The transportation sector is facing growing challenges in an rapidly advancing world. Customers are demanding cheaper goods and faster shipping times, which puts pressure on transportation companies. They work around the clock and are the lifeblood of industry, but as the pressure increases, so does the risk of mistakes.

One of the ways they can relieve that pressure is to take advantage of transportation insurance. This insurance is mainly offered to those whose job it is to transport goods, and it gives them some much needed peace of mind as they face their usual day to day responsibilities.

This is also a type of insurance that Nigerian homeowners need to know about, because it could be the only thing protecting them from complete financial collapse if they fall victim to criminality during a house move.

Keep reading to learn more about the transportation industry and about the types of transportation insurance available.

WHAT KIND OF BUSINESSES FALL UNDER TRANSPORTATION?

This industry covers a broad range, but where transportation insurance is concerned it typically refers to companies responsible for hauling cargo on commercial vehicles. These companies tend to have fleets of trucks and other vehicles and they usually work around the clock, moving cargo long distances across North America, Africa and helping to ensure that many other industries, including agriculture, manufacturing, and retail, continue to function.

It also refers to companies that transport goods by air or by rail, and as well as covering goods while they are in transit it can provide cover for those goods while they are being stored. If the company is responsible for expensive goods and stands to lose money and reputation if anything happens to them, then they may qualify for transportation insurance and for the assurances that it provides.

The transportation industry also includes companies involved with moving people, as opposed to goods, but these companies have specific needs and are typically not included when referring to transportation insurance. In such cases they tend to have very specific liability insurance, one that focuses on bodily harm (helping with legal issues and payments in the event of a personal injury lawsuit, for instance) as opposed to theft or loss of goods.

WHAT ARE COMMON TYPES OF TRANSPORTATION INSURANCE?

The main purpose of transportation insurance is to cover the goods in transit, with coverage available for everything from theft to accidents and fire. This cover is recommended for anyone shipping valuable goods over long distances, whether they are a company making regular trips or a person looking to make a single trip.

The specific policy will dictate what is covered and what is not and the cost of this insurance can vary greatly depending the amount of cover needed. This is something that you can discuss at length with your insurance broker should you need a policy yourself. Your broker can describe the ins and outs of the policy to you and determine if it is a good fit for your needs. If not, then they can help you to make some amendments, removing unnecessary additions or adding necessary ones as needed.

If you are moving home and shipping your goods across the country or continent then you may also want to consider a form of transportation insurance. Thieves have been known to target removal trucks, even those secured in a lock-up overnight and those parked in parking lots, and contrary to what people might assume, there is no automatic cover for incidents like this. The company moving the goods can be covered, but not if the van is a rental and the goods are being transported by the homeowner.

Every year there are multiple stories of families losing everything they own following a theft from a removal van (typically occurring when the van is parked for the night), making transportation insurance a necessity for anyone who finds themselves in a similar position.

Looking for a reliable Insurance broker to trust your fleets to, contact Leverage Insurance Brokers today!