Protect your cargo  with the right Fleet Insurance courtesy of AMC.

Fleet Insurance

Get the Best Fleet Insurance

When you run a business that requires the frequent transportation of cargo, you want to ensure that those items are adequately insured. The same goes for if you actually run a transport or logistics company. How are you going to look after every vehicle of yours out there on the road? While there are plenty of preventative measures you can take for the company itself, sometimes the unexpected can happen – no matter how well you prepare for it.

It’s in these occurrences that insurance is essential to your business’s protection. Whether you just need to insure your cargo, your fleet, or both, AMC Insurance can help you. There are three key areas of coverage worth looking at, which are surety bonds, fleet insurance, and cargo insurance.

Surety Bonds / Bond Insurance

In general, surety bonds focus on protecting you in the event a contractor you have hired fails to fulfill the terms of a contract. So say you have cargo to transport and you hire a third-party logistics company to do it for you. A surety bond means that if that logistics company fails to deliver your cargo or just outright doesn’t fulfill their obligations to you as outlined in the contract, you will be provided with payment that makes up for that loss.

Surety bonds can also account for:

Bid bonds: you’re protected if a successful bidder refuses to draft up a contract that would otherwise provide the typical surety bonds or other similar security.

Maintenance bonds: if applicable, this insurance policy protects you by ensuring the contractor will resolve any defects that may arise (say, for example, to your vehicles) free of charge and, if they don’t, you will be compensated for those defects.

Surety bonds are critical when dealing with any third-party contractors. If any aspect of your business relies on contractors, be sure to revise the contracts put forward by them and that the insurance offered on their end is acceptable. If not, you should have surety bonds set up on your end to keep you protected if the contractor does not deliver.

Fleet Insurance

As the name states, fleet insurance is all about protecting your company’s fleet, and applies to any business that has a fleet of five or more vehicles. In general, fleet insurance provides much of the cover offered under an automobile insurance policy but is expanded to account for multiple vehicles.

The safer your drivers are, the better it is for your premiums. A safe driving discount applies and is based off the overall record of the fleet. Discounts can be as substantial as 63%. Keep in mind that if you’re a larger logistics or transport company and have more than 19 vehicles in your fleet, you will need to convert to ICBC fleet insurance plan.

Cargo Insurance

No matter the size of your cargo (aka freight) and how it is transported (land, air, sea), cargo insurance is designed to offer you financial protection should your cargo be damaged or stolen while in transit.

This insurance can apply regardless of whether you have your own fleet that moves the cargo or you hire a third-party. Some third-party companies may provide cargo insurance as part of their services, but do not take this is as an absolute. Revise what is and isn’t covered on their end, and determine if you need to take out any additional insurance for your goods.