Commercial trucking insurance is the only thing protecting you from the financial devastation caused by an array of hazards such as a broken loading strap or a blown truck tire on a blind corner. For Canada’s more than a quarter million licensed cargo haulers, clean-up costs, legal fees, and the replacement of lost or damaged cargo can quickly take a toll on a carrier’s bottom line in the event of a collision, fire, or other type of accident.
Shifting business dynamics are driving changes in the trucking industry as cargo owners expect carriers to assume a bigger role in insuring cargo. In response, cargo haulers are tailoring their commercial trucking insurance policy to protect them from the threats they are most likely to meet while out on the open road.
Risk management experts looking to transfer the insurance costs associated with moving their goods to market are upending long held assumptions regarding who should bear the brunt of cargo insurance costs. Increasingly, they are looking to transfer those costs to your shoulders for the cargo during transit. For an industry used to paying as little as $2/pound for cargo insurance, you know that this added expense can seriously impact your operating budget.
More importantly, as a driver, you know what many commercial trucking insurance companies do not seem to understand – that not all cargo-hauling operations are created equally. Customizing a policy to cover against the individual risks associated with moving your particular load is critical to protecting your business without going broke. After all, hauling cows is vastly different from moving logs, and both are different again from the risks of moving high value electronics between point A and point B.
You want a commercial trucking insurance policy tailored to the risks you are most likely to confront out on the road.
Utilizing broad all-risk insurance coverage provides flexibility when limiting the costs of protecting your particular cargo load in transit. For instance, if your route forces you to leave your load unattended in a non-secured yard, you can tailor your policy to ward against such exposure from loss owing to theft or vandalism. Additionally, coverage can cover you and your cargo hauling company against a wide range of threats including wars, strikes, and trade disruptions that can have a deleterious effect on your business.
To discuss which options might be best for your operation, or for some no-obligation quotes, the commercial insurance experts at Mitchell & Whale would be pleased to help you. Call Sean McNamara at 1-800-731-2228 or email him at firstname.lastname@example.org to learn more.
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