Whether you are transport company or an owner-operator, your business requires truck insurance. In Quebec or Ontario liability insurance on your vehicles is mandatory, and if you are business with leased or financed vehicles you will be legally required to have comprehensive and collision coverage. Regardless of the number of vehicles you have on the road, LMBF, will find you the coverage to protect you, your company, and your trucks. Over the years our agency has developed an expertise in trucking that allows us to fully understand your needs and obtain the right coverage for your business.
Here are some of the main solutions we offer for the trucking and warehousing industry:
Commercial automobile liability
Your fleet of commercial vehicles requires a minimum, mandatory amount of liability insurance as set by each province in Canada. Commercial auto liability insurance coverage on your vehicles provides protection resulting from property damage or bodily injury to others. If you do not have this minimum insurance coverage, your business can be fined and the licenses of your drivers could be suspended temporarily by the authorities.
Property in transit (cargo insurance)
Transportation of your business cargo or equipment and the belongings of others (such as your clients and suppliers), requires cargo insurance to protect your business cargo and equipment, during the transit against from perils covered under the policy.
Commercial general liability (CGL)
Commercial General Liability (CGL) is the most well-known coverage and most purchased policy issued to businesses to protect them from liability claims resulting from bodily injury and property damage arising from their operations, products or completed operations as well as advertising and personal injury (PI). Liability coverage is intended to protect your business against both legal costs and any claim payments for which you are ultimately held legally responsible.
Property insurance
Whether you are renting a commercial space, operating in a building you own or working from home, commercial property insurance provides protection against loss or damage because of events such as a fire, theft, vandalism, and other perils. This coverage protects against damage to your company’s physical assets, inside and out, such as buildings, inventory, equipment, furniture, and machinery, as well as exterior fixtures like outdoor signs, fences, landscaping, and debris removal.
Equipment breakdown
Whether you are a building owner or, a tenant in a leased building, your standard property insurance covers damages to your equipment from perils such as a fire, theft, water damage, windstorm, and others. However, property insurance policies do not cover damage from causes such as mechanical failure of equipment, electrical short circuit, explosion from a boiler or other pressure vessel, change of temperature and mechanical breakdown. Coverage for these types of losses requires specific equipment breakdown coverage.
Business interruption coverage
This coverage applies when the commercial property is damaged due to events such as fire, water damage or other covered perils resulting in the lack of access in or to your business premises because of the damage incurred. Business interruption coverage will compensate for the loss of income and other expenses such as rents, relocation cost, employee wages and more. This policy provides insurance for the loss of income securing the fact that a temporary shutdown does not turn out to be a permanent one because of a lack of income.
Warehouseman’s legal liability
This insurance covers your legal liability for your storage operations in the event you fail to exercise reasonable care in the handling and storage of your customer’s property and that results in loss of or damage to those goods.
Crime insurance
Employee fraud can happen in any business even the most well-administered ones. Your new or long-time employee, - even the one you never suspected -, may defraud your company for huge amounts of money. Your company may still be at risk despite the fact you are performing screening and background checks and teaching your employees on how to identify fraudulent employees. This coverage is usually excluded from a standard commercial policy and can be specifically added or issued on a separate one.
Bond
Bond, also known as a financial guarantee, acts as a guarantee to your clients that the monetary payment will be fulfilled within the terms of the contract. Whether you are looking for contract bonds, licence bonds or miscellaneous bonds, LMBF has the expertise to help you find the right solution.
