Why Nanaimo Trucking Insurance Is Essential
Nanaimo, British Columbia, is often called Hub City or Harbour City due to the consistent waterborne traffic the city sees. Much of this traffic is commercial, transporting goods throughout the rest of North America and beyond, making Nanaimo trucking insurance an essential investment for many businesses.
Approximately 4.6 million tons of cargo are received in the city every year. While most of this is transported via cargo ships, Nanaimo is also home to many trucking companies. The city’s advanced infrastructure makes it ideal for centralised transportation operations, and trucking companies have seized this opportunity. Much of the freight that is imported on ships is then transferred to trucks to be distributed throughout the country.
It’s unsurprising, then, that transportation and warehousing jobs account for 4.7% of the city’s workforce — or over 2,250 jobs — according to the City of Nanaimo. Though this can be a lucrative industry, it can also be filled with liabilities. Protect your trucking company against the most common risks and incidents in Nanaimo.
Mitigating Liability With Nanaimo Trucking Insurance
Trucking insurance is the best defence you have against the liabilities of the road. If you operate a transportation company, you understand that the risk of an accident is always a potential threat, but accidents aren’t the only liability that truckers must account for.
Many other risks facing truckers can be just as costly as an accident. Consider the expenses that could emerge from any of the following scenarios:
- Property damage
- Litigation
- Theft
- Vandalism
- Injury
Trucking can be treacherous, and it’s imperative that you protect your company and its assets. Unlike other insurance policies, coverage that’s tailored to commercial truckers should include insurance for any cargo as well as the truck itself.
Truckers are most often transporting another company’s goods, so if this cargo is lost or damaged, the results may be disastrous. Protecting another company’s property is one of the most important responsibilities any trucking company has, and with the right insurance policy, you can be sure that the value of your cargo is covered.
If one of the trucks in your fleet is damaged from vandalism or an accident, you need coverage for this, too. Look for a Nanaimo trucking insurance policy that extends beyond liability to cover expenses associated with other incidents.
Truck Insurance Requirements in Nanaimo
A comprehensive trucking insurance policy is one of the best investments you can make. In addition to being a wise investment, it’s also a requirement for transportation companies in British Columbia. Truckers must have at least $10,000,000 in third-party liability coverage. Failure to submit proof of insurance to the Office of Driving and Transportation could result in penalties.
More importantly, inadequate insurance will leave your company vulnerable to exorbitant expenses. A single accident could cost thousands of dollars in repairs — and even more if medical treatment or litigation follows. Rather than rolling the dice with your company, find a trucking insurance policy that satisfies legal requirements and covers your exposures.
HUB International understands that every company’s liabilities are different. A company with just two trucks will certainly have different needs than a conglomerate with hubs located throughout Canada. We’ll work with you to develop a policy that addresses your needs, limits your liabilities and protects you from financial fallout if risk comes to fruition.