If you are in the transportation business, you need to carry several types of insurance, in Ontario. In addition, if you do not cover all your risk factors, you could find yourself out of business within a short amount of time, and it may only take one claim or lawsuit. Transportation businesses face a number of hazards that are unique to hauling companies and it is vital to have the right kind of insurance and sufficient amounts of each coverage option. Take the case of John W, for example.
John started up a small trucking company in 1995, and over the years it grew substantially. He was proud of the fact that he owned a fleet of 9 trucks with customers all over Southern Ontario. John always felt that he had sufficient trucking insurance to cover unexpected events. However, he recently decided to have an insurance review. His insurance broker told him that two million dollars of liability coverage may not be sufficient and he advised John to increase this amount to protect his growing business. John knew his broker was honest, experienced, and dependable, so he took his advice.
Eight months later, one of John's drivers was involved in a serious traffic accident, and a car passenger received injuries that caused total and permanent disability. The passenger sued John's company and after a lengthy court battle (with extensive legal costs), was awarded 2.6 million dollars in damages. Had John not raised his coverage, his trucking company would have been in serious trouble.
Trucking or transportation insurance is designed to protect businesses that haul goods or people. In fact, it can make the difference between staying in business and going under due to a lawsuit or legal claim.
Do you haul or transport products or passengers in your line of business? If so, you are at risk for a number of things that can happen. Here are some of the businesses that need transportation coverage:
Standard Trucking Insurance
Most transport businesses need these basic options:
When you talk to an experienced insurance person, you can discuss these options and more:
For some of the best service and prices on insurance, consider experienced insurance brokers like Bunnell Hitchon Insurance Brokers Inc.. An insurance broker is an independent representative that does not work for an insurance company. He or she works for you.
In the insurance business, experience is one of the most important qualifications, and Bunnell Hitchon Insurance Brokers Inc. has a history that dates back to 1890. You can rely on your insurance professional to take care of all your business and personal insurance needs. We have access to cross border markets and provide regular claims reviews and analysis.
Why take chances with something as important as your future, when you can have an insurance policy custom made for your business? To talk to an experienced insurance professional at Bunnell Hitchon Insurance Brokers Inc., simply call us at 519-756-2200, or in Toronto call 416-480-9888. If you are out of the area, call toll free 888-318-2424.