The idea of driving a truck may bring to mind images of the open road and freedom. However, in the wake of COVID-19, the entire transportation sector has been forced to change in order to survive.
Managing cash flow, running efficiently, and reducing expenses all require creativity on this pandemic-stricken planet. Investing in transportation sector insurance helps your haulage-focused clients protect themselves in this strange, new world. The pandemic has ushered in the need for multiple changes in this sector. Here are five examples of how the transportation industry has tightened up in a fight to survive in the face of COVID-19.
Several trucking companies have delayed making large purchases, such as new trucks for the fleet. Businesses have done so to preserve cash flow and avoid spending too much in these uncertain times. Another type of safety net the transportation sector relies on is commercial transportation insurance. Primary liability and physical damage coverage help fleet owners, managers, and drivers breathe easier.
Another way trucking companies have tightened up is by adopting relay schedules for haulage jobs. Drivers take cargo to pre-determined destinations where other drivers pick it up to take it to the next location. Each driver returns home after his or her route is finished, thus saving companies money by eliminating costs for hotels and incidentals. Commercial transportation insurance companies also help protect companies in the transportation sector with specialized cargo and vehicle coverage during the extended periods of time spent on the road.
Trucking companies seek to complete repairs faster and leaner to reduce costs.
- Renegotiating supplier costs
- Performing more repairs internally
- Capping labor hours
The idea is to maintain the fleets in the most efficient way possible without sacrificing safety. Transportation sector insurance gives fleet managers and owners the assurance of financial safety with comprehensive packages covering trailers and cabs. Your clients will benefit from the coverage provided by experienced commercial transportation insurance.
Daily operations in many transportation companies are shifting as the need for social distancing is changing the way people work. Some jobs were lost while others shifted duties and began working remotely. This change helps segue to adopting new technologies for some aspects of business, including electronic bills of lading, toll management, and arranging bypasses for weighing stations. Commercial transportation insurance helps companies prioritize upgrading operational processes without fear of sudden financial ruin.
Transportation Sector Insurance
Companies specializing in commercial transportation insurance are the best choices for your clients because they are familiar with the various types of available coverage, and they know the unique needs of this industry. These days, peace of mind is a valuable commodity the transportation sector needs.
About U.S. Risk
U.S. Risk, LLC. is a wholesale broker and specialty lines underwriting manager providing a wide range of specialty insurance products and services. Headquartered in Dallas, Texas and operating 16 domestic and international branches, U.S. Risk and its affiliates would like to help you access a world of new markets and products. For more information, contact us today at 800-232-5830.