About the key risk in the transport and in the transport and logistics industry
Transport and logistics businesses face a broad range of risks depending on the area of operations they specialise in, but a shortage of skilled workers and work health and safety concerns are among the long-standing risks facing all operators.
Newer risks are also emerging driven by operational changes such as the emergence of new technologies in the form of tracking, automation and autonomous vehicles. Population growth and the associated rise in demand, congestion and infrastructure pressures, and environmental concerns linked to climate change, are also redefining the risk landscape for transport and logistics companies.
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Who should consider it?
Whether you operate a large national fleet or are an owner-driver, and whether you store goods or only transport them, you should have a range of insurance covers to protect your workers, safety and commercial risks.
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➤ in fact
“Truck drivers have a 13-fold higher risk of dying at work than other Australian workers.”
(Monash University, Driving Health Study, 2018)
Case Study
Simon, an owner-operator truck driver, has several delivery contracts, including a contract with a large Hunter Valley winery to deliver wine orders to customers across New South Wales.
On one of his regular delivery runs transporting thousands of dollars of wine, he’s involved in an accident which results in damage to his truck and a complete loss of the wine on board, with the bottles shattering upon the impact.
Fortunately, Simon has commercial vehicle insurance which covers the damage to his truck and provides him with access to another vehicle while his truck is being repaired so that he can continue to operate his business. His goods in transit insurance also covers the cost of the wine.
Did you know?
14.5%
35%
4B
Freight logistics accounts for around 14.5% of Australian GDP.
(The Chartered Institute of Logistics and Transport website, 2020)
Each year 4 billion tonnes of freight is transported across Australia.
(National Freight and Supply Chain Strategy, 2019)
A 35% increase in freight volumes is predicted across Australia between 2018 and 2040.
(National Freight and Supply Chain Strategy, 2019)
What can it cover?
In this sector, insurances fall into three broad categories – those that protect your commercial and business risks, your people and safety.
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Important note
This information is provided to assist you in understanding some of the terms, implications and common considerations of insurance for the transport and logistics sector, it is not complete, so please request full details from your Steadfast insurance broker. You should consider the Product Disclosure Statement (PDS) in deciding whether to buy (or continue to hold) this insurance and also whether this insurance is appropriate for you. The PDS can be obtained from Sky Financial Group. Deductibles, exclusions and limits apply. insurance for the transport and logistics sector is issued by various insurers.
Sky Financial Group is an Authorised Representative of Fay Baker 79619240801 - 336757