Most firms involved in transportation will already be purchasing standard theft, storm, flood, business interruption, and fire cover as well as protection against a variety of other risks. But is the cover you are currently purchasing sufficiently wide to cater for those threats facing your business in today’s fast-changing world. For example:
Do you currently purchase employee dishonesty (fidelity) cover to cater for the threat to your business caused by a member, or even members, of your team acting fraudulently? A threat that’s perhaps growing due to our increasing reliance on IT and communications technology.
You may have business interruption cover to guard against the risk of a disaster at your own premises, but what would happen if one of your most important customers was to suffer a serious natural catastrophe or fire? Or what if a serious incident nearby meant you couldn’t access your business for several weeks? Do you have appropriate contingent business interruption cover?
The impact on international transport companies, caused by the growing refugee crisis, is causing serious problems. Do your international drivers have suitable ‘Personal Accident’ cover to cater for the risk of assault? If you’re involved with perishable goods, do you have suitable deterioration of stock cover? If a load was contaminated by persons illegally on board your trailer, would your transit policy cater for an entire load perhaps having to be destroyed? Would the cost of appealing against the imposition of a civil penalty imposed under the Immigration & Asylum Act be covered under your commercial legal protection insurance policy?
The key issue is whether the cover you have today provides adequate cover against both newly-emerging threats and traditional threats that may today pose a greater risk than was traditionally the case. To explore this issue in greater depth, talk to your usual Towergate Adviser.