Transport and Logistics Insurance Cover

Transport and Logistics Insurance Cover

In Australia, our entire supply chain relies on the effective use of logistics and timely transport of goods, food, and raw materials for production.

More than half a million people work in the transportation and logistics industry. If your business has a connection to these areas, you will need insurance cover to make sure an unexpected event does not bring down your entire operation.

Need Transport and Logistics Insurance Cover From the Experts?

WHAT IS TRANSPORTATION AND LOGISTICS INSURANCE?

In a world where safely and efficiently delivering goods or resources is surprisingly tricky, transport and logistics insurance protects your business from unforeseen occurrences that can prevent timely arrival of promised products.

Transportation and logistics insurance will cover your means of transport, such as heavy haulage carriers, extended size trucks, or cargo vans. The coverage also protects your cargo be it livestock, computer chips, or anything in between, including dangerous cargo.

Essentially, if your company has a steak in the transportation industry, transportation and logistics insurance is something you cannot afford to skip.

WHO SHOULD CONSIDER TRANSPORTATION AND LOGISTICS INSURANCE COVER?

Transportation and logistics insurance is not industry-specific. Whether you specialise in transporting mine equipment, hauling livestock, delivering goods to port for transport, or storing goods that are awaiting shipping some cover related to transportation and logistics is a smart choice. Generally speaking, businesses involved in any phase of the supply chain should look into transportation and logistics cover.

WHAT RISKS SHOULD I FOCUS ON WHEN PLANNING MY COVER?

The risks involved in the transport and logistics industries are numerous. Some come to mind quickly, and others may surprise you. Here are several factors which can influence your need for insurance cover for your transport or logistics company. Remember that consulting with your insurance professional is always the best way to be sure your insurance policy includes everything your company needs.

  • Employee Liability
  • Motor Transit
  • Property Damage
  • Marine Transit
  • Crime
  • Equipment Breakdown
  • Environmental Hazards
  • Risks of Cyber Crime
  • Interruption of Business
ARE THERE ANY ADDITIONAL POLICIES I SHOULD CONSIDER FOR SPECIFIC CIRCUMSTANCES?

Truck with container rides on the road, railroad transportation, freight cars in the industrial seaport at sunsetWhen you are planning your company’s insurance cover, you need to look closely at the specifics of your business. If you believe that a part of what you and your employees do on the job may be inordinately hazardous, remember to confer with your insurance specialist.

Some examples of business practices that may require an additional kind of cover or a specific addendum to your existing policy include:

  • The transport of fuel and dangerous goods
  • Transportation of livestock
  • Cold storage facilities and contents
  • Heavy haulage
  • Earthmovers
  • Warehouse facilities and contents
  • Marine transport internationally
  • Legal defence cover
  • Cover for freight forwarding
  • Insurance for import/export transit
WHAT CAN MY TRANSPORTATION AND LOGISTICS POLICY COVER?

The specifics of your transportation and logistics policy will likely vary depending on your company. Generally, your cover may include:

  • Freight transportation
  • Storage and warehousing
  • Cover for a non-owned trailer
  • Agreed value loss or damage to vehicles
  • Cover for downtime
  • Automatic accessory cover
  • Windscreen cover
  • Truck and trailer leasing or renting
WHAT IS NOT COVERED IN A TRANSPORT AND LOGISTICS POLICY?

Often, we can eliminate specifics that you do not need from your cover. We write each policy for individual businesses. Because of the customised cover, an insurance professional should go over any exclusions on your policy.

DO I NEED TO PURCHASE AN ANNUAL POLICY OR CAN I GET COVER FOR A SPECIFIC TRANSPORT?

Single transit insurance cover is available. Typically, the cover is in force from the time the cargo leaves the designated place of storage until it reaches the predetermined delivery destination.

Although single transit cover can be useful in some circumstances, an annual transport and logistics insurance policy is a simple and cost-effective choice for companies involved in a considerable amount of transportation.

*Please Note*

All material provided is for informational purposes and is not legally binding. Always consult with an insurance professional for specific quotes and details regarding your insurance cover.

Need Transport and Logistics Insurance Cover From the Experts?