February 04, 2020 | Industry Insights

3 Ways Roanoke Trade Simplifies Commercial Insurance for Logistics Service Providers

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Are you frustrated when it comes to buying insurance for your logistics service provider business? You are not alone. Recent studies reveal that the buying process often leaves business owners and risk managers feeling overwhelmed, pressed for time and questioning whether they are buying the right coverages at the right price. The frustration is often amplified for logistics service providers who must invest significant time to educate generalist commercial insurance providers about the nuances of your industry. It doesn’t have to be this way.We already know what you do and how you do it. Half your battle is won! In case you didn’t know, our expertise extends to the intricacies of commercial insurance coverage. So, it makes sense to let us help you with your general commercial insurance as well.

Here are three ways placing your commercial insurance in the hands of your specialty broker can help you make the best use of your time and get the right coverage at the right price for your business:

  1. Save Time by using a Specialist

A single point of contact for your custom commercial insurance program results in better and faster communication with fewer administrative tasks. Save time explaining your business practices and filling out forms by placing all your insurance needs with a single specialist broker who has the broad overview of your risks to provide the best coverage. We all want simple, fast and responsive service, especially when there is a problem. When you have a claim or a coverage question, you need a direct line to help. It only takes one call to the right partner with the expertise and resources you need to answer all your coverage-related questions or respond to a claim. Plus, negotiating with multiple brokers during the renewal process is time-consuming and complicated. We can simplify and streamline this important process by getting your insurance placement right the first time, pre-filling many forms, and providing the use of PolicyTrackTM, an online portal to help you better manage your insurance portfolio.

  1. Avoid Overpaying

You need cost-effective solutions for your complex insurance needs. As specialists in insuring the risks of logistics service providers, we employ proven strategies to maximize your coverage without increasing your costs. For example, did you know that certain liability exposures for logistics service providers can be added to your marine policy rather than a traditional commercial business policy?

 

The key to getting the best coverage for your investment begins with an insurance program that is properly structured. The right coverage, limits and insurance carriers must all be considered together to build and maintain a program without costly redundancies. We have the unique insurance expertise and market savvy required to structure a program for your logistics and transportation business.

  1. Avoid Coverage Gaps

The best way to avoid gaps is to work with one trusted and proven provider that knows the ins and outs of your business risks so they can structure the program you need. Think of the adage “too many cooks in the  kitchen.” When too many people with different agendas are attempting to work on something at the same time, the quality of the final product suffers.

It is essential that each possible loss to your company is covered by the right type of insurance. Commercial insurance is not the same as professional liability or cargo insurance. Each coverage type has a specific purpose and responds to different types of loss. They are all puzzle pieces that fit together to create the complete coverage you need. The key is to have integrated coverages that fill the  gaps to avoid surprises in the event of a claim. With a panoramic view of all your business and specialty risks, we can structure an integrated program to eliminate dangerous coverage gaps and costly redundancies.

Purchasing the right insurance is a complex process. The worst approach to buying insurance is to accept a cookie cutter policy from a generalist broker that doesn’t fully appreciate the nuances of your operations. They may know the ins and outs of insuring a dry cleaners or a restaurant, but they don’t understand your logistics and transportation business. Seek advice from experts that really know your business. We can help you determine the right combination of coverages to secure your unique risks.

Please contact us at 1-800-ROANOKE (800-762-6653) to learn more about Roanoke Trade’s commercial insurance solutions and exclusive industry products.

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