Why Smart Insurance Is Crucial for the Trade and Transportation Industry

From businesses that engage in global trade to freight forwarding companies, cargo insurance programs are designed to help transportation service providers minimize their risk exposure at every level.

Who Needs Freight Insurance?

Clients engaged in trade and transportation often require coverage tailored to their industry niche. There are a few types of business that especially benefit from specialized cargo insurance programs.

1. Customs Brokers

In facilitating the shipment of goods over national borders, customs brokers must stay up-to-date on constantly changing international rules and regulations. In addition to errors and omissions coverage, brokers should look for insurers that offer reliable, automated platforms that streamline the entry clearance process while ensuring security and accuracy.

2. Businesses With Global Supply Chains

As global trade continues to expand, so do the coverage needs of manufacturers, distributors, importers and wholesalers. Smart cargo insurance programs should accurately evaluate the risk profile of trade partners as well as appropriate coverage for loss or physical damage of goods during transit.

3. Property Brokers and Freight Forwarders

Loss prevention and risk management are also important for entities that arrange transportation and storage on behalf of shippers. A strong plan should include protection at each stage of delivery, including distribution and warehousing.

An increasingly globalized marketplace and the rapid evolution of digital solutions have made it more important than ever that transportation businesses invest in a nimble, experienced insurance partner who knows the industry.

What Your Small Business Should Know About Workers’ Compensation

Running a small business, you might think workers’ compensation is a waste of resources. While it’s true that the highest claims happen in industries such as construction, other industries such as transportation, finance and other professional services have also seen costly claims that your company would have to pay out of pocket without insurance in Wilmington, DE. Here’s what your small business should know about workers’ compensation.

State Requirements Vary

You shouldn’t decide to go without workers’ comp until you learn the laws in your particular state because regulations differ. Many states require you to cover all employees while others only require coverage if you have four or more. Only one state has optional coverage – Texas – but even there, you can still be held liable for employee injuries, so it pays to be insured.

There’s a 50/50 Chance an Employee Will File a Claim Within the Next 10 Years

Just because your business is small, doesn’t mean that you’re exempt from injury claims. Studies have shown that there’s a 50 percent chance that your small business may experience a claim in the next decade. All it takes is one claim for you to be liable for medical bills and lost wages if an employee is injured on the job. Accidents happen more often than you’d think and the financial consequences could put you out of business if you’re not insured.

Small businesses should be aware of the dangers of not purchasing workers’ compensation insurance in Wilmington, DE. Buying the right policy not only protects employees but also your business.

Where To Get Trucking Insurance for Your Clients

When you are looking for wholesale trucking insurance programs, it is a good idea to find the right markets for the type of companies you work with. This can involve a bit of research but can lead you to knowledgeable contacts in the industry who can help you find the right coverage for nearly any client.

You can find insurance markets online or through your industry contacts. Both methods can help you find answers for most, if not all, of the questions that you may have about the types of plans and coverages you can expect. The more research you do before getting wholesale programs, the more coverage you can pass on to your clients for less cost. Not only can you compare programs side-by-side by going online, but you can also find the right contact person to direct any questions to. This can help you be more confident in the information and plans you pass onto your clients.

Wholesale trucking insurance programs can help cover your clients in case of a trucking accident and are sometimes even required by law. You can give your clients the best coverage for the best price by doing a bit of research into these markets before buying plans. This can help you better understand the markets, the insurance plans and the needs of your clients.

Are you a New Boat Owner?

You just bought a lovely new boat and you are excited to get it out on the water. Before you do, you must get boat insurance in California. The question is do you know what type of insurance to buy?

If you assume there is only one kind of boat insurance to buy, you may find yourself with the wrong coverage when there is an accident. Make sure to do the right research so that you know what insurance to buy. Here are a few choices you have.

1. Hull insurance. Possibly the most common coverage, this insurance covers damage to your boat and any damage you cause to others’ property, including boat repair costs.

2. Third party liability. While this insurance also covers damage your boat causes to others’ property, it also covers incidental damage caused by accidental fuel spills, towing, medical expenses and rescue operations. Check with your marina, as well. It may require that you carry this coverage.

3. Yacht insurance. If you are lucky enough to have the means to afford a yacht, know that this policy covers 27-foot vessels and larger. The logic behind this policy assumes that larger boats are more exposed than smaller one.

