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Businesses in the trucking and logistics industry face a tremendous amount of pressure and are exposed to a great degree of risk every single day. A small mistake on their end can not only impact the supply chain but can also lead to huge financial losses.
And if that were to happen - they can be held financially liable for the financial losses that have occurred as a result of their actions or mistakes.
For that reason and many more - getting your trucking and logistics business insured with an adequate level of cover is essential if you want to ensure the financial stability of your company.
Which Trucking & Logistics Businesses Can Benefit From Insurance?
Typically, every trucking and logistics business in the U.S. can benefit from being insured. But for more clarity, below, we will take a look at three specific businesses that can especially benefit from getting covered by an adequate insurance policy.
Freight Brokers
Freight brokers have the responsibility of connecting carriers with shippers. They serve the sole purpose of helping the owners of cargo transport their products from one place to another using the most efficient and secure mode of transportation possible.
With that, however, there are a lot of risks involved, which could land the freight broker in a tricky situation. If they make a mistake, which ends up costing the carrier or the cargo owner money - the freight broker can be sued so the affected business can claim compensation.
Thanks to the trucking commercial insurance you’ve taken out, if that were to happen, you have nothing to worry about as your business will be financially protected.
Freight Forwarders
Freight forwarders: from delayed shipments to employees suffering devastating bodily injuries - these are just a few of the risks that freight forwarding businesses are exposed to daily.
Not only that but if the accident or the circumstances are serious enough - a lawsuit may be filed against the freight forwarder, and if found guilty - they may be held financially liable.
That’s why having commercial trucking insurance in place is necessary as it will provide your business with financial coverage in case a lawsuit or a claim is made against your business.
Refrigerated Warehousing and Storage
Refrigerated warehousing and storage facilities: from produce going bad due to the breakdown of the facility’s cooling system to property damage caused by devastating weather conditions - these are some of the risks refrigerated warehousing and storage facilities face on a daily basis.
Without insurance, if your company is held financially liable, then your business will have to pay for all the costs involved out of pocket, which can destabilize the financial standing of your firm. That’s why having insurance is always recommended as accidents are unpredictable and can come out of nowhere.
What Insurance Policies Are Relevant for Trucking & Logistics Businesses?
Trucking and logistics businesses can select from a handful of different insurance policies when operating in the United States. The level of cover you choose to opt-in for your business will depend on your state, the size of your business, and various other similar factors.
Please take a look below to find out some of the most recommended and most popular insurance policies amongst trucking and logistics businesses in the U.S.
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