Posted on June 11, 2018
Shipping by rail is often the best option to deliver your goods or products in a quick and safe manner anywhere across the country. It is a popular option for shipment of any kind, ranging from small to large quantities. There are rail shipment options that operate on a transcontinental basis as well to transport your goods over long distances, across continents. That is not all, you will find that shipping goods by rail have several additional benefits as well, such as being one of the most economical shipping options. Shipping by rail also weighs less on the environment in so many ways.
However, even though there are so many benefits to shipping by rail, it is also a very tricky thing because damage to goods while shipping by rail is a much common occurrence than one might be able to comprehend. Good and merchandise are prone to damage due to the long journeys that they undertake during the rail-time. Also, often, goods end up being lost and not actually reaching their destination. The loss that you might have to bear could well run into thousands of dollars.
Hence, the best option to protect your goods and interest during the entire shipping journey is to get Shipping by Rail Insurance; however, it is important to understand that such insurance is very different in nature to an insurance you take while shipping through trucks or ships. The shipping by rail insurance is different and tricky, thus, understanding the basics of it is essential.
It is also important to note here that it is not at all mandated by law that the railroads need to have insured cargo only in their rail cars, hence, you can without any issues opt for shipping by rail without insurance as well. However, the risk factor is extremely high and you can get shipping by rail insurance at a nominal cost which makes it the best option to go ahead with to protect your goods.
#3 Major Mistakes People Make While Opting for Shipping by Rail Insurance
- The major mistake that people unintentionally making while selecting a shipping by rail insurance is to assume that they are similar, or at the very least, function in a manner similar to the coverage offered by a ship or trucking company. The liability coverage that most railroads offer is very low as compared to the other methods of transportation. In most cases, the insured amount is only up to $25,000 if any goods are damaged in a single rail car. This is unsuitable in cases where the total value of your goods that are on the rail car exceeds this amount.
- Another mistake that many people make while shipping by rail is to assume that their overall umbrella policy will extend and cover the amount that is over and above the shipping by rail insurance amount. In most cases, this does not happen as both are viewed as separate cases. Hence, you will still be covered only for the amount of your shipping by rail insurance, regardless of the amount of your umbrella policy.
- Lastly, people forget that different laws are present in different states for insurance purposes as well. Hence, if your shipment is traveling through several states then it is a good idea to do a bit of research on what are the laws in each of the states concerning shipping by rail insurance, claims, and benefits etc. This can prove to be very helpful.
What to do if you want additional coverage?
If the total value of your shipment is higher than the shipping by rail insurance then no need to panic. All insurance companies offer a service, often, referred to as an Excess Coverage Policy or Additional Coverage in which you can minimize your cost of risk by paying an additional cost. This will increase your coverage and you would be able to ship goods by rail without worries.
Even though you have to pay an additional amount for excess coverage, you will find that it is still economical and the cost for the same if far less than the cost of the cargo and the allowed deductibles under your umbrella insurance coverage. Moreover, the benefits of the same are numerous and at least your goods and interests will be protected in every leg of the journey.
Posted on June 8, 2018
The trucking industry, like its counterparts, is prone to several contingencies and, often, the brunt of it is borne by the drivers and workers of the company. The threat of fatal injury or loss of life looms over the truck drivers on a regular basis. In case of injury, there are medical expenses to be taken care of whereas the death of the driver might render his family incapacitated. Hence, there are several issues that the workers need to deal with.
Not only the workers, for the employers also this is a cause for concern. Accidents or mishaps not only cause loss of significant amount of money, time and effort but, in some cases, can even cause loss of human resource. Fortunately, there are ways, mainly opting for a Workers Compensation Insurance, to protect your drivers and extend similar benefits to other workers and office staff.
What is Workers Compensation Insurance?
Mandated by law in several places to protect interests of employees, a Workers Compensation Insurance plan offers numerous benefits; like benefits to drivers in case of industrial accidents or compensation policy for workers and office staff.
If your drivers are covered under the occupational accident plan of the worker’s compensation insurance then, in case of an accident the insurance benefits are directly paid to the driver; in case of death in an accident, the insurance money is extended to the deceased’s survivor or nominee. The insurance might also be able to cover for medical expenses and rehabilitation costs depending on the selected plan of insurance.
Not only drivers, even, workers and office staff of a trucking or manufacturing company can be covered under the workers’ compensation insurance and avail benefits in case of industrial accidents, occupational injuries or, even, occupational diseases, in some cases. Several similar insurance plans also cover for lost income or wages of employees which is a big relief to many.
How can Workers Compensation Insurance be enabled?
It is not very complicated to enable a Workers Compensation Insurance plan for a trucking company. There are options that make it easier, like, one can opt to have the insurance premium fee deducted directly from the contract fees or it can also be included with other expenses like leasing fees. This helps to remove complex administrative tasks from day to day operations and the employers can also be free of additional worries. Several other options are also available to facilitate easy assimilation of the insurance plan with any company.
Nowadays there are customized insurance plans available for trucking and manufacturing companies that take into account the fact that no two companies are ever the same, hence, their needs for insurance are also different. Different companies might want to focus more on different areas like industrial accidents, occupational injuries or others. Employers can, thus, see custom insurance plans to find the right plan that suits their fleet size, employee strength, and budget constraints.
How can workers claim workers compensation?
While insurance companies and employers are extending different sorts of coverage plans and benefits to the drivers and workers, there are certain things that need to be taken care of by the employee or their survivors; like –
- Know Company Procedures of Reporting Injuries – The drivers and workers, especially ones working on long haul should know whom to contact in case of an accident or injury. They should also be aware of the procedures in place to file a report of the incident. The sooner an incident is reported, the faster things can work.
- Provide all Required Documents – The insurance company would require certain documents like a doctor’s certificate, accident report or other mandated documents. The drivers (or workers) should be aware of things like these in advance and provide the same whenever required to facilitate the easy claim.
- Maintain Communication with Coordinator – Maintaining communication with the coordinator in-charge of workers compensation is essential in facilitating faster claims and also helps the company in regulating control over the cost of a claim.
Most companies offer drivers and workers job roles in administrative tasks till the time their injuries are healed and they can get back on the road. This helps the employees in several apparent ways, like, earning money in a dignified manner, fewer worries and tension and more. Employees should be aware of such facilities as well as to use them when needed.
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