Truckers: Does Your Current Insurance Program Suffice?

For the trucking industry, heightened pressure to transport goods in a short amount of time means that any setbacks in the supply chain pose a major risk to the carrier’s assets, or expose it to liability for damages. 

Transportation providers can use insurance to protect against these supply chain risks. For example, contingent business interruption coverage mitigates lost profits resulting from an interruption of business caused by physical damage to a supplier’s property, while cyber insurance protects against the costs of digital threats, such as ransomware attacks, phishing or hacking.

Perhaps the most obvious coverage is supply chain insurance (SCI), a specialty “all-risk” type of coverage that responds to losses caused by supply chain disruption. These include political unrest, labor disputes, cybersecurity breaches, natural disasters and regulatory action. A major benefit of SCI is that the coverage is customizable, meaning the policyholder may negotiate coverages and other policy terms that are specifically tailored to the its business. For a trucking company, insuring for financial losses resulting from natural disasters such as hurricanes, an…