A single spark in the flammable goods loaded on your cargo could lead to injuries and massive financial losses. If you can’t prevent this type of freak accident that can occur anytime beyond your control, it’s a must that you apply preventive measures to reduce the likelihood of similar incidents in the near future. Aside from insuring your business with a Flammable Goods Cargo Insurance policy, below are ways to protect your business assets.
Clearly identify all the risks your business faces
One of the best ways to protect your business against any bad incidents from arising is to clearly identify the risks that your business is exposed to on a daily basis; from start of operation until closing time. Be sure you list even the smallest types of risk that could affect your business.
Know the various types of insurance products
Now that you have a clear idea about the scope of risks that your business has to deal with, get to know the various types of insurance products available from your prospective insurer and request further details. Why? It’s an advantage to have enough information about insurance products so that you know which type of cover will match your needs and keep you protected against the identified risk elements.
Be willing to invest in the recommended policy
When you have gathered enough information about various insurance products, ask the crucial question, “Are you willing to invest in these insurance policies?” If your assessment of your business operation indicates greater risks, then be willing to invest in the recommended policy that your insurer advises. For example, if you carry a huge amount of flammable items in your cargo and have to undergo a lengthy trip on the road, chances of an accidental spark could lead to a major explosion. This unforeseen event could result in chaos for you and other parties. If you are to avoid a challenging situation where you have no other choice but to be held accountable for any loss or harm, then consider a flammable goods cargo insurance policy.
Lastly, for the overall safety of your business operation, remain vigilant at all times. Train your drivers thoroughly in preventive measures to take in the event of accidents like a fire or road collision. Be sure you orientate the drivers on the rules and conditions while driving with highly flammable goods, like the distance from other drivers on the road.
I hope this topic helps you make a wise decision about what type of protection coverage to include in your Flammable Goods Cargo Insurance policy. If you feel that a special insurance package is needed for your business, ask your insurer/ Broker if they can customise your insurance policy. Keep in mind that without any protection you face even greater risks while carrying flammable goods. Insuring your business and assets is one of the most important initial acts to protect your business.
Truck Insurance HQ are market leaders in the truck and transport industry and our brokers specialise in finding the best possible insurance policies at competitive rates to giver you the peace of mind that your Flammable Goods Cargo Insurance covers you for all the risks your business may face. Call our office on 1300 815 344 or go online to request a quote today.