The transportation industry faces many unpredictable risks each and every day. Mitigating these risks, and limiting potential liabilities overall, is a critical concern for risk professionals in the transportation industry to ensure continued profitability and operations. A top consideration for all transportation-related companies is overseeing smooth operations, and a part of that task includes actively working to prevent safety issues or business interruptions. An insurance coverage attorney can support these endeavors by ensuring contracts and insurance policies meet all state and federal requirements, and by reviewing your insurance program to eliminate gaps in coverage.
Risk Management in the Transportation Industry
While a strong insurance policy and risk management strategy can significantly cut down on a company’s level of risk, corporations are still responsible for some share of the costs and liabilities when issues arise. As such, it is important to be aware of factors, events, or conditions that expose your company to liability or litigation, resulting in injuries, damage, business interruptions, or some combination of the three.
Some common transportation risks include:
- Accidents
- Compliance issues
- Documentation issues
- Insurance coverage gaps or discrepancies
- Driver and supply chain shortages
- Breaches in cybersecurity
- Weather and natural disasters
- Road conditions
- Aviation, rail, or maritime hazards
- Lack of access
One particular risk the transportation industry is currently facing is supply chain disruptions. The COVID-19 pandemic led to many shifts in commerce and transportation that affected every facet of the economy. While these difficulties have put a strain on many modes of transportation, these vulnerabilities may provide an opportunity for a fresh look at risk management and improvements in insurance coverage.
Saxe Doernberger & Vita, P.C. provides unwavering support to prevent and minimize potential impacts on your business by providing risk transfer options that are tailored to you. We understand the vital role you play in the economy, and our experienced team of attorneys can provide you with sound legal support at every juncture. Contact us today to learn more about the suite of risk management services we provide and how we can help with your specific legal issues.