Transportation insurance is a type of insurance policy that protects the insured party’s property while it is in transit from one place to another. The mode of transport can be by land, air, or water. A basic transportation insurance policy in Ontario should include general liability coverage, commercial auto liability, cargo insurance, and commercial property insurance. There are many factors that can affect a transportation company, come of which are uncontrollable; this means that companies need to prepare for as much as they can and leave as little as possible up to chance.
Liability limits can vary depending on what the transportation company is hauling. Auto liability insurance limits are recommended to be between two and five million dollars in Ontario. Transportation companies can choose what they want their deductible limits to be, as this will determine how much money will be paid out of pocket in case of an accident, injury, or damage to the goods being transported.
Transportation insurance includes:
- General liability insurance coverage: protects a business for problems and financial costs associated with the risks of running that business. This can include injuries or lawsuits brought to your company because of an accident or other problem that occurred on your property.
- Commercial auto liability insurance: is required in Ontario and includes third party liability, medical payments, direct compensation property damage, and uninsured motorist coverage. There are also options to add on additional comprehensive insurance coverage, collision coverage, and liability limits over one million dollars.
- Cargo insurance: transportation coverage that started out primarily as a way of insuring goods traveling by boat. Now, with overland options available, this kind of transportation insurance has been expanded to include trucks and other forms of ground transportation. It is also known as inland marine coverage and protects goods that are being transported on the roads of Ontario.
- Commercial property insurance: protects buildings or offices as well as the equipment and goods inside them. Commercial property insurance can help cover your goods before they are put on a truck, or after they have been moved and may need to be stored in a warehouse or other facility. It’s important to make sure that your goods are protected during every stage of the process until they get into your customers’ hands.
There are additional add-ons to transportation insurance that can be used by companies with unique situations. For instance, some trucks need to be refrigerated in order to keep the goods inside them fresh. In a situation like this, reefer coverage can be added on to a transportation policy to protect the value of the items being hauled if the refrigerator unit was to break while on the road.
Consequential loss, or income loss, is another add on. This insurance policy can help with the financial ramifications of damage that could shut down business for a period of time and cause you loss of income and business. If you have a fleet of multiple vehicles, you might be able to get a discount on fleet insurance by insuring all your vehicles with one insurance company. Finally, tow truck insurance is incredibly useful for tow truck drivers who need to insure their own vehicle as well as the vehicle they are towing.
Duliban has worked with companies small and large to meet their transportation insurance needs. Hear from others who have worked with Duliban to find transportation insurance and learn more about the process of finding the right insurance policy for your business.
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