What Is Transportation Risk Management?
Transportation, Insurance and Liability: Automobile Liability Insurance “Liability insurance provides a means to protect a company from claims, damages to personal property and individuals and loss of income.” “Vehicle liability insurance is needed in cases of injury caused by an insured vehicle. The maximum limit of liability coverage for a car is ten thousand dollars in the event that the car is damaged or stolen and the person or entity responsible for the damage is at fault. Auto liability insurance does not pay medical expenses for passengers and those injured in the event of an accident as well as does not cover the cost of repairs to or loss of property that may be damaged as a result of an accident. For these reasons, it is important to have a policy that pays out if an individual or business is at fault in an automobile accident.”
This type of insurance is essential for businesses who are involved in the transportation and delivery of goods, which can be a very complex task. If you own a business or work in the transportation industry, you should be sure to check into whether or not your company has a liability policy in place, and the amount of liability coverage that your company requires. If you do not carry adequate insurance, there is the possibility that you could be held liable for personal injuries that occur on the road.
There are several options to consider when purchasing the required amount of liability insurance. There are also many different types of coverage that are available to ensure that your company has the right amount of coverage for your company’s needs. Here are some types of coverage that most business insurance policies require:
Bodily Injury Liability: “Bodily Injury Liability insurance provides a means to protect a business against claims, damages to personal property and injuries caused by the negligence or recklessness of employees or clients while on the business premises.” “Liquor Liability: “This type of liability insurance protects a business owner, driver or employee from claims, damages to personal property and injury caused by the negligence or reckless actions of another individual while on the business premises.” Personal Property Liability: “This type of liability insurance protects a business owner, driver or employee from claims, damages to personal property and injuries caused by the negligent actions of another individual while on the business premises.” Personal Property includes but is not limited to, items that are owned or leased by the business.
There are also a number of types of policies that require a specific type of drivers to be licensed. Many companies require that their employees undergo training for a specific number of miles per day, which is known as the mileage percentage, that must be completed under their liability policy. Some insurance companies will also require that drivers have a minimum driving history that has been established before they are allowed to drive any of their vehicles on company premises.
Another type of policy that is used to protect a business from claims made on the road is Roadside Assistance. When an individual is stranded while traveling on the roadside and unable to get to the nearest restroom or exit the roadside assistance company will usually come to their rescue. However, when it comes to a claim made on the road, an individual needs to ensure that they do not call for help until they have reached the nearest bathroom or exit. In the case of an emergency the company will usually tow a person or vehicle to their location.
When it comes to Vehicle Theft, there are a variety of reasons why this occurs and the insurance policy will vary based on the type of theft. There are policies that cover vandalism and theft that are covered and there are policies that cover theft and damage caused by theft. Damages to property are also covered and the amount of theft that is covered will depend on the level of coverage that is purchased. While the cost of purchasing an insurance policy may be higher than other types of policies, it is important to understand that the majority of these policies will be able to save the company money in the long run because it can often result in having the stolen vehicle replaced at no charge or being repaired.
Businesses should ensure that they have a qualified insurance professional reviewing the policies that they are purchasing for their transportation risk management needs. Business owners can also contact a business insurance broker to help them in determining the appropriate insurance company for the type of company that they have. Business insurance brokers will often be able to answer questions regarding their company’s policy and explain what it covers. Many businesses will purchase insurance from an insurance agent who works closely with a particular insurance company to ensure that the business owner gets all of the protection that is needed for the business. and will also explain all of the benefits that the insurance policy offers.