Accelerating globalization and digitization have reinvented the transportation and logistics industry.
Although technological innovations have created new opportunities for growth, they have also disrupted the competitive landscape. Companies must now adapt to the increased potential for cyberattacks, litigation, changing regulations, emergence of new products and services, and heightened competition from start-ups and other recent entrants.
Labor, fuel, and other costs are also increasing at the same time that insurance prices are increasingly volatile. This puts added pressure on transportation companies to control costs, while also managing their dynamic risks.
Our global Marsh team of over 500 transportation specialists offers the capital and risk expertise that can help your business better understand, prioritize, and manage these risks. Through our consultative approach, we leverage data and analytics to help you effectively manage your total cost of risk, keep up with industry standards, and maintain a competitive edge.
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:
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.
The following are the types of insurance coverage that companies with fleets should have:
Fleet insurance requirements are focused on liability. However, depending on your particular day-to-day operations, your business may also want to consider physical damage, uninsured motorists, and collision coverage.