You need excellent organisational skills and an ability to flawlessly multitask if you are running a company that specialises in transport and logistics.Making things move like clockwork is a monumental task. The last thing you need to be concerned about is your insurance cover.In simplest terms, transport and logistics insurance is cover for owners of businesses that focus on the movement of goods, raw materials, machinery, and other items essential to the supply chain. Transport and logistics insurance can provide cover for vehicles, equipment, storage, and more to make your assets as safe as possible.
I Run a Small Business and Have Two Delivery Vans; Do I Need This Cover?
The answer is a definitive, yes. Businesses taking part in the transport of goods need this cover.Whether you have a single floral delivery truck, several construction vehicles, or a fleet of semi-trucks, your livelihood depends on having the proper coverage. Numerous hazards are waiting around every bend in the road, and your insurance cover must reflect this.Additionally, you may be required to have cover when you register your vehicles. Your location, vehicles, and purpose for the vehicles will determine this.
What Will a Transport and Logistics Insurance Policy Cover?
Each insurance policy we write is for a specific business; we do not try to push all of our customers into the same cookie-cutter insurance policy.For this reason, we suggest speaking to an insurance professional. He or she can offer you specific details about coverage. Generally, a transport and logistics policy will cover:
- Damage by collision or vehicle overturning
- Fire damage
- Mishandling of goods while loading and unloading resulting in damage
- Accidental damage
- Lightning strike damage
- Damage with malicious intent
What is Not Covered?
While each policy may have its specified exclusions, there are a few that tend to be standard. These include:
- A loss of market
- Delays in shipments
- Losses or damages incurred due to acts of war
- Some policies may not cover loss or damage to the driver’s personal property
What Circumstances Determine the Cost of My Coverage?
There are several factors that insurance companies use to determine the cost of your transport and logistics policy. These include but are not limited to:
- The type of vehicle insured - If you are purchasing insurance for a delivery van, your payment will likely be much lower than if you are insuring a semi-truck.
- The purpose of your vehicle - Are you delivering sheep, oil, flowers, or mining equipment? Your delivery contents matter.
- The experience of your drivers - Looking at the length of time your drivers have behind the wheel of the type of vehicle you run is a part of the equation. Another critical fact an insurance company will notice is the safety record of your drivers.
- The typical route your drivers take - Are you delivering medical supplies to customers nearby or are you running long-distance hauls through the Outback? These are the types of points considered when your insurance company determines your rate.
Other Cover Options:
Because your insurance cover needs are unique, our insurance experts can assist you by reviewing several kinds of cover. These include:
- Marine Cargo - A marine cargo insurance policy helps to protect you from loss or damage to third party goods that are in transit.
- Public and Products Liability - If you are liable for any third-party loss or damage of goods or personal injuries, this cover will help protect you.
- Motor Vehicle - There are a variety of vehicles protected by your transport and logistics cover. These include:
- Heavy hauliers
- Vehicles with trailers
- Fleets of vehicles
- Commercial vehicles
*PLEASE NOTE* All mention of insurance products in this post are for informational use only. The ideas mentioned here do not constitute legally binding insurance and should not replace interaction with an insurance specialist.