Ever experienced falling short on your fixed expenses due to an accident or a sudden illness that left you incapacitated far longer than expected? Many truckies who operate and drive their own vehicle to haul goods or offer hauling services to establishments often have doubts in getting transport business expense insurance. Some think that this is nothing but waste of money until they face drastic consequences to such doubts. When operating a small transport business on your own, certain risks can easily turn a perfectly working venture into one of devastating losses in a blink of an eye. With this, having the right transport business expense insurance can definitely be of help.
Transport Business Expense Insurance Explained
No matter the size of your transport business, whether you operate a single truck or a hundred fleet, you will be incurring costs to keep the business running literally. Even if you are running it at home or in your garage, you will have to shell out money on a daily basis to sustain its operation. Transport businesses, for instance, can incur substantial costs on the following aspects:
Fuel and fuel transaction fees
Road and fuel taxes
On-the-road routine servicing
Maintenance and repairs
Tire replacements
Liability/cargo insurance
Toll fees and other on-road costs
Office costs
Legal and accounting costs
Communication costs
On-road meals and accommodations
Depending on the nature of your transport business, these expenses are part and parcel of your operation. In the event of a devastating crash or debilitating illness, you will need sufficient support to keep the business running or at least, keep the lives of your loved ones comfortable while you recover– and you will need a financial back-up plan for that.
This is where a sound transport business expense insurance comes in. Even when you’re unable to work, this targeted insurance policy will help keep your business running even when you’re unable to work. It basically covers the fixed costs of your business in the form of a monthly reimbursement. In a way, it keeps the business “oiled” by providing you with the money needed to settle business-associated bills while you focus on recuperating.
Business expenses cover is not limited to you injuring yourself at work, but business expenses cover is 24/7 worldwide coverage, meaning you will be covered anywhere, anytime. This is about protecting the most important asset in your business, you.
How Is It Calculated?
As each business is different, so does the calculation of its monthly expenses. For this reason, each transport business expense insurance policy calculates monthly expenses benefits in accordance to a number of factors required by an insurer. You will be asked for certain records on costs associated with running the transport business and from there, the insurer will set monthly compensation in the event of a claim as well as corresponding premium to be paid by you.
An excellent tip in ensuring that you get the right amount to cover your needs is to talk to a financial adviser who specializes in business expense insurance. These professionals are known for their objective view on the various circumstances surrounding the business. As your ally in ensuring health of your trucking company, he or she will ensure the right amount of cover as well as the right policy will be recommended to the unique needs of your business.
Want more? It is also important to note that premiums on transport business expense insurance may be “tax deductible.” This may make it even more affordable and advantageous to you and your business. The key is to find the right policy that delivers the coverage you need. So, don’t delay. Speak to us now and find out other cost-effective business expenses insurance strategies for your transport business now.
Photo Credits: http://www.connectnigeria.com/articles/2016/08/tips-help-cut-expenses/
Need help finding the right transport business expense insurance? please enquire online or call our office so that we can help you find the right transport business expense insurance cover.