For any modern haulage company, the matter of cargo logistics is
an important subject. The logical next question is, then: "How do we
insure our cargo?" Protecting not only your loads but also every aspect
of the operation-from keeping your trucks in top condition, to ensuring
communication at all times during the trip, to managing your
people-requires specific insurance policies to cover every base. The
following are just some of the options you currently have.
Liability Insurance
Often,
no matter how rigorous the training of personnel and drivers, accidents
still happen on the road. Such mishaps are a given, and so, too, should
be liability insurance protection. A crucial part of making sure that
your cargo logistics are taken care of is purchasing an iron-clad
liability insurance policy - even before your operation starts in
earnest. Such a policy is designed to protect you, your personnel and
your business in the event of an accident that results in the injury of a
member of the public, a customer or any of your employees. The policy
works by paying out in the event of an accident or a mistake in the
course of your work-you won't be liable for costs or damages incurred.
The same goes for property damage.
Truck Insurance
A
paramount first step, of course, is purchasing appropriate insurance
cover for your truck. Even if you are still just starting out with a new
haulage business and don't want to leave matters concerning your cargo
logistics to chance, you need this if your vehicle's gross weight
exceeds 7.5 tons. Truck insurance policies differ depending on the usage
and the nature of the goods you'll carry. As a haulage operator, you
naturally need to get the specific haulage insurance policy, which
provides coverage if the goods or loads you carry are owned by someone
else (a customer). Moreover, if the goods you carry are personal
possessions, another type of truck insurance is required.
Fleet Insurance
If
your haulage company consists of three vehicles or more, each of which
exceeds the minimum of 7.5 tonnes, then you're best off getting fleet
insurance. Such coverage protects your entire fleet and provides certain
benefits over the single truck insurance-obviously, if you own several
vehicles, it makes sense to get the kind of policy that protects them
all. In many cases, this is also much more cost-effective than other
policies. A caveat, however: remember to discuss the fleet coverage with
the insurer to make sure you are both on the same page as far as
protecting your business is concerned.
