Insurance for Air Transportation
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What Insurance Do Air Transportation Need?
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Covers your products, materials and equipment that are transported over land (truck or train), or while they're in a warehouse. If involved in a collision, mishandling or cargo theft, Inland Marine Insurance covers the transported goods.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Frequently Asked Questions
Why do Air Transportation services need insurance?
This broad industry covers all forms of air transportation and management. Establishments in this industry include air traffic control, air cargo transportation, aircraft hangar rental, airline baggage handling, aircraft chartering services, runway maintenance, aircraft maintenance (excluding overhauls, rebuilding, and conversions), air mail and regular passenger flights, both with and without cargo.
Even if a business is successful, a disaster could strike at any moment and could instantly shut your business down. You need to carry insurance to mitigate the risks of any unforeseen events. Also, states often require certain types of business insurance. Workers' Compensation insurance is state-mandated and you need to carry it if your business meets the state minimum requirements.
What risks do Air Transportation services face?
Your business could suffer from property loss from a fire, natural disaster or theft. Property loss keeps your business from functioning as normal. You may have to close or relocate during repairs. When your employees suffer injuries because of work, you are responsible for providing health benefits and income during time off. There are also liability risks such as, computers and the internet, risking cyber attacks that could potentially expose your customers' private information.
How much does insurance cost for Air Transportation services?
There is no average cost for the insurance of air transportation services, but here are some sample scenarios:
- General liability insurance can cost an average of $400 in annual premiums.
- Commercial auto insurance costs an average of $350 in annual premiums.
- Commercial Property insurance is around $400 in annual premiums.
The right coverage will be a combination of the various coverage types needed for your business.