Logistics Insurance – Is Your Transport Network Covered?
If your work involves taking people or items from ‘A’ to ‘B’ or if you have a supply chain from ‘A’ to ‘B’ to ‘C’, there unfortunately is always a chance that something could go wrong and therefore it’s important to ensure that you are protected throughout the duration of the chain. The logistics sector has faced a number of challenges over the past year. These challenges include Covid-19 and of course Britain’sexit from the European Union.
Cargo Insurance
Cargo insurance is also known as marine cargo insurance however it doesn’t just cover goods transported by sea. These policies cover goods from road, rail and air too. Whilst we know you pack your goods carefully, there are some elements that we cannot control, like the weather, mechanical breakdowns, fire and movement on the journey can impact the safety of your goods.
You will also be covered for lost or damaged cargo. Coverage will be available domestically and worldwide for most types of cargo including general, perishable, hazardous, valuables, heavy lift, manufactured goods and commodities.
You will also be covered for stock throughput risks which covers raw materials from the source of production to their final destination. This is on top of cargo and professional legal liability, supply chain and trade disruption coverage, shipment projections, political risks and exhibition risks.
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Hull & Machinery Insurance
If your logistics business owns and operates shipping vessels, hull & machinery insurance will likely be added to your logistic coverage. This insurance will protect your vessel or fleet in case of physical damage occurring while it/they is in transit over water. These vessels include barges, tugboats, floating machinery and oil rigs as well as others.
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Commercial Vehicle Insurance
This insurance is mandatory for all vehicles being operated for business purposes and is another coverage that will more than likely be included in a logistics business insurance package. This cover can protect your logistics business from liability arising from an accident involving company vehicles used.
Commercial General Liability Insurance
A commercial General Liability policy protects your business from financial loss should you be liable for property damage or personal and injury caused by your services or your employees.
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Commercial Property Insurance
Commercial property insurance is designed to cover the costs which your business could face in the result of accidental damage including storms, floods and fire.
Haulage & Distribution Insurance
This insurance ensures that the goods in your care are properly insured, whether the items are in your property or vehicles.
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Effects On The Logistics Industry
The impact of the COVID-19 Pandemic has affected the cargo industry in several ways. With implemented quarantine, travel restrictions and delays in the production of goods, goods in transit may be delayed, rerouted or discharged short of their final arrival point as a result of closures or restrictions. Even once quarantines are lifted it could take months to unravel the backlog.
Then we have brexit. The most troublesome Brexit issues relevant to the industry will of course be delays at ports, mandatory border checks and the ability to process the required paperwork.
Our advice would be to try and understand that supply chain distributions can happen and arise in a sudden and severe manner. It is imperative to monitor risk, assess the impact your business may have and this will then help to to prepare for the future
Decreased Shipping Errors
When you ship items without logistic insurance in place, you will often find mistakes will be made through the process. Having logistics insurance will give you that added peace of mind that errors will be kept to a minimum.
Organised Operations
Logistics insurance will also give you the opportunity to get more organised as a company. Logistics allow you to reduce mistakes across the board and function as a more organised unit.
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Scale Your Business
With logistics insurance keeping your business on track, you may even feel more comfortable to scale up and take on more work. This type of insurance will also allow you to start working with new clients and to ship to new places.
If you would like more information on Logistics Insurance from [broker_name] in [broker_county] please get in touch with a member of the team today
