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What is Transportation Insurance?
Transportation insurance is crucial for businesses in the transportation industry, including trucking companies, freight brokers, shipping companies, and public transit operators. These businesses face a myriad of risks, such as accidents, cargo theft or damage, equipment breakdown, and liability issues, which can all lead to significant financial losses. Transportation insurance is designed to cover these risks, providing financial protection and ensuring the continuity of operations even in the face of unexpected events.
Specialized Protection With Transportation Insurance
In addition to standard coverages, transportation insurance can also include specialized protections tailored to the unique risks faced by the transportation industry. For example, downtime insurance compensates for lost income when a vehicle is out of service due to a covered loss. On-hook towing insurance, crucial for tow truck businesses, covers damage to vehicles while they’re being towed. Similarly, warehouse legal liability insurance covers goods stored at a warehouse or terminal.
Lastly, cyber liability insurance offers protection against financial losses from data breaches or cyberattacks, an increasingly important coverage as the transportation industry becomes more digitized. The exact mix of coverages will depend on the specific needs and risks associated with each transportation business.
Core Components of Transportation Insurance
A comprehensive transportation insurance policy typically includes several key coverages. Commercial auto insurance, a foundational element, covers damage to or theft of company vehicles, as well as liability for injuries or damages caused by these vehicles. Cargo insurance is another important coverage, offering protection against the loss or damage of goods while in transit.
General liability insurance provides coverage for claims related to bodily injuries or property damage that aren’t related to the operation of vehicles. Additionally, workers’ compensation insurance covers medical expenses and wage replacement for employees injured while working. Ready to get started? for a quote today.