Why You Need Transportation Insurance in Ottawa
Whether you run a small business or a global operation, and whether you ship, receive or haul material, Transportation insurance is a necessity for your business. When moving goods across the country or across borders, there are many variables that you don’t always have control over. Mitigate any potential risks and give yourself the peace of mind.
What is Inland Marine Coverage?
This coverage got its name because it was originally created for water vessels. However, it is essentially cargo insurance and is suited for anything that is in transit. This coverage is very important because items in transit are not typically covered by other types of insurance.
Who Needs Inland Marine Coverage?
If you run a business that hauls goods, you need to protect them; especially if your business doesn’t own the cargo. It is also important to note that goods can also include passengers’ or clients’ possessions. So who needs this type of transportation insurance?
- Freight Forwarders
- Moving companies
- Logistics Companies
- Long haul transport services
- Local hauling services
- Importers and Exporters
- Owner operated truckers
- Global Companies
- 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 allows you to make an informed decision about your policy.
Why Reid & Bradley’s Insurance?
Besides the above listed benefits, we have trained insurance experts and many of them have years of experience actually working in the industry they represent. This means you have an insurance representative that has personal insight into your line of work and all of your unique business insurance needs. We offer three convenient locations for our clients and we have more than 50 professionals within Bradley’s Insurance Group. We can take care of the needs of the smallest business or a corporation with hundreds of employees.
Reid & Bradley’s Insurance is well-equipped to take care of local, regional, nationwide, and even international insurance needs. We can discuss issues like builders’ risk insurance, general liability, or any other insurance questions. We are there to serve your needs with expert and experienced professionals.