There are many different services provided by those that work in the trucking industry, but regardless of what product they are transporting or the size of the rig being driven, having comprehensive insurance coverage is the first step in risk management. When working with the professional team at Transguard truck insurance, your drivers can take to the road with the peace of mind that their liabilities are covered.
General vs Unique Liabilities
A basic trucking policy will cover general liabilities, which typically include theft, vandalism, personal injury accidents during loading or unloading, and vehicle accidents on the roadway or in a parking lot. With unique coverage situations, special policies are written to address circumstances that are specific to your business. For instance, those who operate moving trucks have different risks with their contents than those who transport fuel or chemicals around the country. Because of the variety of these unique liabilities, it is best to work with an insurance company that knows your industry.
A Budget for Coverage
The size of your company and the type of work you do are just some of the factors that will impact the cost of insurance. However, not having insurance coverage or not having enough coverage could result in financial losses (legal fees, court settlements, replacement purchases, etc. ) that can ruin your company.
There are inherent risks to operations, but if you don’t fully understand what they are and how they impact your company, you could end up facing a lawsuit from a client, employee, vendor, or consumer. For that those run a laundry service, careful attention should be given the number of dry cleaning risks present.
Monitoring Harmful Chemicals
A risk management strategy that addresses on-site dry cleaning liability should include recognizing the pollution and chemical hazards of the environment. The dry cleaning process makes use of detergents and bleaches (or a combination of solvents) that are toxic to both human contact and the environment. Any kind of accident spill on the property or leaks from improper storage could contaminate the water supply. While you may not think such pervasive contamination is possible, you don’t want to take that chance.
Handling a Spill
If your dry cleaning company has an incident, such as when someone comes in contact with chemicals or a spill occurs, you may be facing a court appearance or steep fines. With an insurance policy, you can be protected for the financial liability your business has since policy can cover the cost of your legal defense and may cover any settlement funds awarded.
Your dry cleaning services has a number of risks, whether is be slips and falls or client clothing that is damaged in your care. However big the situation, strong defense starts with a comprehensive liability policy.
All businesses need to employ active measures to protect themselves against crime, including those that are committed by their own personnel. Crime insurance is an effective tool to help shield businesses from losses sustained as a result of employee crime.
How Employee Theft Can Affect Businesses
Businesses that have excellent hiring practices and stringent security still must contend with the possibility of internal theft. Examples of crime insurance claims handled by insurance carriers include a wide range of situations. In most instances, employees take advantage of their position and access to companies’ resources in order to steal products or assets, misappropriate corporate funds, or rob a company’s clients. Here are examples of actual claim scenarios:
- Unauthorized use of a company credit card for personal purchases
- Embezzlement of funds from a condominium association’s operating account
- Fraudulently directed wire transfers from a financial institution
Planning and Protection
Businesses need to utilize careful financial procedures that limit employees’ access to funds and create a chain of accountability. Accounts need to be monitored, and it’s preferable to have them periodically audited by third parties.
Employee theft can go undetected for an extended period of time, so losses can be substantial. It’s important for businesses to safeguard their operations with insurance coverage that will effectively protect their operations.