Why You Need Transportation Insurance in Eastern Ontario
If you run a transportation business in Eastern Ontario, you probably know about liability insurance. However, transportation insurance is just as important for your business. In fact, it may be more important than many business owners believe because they don't think bad things can happen very often. The truth is, bad things can occur any time and if they happen to things or people you are transporting, it could spell the end of your business. Here is an example:
Suppose you own a manufacturing company with a large warehouse that is separate from your manufacturing facility. You need to transport your goods from production to your warehouse. It may only be a few hundred feet to and from the areas but if you have to cross a public street, there is always the chance of an accident. Although you may not need a trucking insurance policy, you should have inland marine coverage to protect your goods in transport. If not, your commercial property insurance will not pay for the damages and you will have to absorb the entire loss. If you are transporting expensive goods like computers or other valuable things, this could represent a substantial loss.
What is Inland Marine Coverage?
This coverage got its name because it was originally created for water vessels. However, it is basically cargo insurance and concerns anything that is in transit. This coverage is very important because items in transit are not covered by other types of insurance, usually.
Who Needs Inland Marine Coverage?
If you run a business that hauls things you should protect them, especially if they are not your goods. And when we speak of goods, this also can include passengers' or clients' possessions. So who needs this type of transportation insurance?
- Moving companies
- Long haul transport services
- Local hauling services
- Owner operated truckers
- Taxi services
- Limo services
- Any business that hauls goods
Basic Transport Insurance
Inland marine insurance is usually part of a complete transport insurance package. Here is what a transportation business basically needs:
- General liability - covers issues associated with running a business. This could include injuries that occur on your premises.
- Commercial auto liability - in Ontario you are required to carry third party liability, medical payments, direct compensation-property damage, and uninsured motorists. You should also consider comprehensive, collision coverage, and liability limits of more than one million dollars.
- Cargo insurance - also called inland marine coverage
- Commercial property insurance - you will need to insure your building or office and also its contents.
Trucking Insurance Options
You can choose from many options and your insurance specialist can explain them to you. For example:
- Reefer coverage - when you haul refrigerated goods, what would happen if the reefer unit stopped working on the road? You need to cover this risk with the right kind of insurance.
- Consequential loss - Suppose your warehouse was seriously damaged and you could not run your business for weeks. Consequential loss can cover issues like loss of income and reimburse you for your losses.
- Deductible options - when you are not satisfied with your current Inland Marine Insurance premiums, you may wish to check into raising deductibles. This can save you money. However, some business owners may wish to lower their deductibles, so less out of pocket money is needed for claims.
- Tow truck insurance - if you run a towing business you need to insure the vehicles that you tow. This also includes incidental damage from the act of hooking up and towing.
The Value of Discussing Your Needs with a Professional
When you shop insurance for trucking companies, you should discuss your needs with an insurance specialist. This is the best way to learn about all the available options. Plus, a trained professional can explain options like inland marine insurance, and this lets you make an informed decision on your policy.
Once you decide to contact an insurance professional in Eastern Ontario, be sure to choose a company that services all of your needs. That is why you should consider an independent insurance brokerage like Upper Canada Commercial Insurance Group Inc. With many insurance companies on our list, you are assured a custom policy that fits well within your budget. Our specialists have years of experience and many of them have actually worked in the industries that they serve.
Your insurance specialist knows the ins and outs of trucking insurance, so you have very little work to do. We do the insurance comparison shopping and bring you a deal with the finest coverage options and the lowest possible premiums. We have more companies to choose from than any other insurance broker in Upper Canada. Plus, Upper Canada Commercial Insurance Group Inc has three locations to serve you and 40 specialists.