With approximately 75% of freight in Australia being transported via road, it goes without saying that trucks are vital to Australia’s economy. Due to the vast size of our nation, and the high occurrence of road freight, there are a number of risks associated with owning and driving a truck or commercial vehicle.
Those that rely on their truck or fleet for their financial livelihood benefit from having the right cover in place to ensure they are protected should anything happen. Let’s have a look at what truck insurance is, and why it is an essential element of risk management.
What is transport and logistics insurance?
Transport insurance offers coverage against a wide range of risks and liabilities in relation to trucks and related business. Transport and logistics insurance can help keep you on the move and operating, no matter what challenges come your way. Transport and logistics insurance policies are beneficial for operators of large national fleets, and also smaller scale owner-driver operations with single vehicles.
What does it cover?
The inclusions of your truck insurance policy will depend on your own requirements and insurance needs, but in general, transport and logistics insurance offers coverage for:
- Accidental damage or loss to your truck
- Freight transportation
- Warehousing and storage
- Downtime cover
- Non-owned trailer cover – if damage is caused while you are using a trailer not belonging to you
- Windscreen cover
- Loss or damage to the goods being transported – including damage or loss following collision, overturning, fire, explosion, flood, forced entry theft or malicious damage. In some cases, protecting your cargo is one of the most important aspects of truck insurance.
Exclusions to your business insurance cover will be outlined in your specific policy, and it’s important you understand these limitations.
Benefits of truck insurance
It’s true that any insurance policy is an added expense, and it can often seem costly, particularly for small businesses or those with a large fleet to insure. However, the benefits of truck insurance greatly outweigh the cost – and to not cover can be a very expensive mistake.
In addition, it’s worth noting that there is often a legal obligation to have the appropriate insurance cover in place, so as well as being a smart financial move, taking out transit insurance is likely a legal requirement. It’s your responsibility to satisfy any legal requirements in relation to your business activities.
Protects your investment
A truck is a big financial investment, and one that can be very costly to fix or replace should anything happen. Heavy motor insurance protects this investment by offering financial support should you need to repair or replace your truck. There are a large number of risks when you are out on the road, and the right truck insurance will offer you peace of mind.
While we like to think that nothing will happen, accidents do occur, and it’s best to be prepared in the event that something happens so that you can recover quickly and without additional financial strain.
Downtime insurance cover
If you rely on your truck for your financial livelihood, you can face serious financial strain if you are unable to operate due to damage or loss to your truck. Downtime insurance cover is designed to keep you going in the event that you can’t use your motor vehicle. Your insurance provider will offer financial support to help fix your truck, and to help with everyday living expenses until you can get back on the road.
Covers incidents both big and small
Even seemingly minor incidents, such as the chipping of a windshield, can be costly to repair and can halt operations. Truck insurance doesn’t only cover large accidents such as roll-overs. Truck insurance covers you, your business and other motorists on the road against big accidents or minor incidents.
Finding the cover that’s right for you
The right level of truck insurance for you depends on your situation and operation. Bundling various forms of insurance together is the best way to mitigate risks associated with your business, and to keep you from financial strain should something happen.
Here at GSK Insurance we are expert truck insurance brokers, and we offer customised insurance solutions to ensure you are covered in every aspect of your business. We will help you find the right policies for you so that you’re covered when you’re on the road, and you’ll have the support you need to get you back to work should something happen to your truck or fleet.
If you want to find out more about the importance of transport and logistics insurance or find the business insurance products that are right for you, reach out to your broker at GSK Insurance Brokers Perth. We offer high quality service and competitive prices to help you protect your truck and your business.