Every industry has to account for a variety of risks. When you work in the trucking industry, you have to consider protecting your cargo in the case of an accident, natural disaster or criminal act. Here is what you need to know about choosing cargo insurance.
How To Calculate Your Risk
Cargo insurance is the best way to protect your goods from physical damage. The way that you can calculate your risk is first by calculating the value of your cargo. Then, multiple it by the chance of an accident, disaster or other events.
How To Determine Your Liability Coverage
Your coverage options depend on a variety of factors. Generally, coverage will include losses due to:
- Water Damage
- Equipment failure
To determine the coverages that you need, you need to consider which risks apply to you. For example, if you have a refrigeration truck, then refrigeration failure is a major risk to account for. If you own a warehouse, then you need to have coverage for cargo when warehoused. Working with an insurance agency can help you decide which coverages that you need.
In the transportation industry, your cargo must travel from point A to point B safely. Unfortunately, accidents do happen and can affect your cargo.