Running a successful business requires smart decision-making. For instance, shippers prefer intermodal transport to take advantage of the different means of transportation.
Intermodal transportation can also be beneficial to your finances and the environment.
Despite its benefits to shippers, there are additional risks. Intermodal transportation is handled by different carriers, so both goods and workers encounter several risks and hazards that can result in losses to your business.
For instance, if you’re transporting perishable goods by rail, drastic temperature or poor handling could damage the cargo.
With that in mind, businesses that rely on intermodal transport should consider acquiring sufficient commercial liability insurance.
If you transport liquefied petroleum gas or toxic chemicals, there’s a risk of fire to the public. In case of a fire outbreak, burn victims or their families can sue for compensation.
Unfortunately, you could have to pay damages if the claim exceeds the carrier’s insurance coverage. Instead of paying the excess amount from your finances, proper insurance coverage can shield your cash flow from such a loss.
Some of the items covered by the settlement include:
Medical expenses
Lost income
Pain and suffering
Loss of enjoyment of life
Your Business Owns Trucks
If you conduct last-mile delivery using your fleet of trucks, you need coverage against road hazards. For instance, you could be called upon to make repairs if one of your drivers rams onto another vehicle.
Intermodal transport insurance can cover collision damage caused by an uninsured driver. It may also cover medical and related expenses in case drivers are injured in traffic accidents.
To Obtain Comprehensive Coverage
You may also need to protect your trucks against all other causes of damage apart from collisions. The common hazards covered by comprehensive coverage include fire, damage by wild animals, falling objects, riots, theft, and vandalism.
Although comprehensive coverage is not mandatory, confirm with your agent whether you need it. For instance, your truck is exposed if you transport goods in an area that receives storms or thunderstorms.
To Protect Your Items
When your cargo is in transit, it faces several risks and losses, which can ruin business finances if paid out-of-pocket.
Here are the common risks associated with goods in transit:
Damage or loss due to natural disasters
Custom delays
Negligence of different carriers
Loss or damage due to civil unrest, war, or riots
Bad weather conditions
The primary benefit of intermodal transport insurance is to minimize loss when your items are destroyed or stolen. In addition, it may also cater to costs associated with delayed delivery, like lost orders.
Speak to an Experienced Intermodal Transportation Insurance Provider
Ultimately, transporting goods exposes your business, goods, and other road users to multiple risks. As a result, you may be called upon to pay hefty medical bills, repair damaged property, or pay a court-ordered settlement.
Acquiring the right insurance plan from a reputable and trusted insurance team like Panorama Insurance Agency is always recommended. Contact us online or call us at 818-616-8026 to get a free quote.
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