What Can Rail Insurance Cover?

With rail transport being one of the fastest and most reliable ways to get around on land, it’s no surprise that there are an incredible 1.7 billion rail journeys in the UK each year. With so many passengers passing through the train doors each year, it’s important to have the right insurance cover in place.

If you’re wondering what rail insurance can cover and if it’s right for you, read on.

What is business liability insurance?

Before delving into what rail insurance can cover, it’s important to understand what business liability insurance does in general.

On a basic level, business liability insurance aims to protect the financial interests of a business. It does this by covering legal costs, penalties and compensation should anyone wish to bring a civil lawsuit against you.

One type of business liability insurance is rail insurance. Rail insurance can help cover liabilities, from third party to employers’ liability.

What can rail insurance protect against?

1. Infrastructure

As a rail company, it’s likely that you have a large amount of assets and infrastructure. From the machinery you use to the railcars themselves, cargo and your premises, it’s crucial to ensure that your assets and infrastructure are safe and protected from damage. With rail insurance, you can protect your business in the event of theft, fire, or natural disasters.

2. Railcar damage

Your railcars are the heart of your business. Without such, ferrying passengers from A to B would be impossible. One of the best ways to protect your railcars is with business rail insurance. That way, should your railcars fall victim to fires, theft, explosion, derailment or even collapse, you’ll be able to get them (or a replacement) up and running again in no time.

3. Profits

Keeping your company profitable and above board can seem difficult after theft or breakdown, but insurance can help you recoup the costs. This is especially important with many train operators struggling with reduced passengers post-Covid.

If you experience a fire, theft of a breakdown, by having the right rail insurance in place, you can ensure your business is covered and your revenue is protected.

The bottom line

Running any business is tricky. But if you’re in the rail business, keeping profits high amid uncertainty can prove to be a huge challenge. If, on top of all the daily challenges, you are also unlucky enough to experience fire, theft or natural disasters, this might take an irreversible toll on your business.

Luckily, one way to prepare for the unexpected is by taking out rail insurance. By doing so, you’ll be protected should anything go awry.
Have you sorted your cover yet?