Transport Insurance

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As a result of solid growth in construction and mining activity expected over the coming years, demand for freight services is anticipated to increase greatly.

PSC Direct offers Transport Insurance for businesses operating across the sector, including:

  • Business Car Insurance
  • Fleet Insurance
  • Import / Export Insurance
  • Marine Cargo Insurance
  • Truck Insurance

What is Transport Insurance?

Transport Insurance can protect your commercial vehicles against theft, accident or damage anywhere in Australia.
With a low population density and long distances between markets the transportation industry plays a vital role in Australia’s infrastructure. The nation relies heavily on road, rail, aviation, and maritime freight transportation.

Transport Insurance can help your business survive the unexpected, with minimum losses.

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The Importance of Transportation Insurance

As a critical enabler of economic growth, the efficiency and effectiveness of infrastructure and transport directly impacts Australia’s future economic and individual prosperity.

Balancing public expectations of safety with the increasing demand for efficiency is a growing challenge for the transportation sector, resulting in the increased implementation of regulation at a government and business level, making the need for comprehensive business coverage imperative.

What Risks are Faced by those operating in the Transportation Industry?

From loading to transportation and unloading, commercial vehicles are exposed to a divers set of risks, unique to the nature of the work and mode of transport.

Although every business in the transportation industry is different, there are several hazards that are common throughout across the sector, including:

  • Vehicle Manoeuvring: Given the size of many commercial vehicles, serious injury, or severe property damage may occur in the event of a collision, which can result in a huge financial payout for the transport company.
  • Operator Fatigue: Operator fatigue represents a huge risk in the transportation industry. Whether driving a truck or piloting a plane or ship for long periods, tiredness is a common result. This in turn can lead to serious injury to the operator, to third parties or to the commercial vehicle itself.
  • Staff Injury: “Analysis from the ABS Work-related injuries survey showed that Transport & Storage workers aged 35 to 44 years recorded an injury rate 75% higher than the rate recorded by all Australian workers of this age.” The nature of work in the transportation industry leaves employees open to injury in a variety of ways. Falls from vehicles, load securing and lifting, and moving heavy objects or objects that are difficult to grasp can all result in serious injury to an employee.
  • Load Securing: In the event that a load is not secured properly, serious damage could be caused to the commercial vehicle and its contents in transit.
  • Fire: During the refuelling of commercial vehicles, fires can easily be sparked, resulting in injury to employees and severe damage to the vehicle and its cargo.
  • Theft: Theft of cargo or vehicles is an ever-increasing problem in the transportation industry. It’s estimated that cargo theft costs shippers and trucking companies up to $30 billion a year.

What Are the Key Elements of a Transport Insurance Policy?

Depending on your circumstances, there are several types of Transport Insurance policies that may be suitable for your business.

The three main types of Transport Insurance are:

  • Third Party Property Damage: Cover for any compensation that has to be paid out for damage of other peoples’ property, resulting from an accident caused by an operator of the covered vehicle. This policy will not cover your own commercial vehicle or any contents.
  • Third Party Fire and Theft: The same cover as Third Party Property with additional cover for your own commercial vehicle in the event that it is stolen or damaged by fire.
  • Comprehensive: This covers all of the above as well as covering your commercial vehicle if it is damaged in an accident. There are several extra policies that can be added to this type of cover to suit specific requirements.

The type of Transport Insurance that is necessary for you is dependant on a number of factors such as that the type of commercial vehicle and avenue or transportation (i.e. road, rail, air or sea), the goods you carry, operator experience and other risks incurred.

Who Needs Transport Insurance?

While the road freight sector accounts for close to 80% of the transportation industries revenue in Australia, businesses whom undertake rail, aviation, maritime or passenger transportation should also ensure they have a comprehensive insurance policy in place to protect them from the myriad of risks faced in their everyday business operations.

PSC Direct can source, design and implement an insurance pack that identifies, addresses and manages the specific risks that effect the mode of transportation completed by your business.

How PSC Direct Works for You

The specialist insurance brokers at PSC Direct have considerable experience in sourcing insurance for small to medium sized businesses across Australia. We pride ourselves in our ability to consider every business’s unique requirements and match the most appropriate insurance policy to cover the specific needs of our customers.

Having insured thousands of other small to medium businesses across Australia, we have a comprehensive database of insures and insurance products that we can access to source the right cover at the right place.

As part of PSC Insurance Group, one of Australia’s largest private insurance broking houses, PSC Direct has established relationships with a range of leading insurers and underwriters which gives us access to a range of premiums. Furthermore, as we operate online with reduced overheads, we are able to pass cost savings on to our customers.

We understand that insurance can be complicated, but we also know that protecting your business is important. That’s why we work for you to source the most specialised cover for your requirements; whether you operate a national trucking business, a state-wide construction company or own a boutique retail store.

We can provide expert advice specific to the sector you operate in. In addition to standard Public Liability Insurance and Professional Indemnity Insurance policies, we will assess further available polices to offer more specialised cover that will fully protect your business.

We are passionate about our clients and will be there for them into the future to update policies and covers as the business grows and develops. In the unfortunate event that you do have to make a claim, PSC Direct Insurance Brokers will be there for you every step of the way to ensure the best possible outcome for your business.