Operating a commercial motor fleet has its challenges. Motor Fleet and Transport operators face a range of risks depending on their fleet's specific circumstances. It's important you work with an insurance advisor who takes the time to understand your risks to ensure an insurance solution is specific to your needs. A well designed commercial motor insurance policy is key to ensuring your fleet of commercial motor vehicles runs smoothly.
Protecting Your Transport Business
The business activities within Transport and Heavy Motor Industry are very diverse, as are the business risks which insurance needs to protect. This means that there is not a one size fits all when it comes to buying a commercial insurance policy for your construction business. We specialise in advising various commercial transport businesses including:
- Road Freight Transport Operators
- Bus Charter Operators
- Tour Bus Operators
- Taxi & Hire Car Services
- Cartage Contracting
- Heavy Vehicle / Machinery Sales, Hire & Service
- Transport Support Services
What risks are specific to the Transport Industry?
- Property / Material Damage risks can be significant for transport operators with storage / warehousing sites. Depending on the type of goods being transported and stored the risk can range from moderate to severe. It is important these risks are fully understood and insurance cover is in place to adequately protect against financial loss.
- Business Interruption can be a major issue when considering vehicle down time. The risk must be properly assessed to understand what level of insurance should be in place to ensure replacement vehicles are available to minimise any down time. The other risk which needs to be considered is any business interruption caused by loss / damage to the head office location and communications equipment. In particular, loss of communication systems can lead to a significant business interruption and associated financial loss. Therefore an appropriate insurance solution must be put in place or contingency plan for an alternative communication / dispatch site.
- Theft / Crime is a constant issue for the transport industry with theft of customer's goods and loss of property at the warehouse / depot a constant issue for transport operators. Strong risk management and inventory control is key to reducing this exposure combined with adequate insurance coverage.
- Marine / Goods in Transit is a major risk consideration for Transport operators. Many operators will have a requirement under the terms and conditions of cartage for carriers liability insurance. It is important to work closely with your insurance advisor to ensure your Marine Insurance covers any contractual requirement under your terms and conditions.
- Motor Vehicle is obviously an extreme risk which needs to be managed. Various risk factors such as time on the road, size and radius of operations, driver / employee management and type of goods carried are important considerations. Replacement / hire vehicles are an important part of risk mitigation.
- Public Liability is an exposure which can vary depending on each operator's circumstances. An operator with a labour hire or sub-contractors face an increased exposure of worker to worker claims. There is also considerable risk when loading / unloading at off-site premises.
What types of Insurance are relevant to the Construction Industry?
- Commercial Motor
- Marine Cargo / Transit
- Property / Theft
- Public Liability
- Business Interruption / Loss of Revenue
- Cyber Digital Risks Insurance
Contact Us Today
If you would like to find out more about the benefits of working with NWC Insurance then give us a call on 1300 400 700 or email email@example.com.