The Benefits of Insurance for Heavy-Duty Vehicles

Insurance is an essential and integral part of any business. It is imperative to have the appropriate insurance coverage for your industry and expertise. 

For example, a business dependent on mobility and transportation needs to have vehicle insurance to cover any loss or damage to the vehicle and product being delivered. This is critical to avoid excessive loss of income and assist the business get back on the road to profit in the event of a loss.

In Nigeria, Truck drivers and mechanics are generally described as “necessary evils”. Last year, a driver was asked to deliver goods to Osogbo in Osun State from Lagos state. He was expected to return on the same day. After spending two additional days on the road he eventually called his supervisor to inform him that the truck developed a fault in Gbongan, Osun State.

As the owner of a logistics company, the above scenario would be a nightmare. According to the driver, the mechanic spent an entire day in fixing the fault. The mechanic also corroborated his story; however, it was discovered that driver stopped at Osogbo to carry passengers and farm produce for making extra money. 

In a bid to hide his misdeeds, he hurriedly fixed the truck and had an accident. Two tires came loose on the express and damaged a few cars behind it. Drivers are known for these bad habits and as a business owner, it affects your delivery timelines, wear, and tear of the vehicle and extra mechanic expenses.

A few drivers cut corners whilst on official trips with aim of monetary gain. Some sell the truck tires, this increases your cost and reduces your profit per vehicle. Ideally, good tires should last from six months to a year. 

Questionable drivers complain of damaged and worn out tires a few months after procurement. Sadly, they connive with the local tire repairers (vulcanizers) to replace the new tires with old ones. This is not sustainable for any business.Getting vehicle Insurance is a major expense to any organization, this makes it pertinent for a business owner to know the insurance requirements for the company and industry at large.

Our Insurance experts will be happy to review your current insurance coverage, determine what you need and identify your potential for risk. We’ll help design a policy and coverage that provides sufficient protection and minimizes the exposures of your business.

For more information on any of the above forms of insurances, 

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