The logistics and freight transportation industry is facing an evolving threat; cargo theft. This billion-dollar criminal activity can disrupt business operations, inflict significant financial losses and impact the livelihoods of all parties involved.
The role of insurance in this context is not just about providing a safety net but also about understanding the risks and implementing measures to mitigate them. This article will explain how insurance protects buildings, trucks, and cargo, and helps reduce risks during storage and transportation.
What are the main benefits of having extensive insurance coverage?
Complete insurance coverages can help owners boost the stability and financial security of their operations in many ways. In that regard, we’ve identified four key benefits of securing insurance:
A Reputation Boost
Having comprehensive insurance demonstrates to clients and partners that the owner is responsible and committed to protecting their assets. This commitment can lead to enhancing their business reputation and foster trust.
Financial Safety
With robust insurance, parking lot owners can safeguard their business against significant financial losses, ensuring long-term stability. Here are some examples of typical financial losses in this specific industry: accidents, natural disasters, or legal claims.
Risk Mitigation
Managing risks is paramount when operating parking lots in the freight industry. Insurance brokers have a ton of experience in identifying and mitigating risks, reducing the likelihood of incidents leading to costly claims.
Peace of Mind
From a parking lot owner’s perspective, a lot that is considered a “liability” can cause many headaches. However, the knowledge that its asset is well protected against risks can allow to focus on more strategic endeavors.
What affects the cost of a truck parking lot insurance?
It is important to note that the cost of truck parking lot insurance may vary based on a number of factors. Here’s a summary of these factors impacting the cost:
Lot Size and Location
Location and size are especially important when planning for insuring your parking lots. A larger lot in high-risk areas tend to incur higher insurance costs due to the increased risk of damage or theft or damages.
Types of Services Offered
Parking lot owner need to keep in mind that every minute detail can be considered as an insurance risk. A facility that offer additional services may therefore result in higher premiums. These additional services can include; washing, lounges, re-fueling stations, truck maintenance, and much more.
Parking Lot Traffic
Usually, a high volume of trucks and cargo on one’s premices is a sign of good business. On the other hand, a higher traffic also increases the likelihood of incidents potentially leading to a claim. In that regard, it is in the owner’s best interest to maintain his protection to a maximum to keep the business rolling.
Security Measures
Investing in many forms of security measure can help owners save money on many levels. These safety systems often take the form of gated access, on-site personnel, surveillance cameras, access codes, and more! Furthermore, having.. insurance costs since they are a great way to mitigate risks.
Coverage Limits and Deductibles
Higher coverage limits and lower deductibles will increase the cost of the policy, but they provide more protection. As the opposite also apply, it is recommended to discuss thoroughly the impact of limits and deductibles with your insurance broker.
Insurance Provider and Policy Details
Like many important financial decisions, it is wise to do research and comparisons of insurance providers. Owners, should look into the specific terms of the policy and liability coverage that insurance provider is offering you.
Where should owners advertise their parking lots?
After ensuring that their coverage suit their business needs, the next logical step for parking lot owners is to advertise their rental service. Since 10% of parking spaces go unused resulting in missed revenue opportunity, it is in the interest of all parking lot owners to increase the visibility of their assets.
This is where Finpark Reserve comes in!
FinPark Reserve is a subscription-based platform that allows carriers to book secure parking spaces for their drivers, while also managing accounting, payments, carrier inventory, and discounts all in one convenient location.
Here’s why you should try it:
- FinPark Reserve guarantees price transparency because we know that building long-term partnerships starts with trust.
- FinPark Reserve equips owners with easy-to-use tools and modern payment solutions that improve efficiency and reduce fraud.
Download the app here or contact-us to become a Finpark partner and add your lot to many already listed in North America!
