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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 with the right insurance coverage.

What is Inland Marine Insurance?

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. Because items in transit are not typically covered by other types of insurance, this type of insurance is highly valuable.

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?

  • Manufacturers
  • Freight Forwarders
  • Moving companies
  • Logistics Companies
  • Long haul transport services
  • Local hauling services
  • Couriers
  • Retailers
  • Importers and Exporters
  • Owner operated truckers
  • Distributors
  • 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 insurance agent can explain options like inland marine insurance, which allows you to make an informed decision about your policy.

Why Bradley’s Insurance?

Our experienced insurance agents at Bradley’s insurance often include years of experience working in the industry they represent. Therefore, your insurance representative could have personal insight into your line of work as well as your unique business insurance needs. With over 30 insurance specialists and three convenient locations, we can take care of the needs of businesses large and small.