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Transport & Logistics Insurance
One of the industries that deliver a strong and promising performance regardless of the season is the road freight transport or trucking industry. Research from IBISWorld states that its revenue will grow at an annualised 4.9% from 2022 to 2027. Close to 150,000 employees across nearly 58,000 businesses are currently carrying this industry into its projected growth rate.
With an industry momentum such as this, one must ensure that gears run smoothly, trailers are well secured, and truck drivers are prepared for their destination. To cover your risks, suitable Truck Insurance may help to provide the coverage you require to get your business going
Why do you need Transport and Logistics Insurance for your truck?
Transport and logistics insurance protects your hauling vehicle from risks and liabilities before, during, and after you hit the road. Trucks, along with other vehicles such as seafaring vehicles, cargo vans, and small transporting vehicles, fall under this type of insurance. Moreover, truck insurance coverage may go beyond vehicles to the goods they carry.
In Australia, you might be legally obliged to insure your hauling vehicles. Choosing the right kind of insurance for your business will be beneficial not just for you but for your customers as well.
What type of truck insurance do I need?
Trucks come in all shapes and sizes and so do the available Truck insurance options that may meet your requirements. Here are some types of truck insurance that you might want to consider for your business, whether you own a single vehicle or a large vehicle fleet.
This type of insurance covers damages or losses arising from your business activities.
Similar to the first insurance but on a bigger scale, covering multiple hauling vehicles of your business.
Public Liability insurance covers any legal and compensation costs incurred from damages or injuries brought about by your business.
Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.
A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.
Public Liability insurance covers any legal and compensation costs incurred from damages or injuries brought about by your business.
Other types of insurance that you might want to consider:
- Downtime Insurance
- Warehouse and Freight Forwarders Insurance
- Workers’ Compensation Insurance
What are the advantages of having truck insurance?
Peace of mind
Once your trucks pound the pavement, your business is at the mercy of your driver’s expertise and the elements surrounding them while on the road. Adding a layer of protection through insurance will give you peace of mind for your business.
Investment security
Hauling vehicles are costly assets. By insuring your investments, you protect your business against added costs brought about by unexpected accidents or liabilities.
Business trust
Truck insurance does not only secure your investments but your clients’ trust as well. They can be assured that you can manage risks and deliver top-notch hauling services.
Before you send your cargo to its next destination, it’s best to talk to an expert insurance broker to protect your business against unforeseen risks and liabilities on and off the road.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
All information above has been provided by the author.
All information above has been provided by the author.
ADVISR, ABN 17 613 588 266
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