether you are looking for insurance to cover your cargo during transportation or need insurance for your own fleet of trucks, the right policy can keep your company afloat during difficult circumstances. The legal requirements for transport insurance can be complicated, and there are numerous types of coverage to consider, so one of the most important aspects of choosing a provider is industry knowledge. Choose a provider with years of experience in transport insurance, with professionals who keep up with current trends and issues affecting the industry. When it comes time to choose or update your policy, you can rely on this expertise to make sure you have the right coverage.