What is the purpose of cargo coverage on a for hire trucking business?

Cargo coverage is a type of insurance that provides protection for the goods or cargo being transported by a for-hire trucking business. The purpose of cargo coverage is to protect the trucking company against financial loss if the cargo is lost, damaged, or stolen while in transit.

For-hire trucking businesses are responsible for the safe and timely delivery of their customers’ cargo. However, accidents and other unforeseen events can happen, which can result in cargo damage or loss. Without cargo coverage, the trucking company could be held financially liable for any damage or loss that occurs, which could result in significant financial losses.

Cargo coverage typically includes protection against a variety of risks, such as theft, fire, collision, and natural disasters. The coverage may also include protection for perishable goods, hazardous materials, and other types of cargo with specific risk profiles.

In summary, cargo coverage is essential for for-hire trucking businesses as it helps to protect their financial interests in the event of cargo loss, damage or theft during transportation.

 

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