Transportation insurance offers coverage of the insured's property while it’s in transit from one location to another. Some types of insurance coverage companies should consider when creating a risk management plan include:
- Cyber insurance: This provides coverage in the event of a loss from a cyberattack and benefits and terms will vary depending on the policy purchased.
- General liability insurance: This protects against property damage or injury claims made by a third party.
- Workers' compensation insurance: If your employees become ill or injured during a work-related incident, this can help cover any financial consequences. Depending on the type of work being performed, workers’ compensation is often mandatory in most US states. Similar insurance may be available or required in other countries.
- Property insurance: This covers recovery costs in the event of loss or damage to physical property, including vehicles, offices, or inventory, from a fire, storm, or other causes.
The most effective approach to risk management within the transportation industry will require your company to have both general coverage, such as the examples above, as well as specific policies tailored to the type of cargo you move and whether you transport people.