The transportation and warehousing industry is an important one in the United States and it offers business owners high income potential. However, this industry also carries a number of risks including the high potential for property damage, injuries and liability lawsuits. Fortunately, when your business is protected by a solid business insurance plan that has been especially tailored to your particular industry, you can rest assured that it is as protected as it can be against the financial losses that are common in this industry.
The National American Industry Classification System, more commonly referred to as the NAICS, categorizes businesses into a number of sectors and subsectors. This is done for the purpose of data collection, analysis and economic reporting. There are currently 499,741 U.S. business establishments classified as falling into the NAICS’s Transportation and Warehousing Sector. These include the following business types:
The transportation and warehousing industry sector is comprised of three main subsectors: transportation, warehousing and storage, and support activities for transportation companies. It includes air, rail water, roadway and pipeline transportation, as well as all warehousing and storage facilities.
Within this industry, there are a number of inherent risks including potential injuries to passengers and property loss that might be caused by a natural or man-made disaster. Fortunately, companies in this industry can protect themselves with a comprehensive business insurance plan that is designed specifically for the transportation and warehousing industry.
These policies will include a number of coverage options, many of which are exclusive to this industry. Some options that may be important to your business include:
Remember too that if your company operates in or travels through a number of different states, you may need to modify your policy to ensure complete coverage. As with any type of insurance policy, it is strongly advised that you discuss your many options with an insurance professional before making a purchase.
There is no reason to struggle with understanding the many different coverage options offered by business insurance policies for the transportation and warehousing industry. Instead, turn to an independent insurance agent in the Trusted Choice® network for assistance. These agents are equipped to answer your insurance-related questions and help you build a policy that is well-suited to your specific company.
Because these agents are independent of any particular insurance company, they can work with a variety of highly-rated insurance companies to present you with a selection of policies and rates. Contact a Trusted Choice network agent near you to learn more about insurance for the transportation and warehousing industry.