As a business owner within the transportation industry, the last thing you need to worry about is the confusion that can come around from buying insurance. It can be a long, drawn out process to shop for it and especially so if working with a brokerage that doesn’t understand the industry and it’s unique demands.
So let us break down what services/products RSI Insurance can offer to simplify the process and make it easier to understand so you can get the right insurance for your business’s situation.
Liability Insurance :
Simply put, this is insurance so if you do damage to something or someone, you have coverage.
Auto Liability: Possibly the most common/important for trucking, this is coverage for damage that occurred by the trucker from the use of their vehicles. This policy type can vary from mileage reporting, gross revenue, or your traditional scheduled vehicle type policies.
General Liability: This is coverage for damage occurred from the result of operations, not the auto or truck itself. This would include liability for yard and office premises as well as any other operations such as warehouse, grading, product manufacturing, etc.
Excess Liability: This is a policy that supplements other underlying policies, such as general liability or auto.
Warehouse Liability / Bailee: Warehouse Liability insurance protects the freight a company assigns storage charges for. Warehouse receipts specifying the terms of the storage contract must be utilized. Warehouse coverage is one of the most complex coverages you can purchase.
Professional Liability: Professional liability insurance is purchased by individuals who hold themselves to the general public as having greater than average expertise and particular areas. For example, surgeons, dentists, accountants, lawyers, freight forwarders, freight brokers, etc.
Employment Practices Liability: Employment Practices Liability Insurance (EPLI) is defined by the International Risk Management Institute (IRMI) as, “a type of liability insurance covering wrongful acts arising from the employment process.” In short, EPLI coverage would generally be triggered by any allegation that a “wrongful employment act” was committed by an employer,
Cyber Liability: Type of insurance to cover consumes of technology services or products. This is intended to cover a variety of both liability and property losses that may result when a business engages in various electronic activities. ex: selling on the internet, collecting data within its internal electronic network.
Pollution Liability: provides third-party coverage for bodily injury, property damage, defense, cleanup, and related defense costs as a result of pollution conditions (sudden/accidental or gradual) arising from contracting operations performed by or on behalf of the trucker
Property Insurance
This is to have coverage on property you own or have in your possession.
Physical Damage (Comprehensive/Collision): automobile insurance coverage that insures against damage to the insured’s own vehicle. Coverage is provided for perils such as collision, vandalism, fire, and theft.
Business Personal Property: This is to cover your investment in property and can be Owner Buildings, Owned Business Personal Property and Non-Owned Business Personal Property.
Cargo Insurance: Provides legal liability of the trucker in regards to property being transported while in truckers care, custody and control.
Trailer-Interchange: Trailer-Interchange Liability coverage protects the trailer you do not own while in your possession under a written trailer or equipment interchange agreement in which you assume liability for loss to the trailers while in your possession.
Workers’ Insurance:
This is to protect the people working in the employ for the trucking company.
Worker’s Compensation: This insurance protects employers against liability to their workers for injuries sustained while on the job. This insurance policy also protects the employee and his/her ability to create future earnings to support themselves and their family.
Occupational Accident Insurance: Occupational Accident insurance cover claims for accidents that occur while independent contractors are on the job, this is not to take place of your traditional Workers’ Compensation type policy. It is the standard alternative for owner-operators who are excluded under the worker’s compensation policies since they are the owners of their own business.
Employee Benefit Programs: Employee benefits solutions that can include a variety of medical, dental, vision, life, and disability insurance plans to be offered as part of the compensation plan for an employee.
Beyond Insurance:
RSI is able to provide you with an analysis of your business to find ways that not only better protect it but also is actively engaged in taking your business to the next level. RSI’s resources include partners in banking, finance, equipment, real estate, legal, etc. Our goal is to go beyond placing insurance and become an extension of your operation.
Anything a trucker may need for coverage, RSI Insurance can provide!
Reach out to us to get all your questions answered (Click to get a quote or call us direct at 1-800-828-5273) and we can help!
