If you do not recall when you last updated your liability and bailee liability coverage, then maybe it’s time to get your policy out of the file cabinet and into your hands to review. Since you’re probably accustomed to renewing your policy regularly at renewal, take an additional step and check your policy’s limits and type of coverage. If your business has grown or you’ve added new services, then the scope of your liability coverage may not be sufficient for your needs.
As you review your coverage, consider any changes that might have occurred to your business and compare this against your existing liability policy. If you’ve expanded your transportation and logistics services, then you might need to consider increasing limits to your bailee liability. If you have increased risk exposure from expanding your business to offer warehouse services or marine cargo, you might want to increase your coverage amount or reduce your deductible.
Since general and bailee liability may not provide protection for all aspects of a transportation business, then a periodic review of your policy is recommended. To get into the habit of checking your policy annually, use its renewal date as a good time to review coverage. This way, you’ll continue to protect the business assets that you’ve worked hard to build.