Once you settle a new vessel, make sure to select the right policies to cover your new treasure. You’ll be happy you did.

Common Transportation Liability Myths

Whether you are the shipping company or the person getting the shipping service, understanding the transportation liability market can be an important part of making sure that your transactions run smoothly. However, there are a lot of myths about this topic that could cause problems with your business relationship or even legal problems down the line. Here are some of the myths to watch out for and be aware of.

The first myth is that the contracts made between the broker and the carrier will protect the shipper from liability. Although this may be true for some contracts, it isn’t always that case. Therefore, it is important that all parties review their contracts to know exactly what is included and who is responsible in the event that something happens to the cargo.

Another common myth is that having insurance means that you don’t have to worry about the potential for something to happen. Insurance can surely help with a lot of potential problems, but not all policies are created equal. For this reason, you want to know what you are covered for and prepare accordingly.

Understanding the myths in the transportation liability market is an important step to making sure that you will be covered in the event that something happens to the merchandise. Be sure to look into the adequate insurance policies for your business needs.

Benefits of Purchasing a Business Owner’s Policy

The typical expenses of owning your own business are numerous. You are responsible for your building and all the people in it as well as the impact that your business has on anyone associated with it. When you are shopping around for Glen Rock business insurance, consider purchasing a Business Owner’s Policy (BOP). There are two significant benefits to doing so.

First, your BOP can save you money on insurance premiums. You need, at minimum, property insurance and general commercial liability coverage. By purchasing them together, you can often get a discount and pay less than if you purchased them separately.

Second, buying Glen Rock business insurance in one package allows you to assess the specific type of coverage you need at the same time. In addition to protecting your building and everything in it as well as general liability claims, you can talk to your agent about extra coverage you need. Most insurance companies will let you tack on coverage for things like crime, equipment malfunction or damage and many other potential occurrences that are likely to happen in your line of work.

Purchasing a BOP is a good idea. It not only can provide you customized coverage for your particular industry and but also can save you money in the process.

Insurance Solutions for Home Health Care Professionals

With more people preferring to have their health care in the comfort of their own home, home health care professionals are in greater demand. If you’re in this field you may be looking for an insurance program for home health care providers. There are a variety of programs available depending on your needs.

Professional liability coverage is important to any health care professional. Also referred to as malpractice insurance this coverage can help in the event of a mistake. This type of policy can cover costs including court settlements and defense costs among others.

Workers compensation policies may also be something you want to look over. There are a number of risks that can come with being a home health care worker. These can come from lifting and transporting patients, or working with various medical devices. For those with multiple employees, workers compensation may be a good plan to have in place.

Non-owned and hired auto insurance offers protection for those employees who regularly drive between clients, or transport clients in a personal vehicle. This form of insurance is supplemental to the employee’s personal insurance on their vehicle, but may offer additional coverage.

Finding the right insurance program for home health care providers to fit your needs may depend on thy type of medical care you provide. In most cases liability coverage is recommended, but you may want to consider other options to add to your plan.

Why Get Transportation Insurance

When it comes to running or working in a transport business, whether it is by truck, plane, train or other method, getting transportation insurance should be something that you are considering. There are a few reasons why you may want to look into a transportation liability insurance program and get coverage for your business sooner rather than later.

One reason to get insurance is to protect not only your drivers and their cargo in an accident, but also to help cover the costs of property damage and medical bills that may also come from the accident. Without some sort of insurance, the costs of a trucking accident can be extremely detrimental to a trucking business, even potentially causing it to go bankrupt.

Accidents aren’t the only things that your liability insurance may help you with. Whether can also be a cause for concern, as it can do damage to your fleet vehicles or to the cargo that you are carrying. Bad weather can also be a potential cause of some traffic issues such as accidents.

When it comes to problems with your cargo or an accident on the road, you want to make sure that you are being protected so that your business is able to financially recover from costs. One of the first steps you should be taking is to look into a transportation liability insurance program.

New Liability Risks for Third Party Logistic Providers

From directly managing cargo transportation to advising companies that offer diverse shipping and freight services, Third Party Logistic Providers (3PLs) are an integral part of the global supply chain.

While these companies have always faced unique liability risks, the rapid emergence of electronic and internet-based tools and services has increased exposure to claims. That makes it essential that modern cargo liability programs include coverage for secure, reliable online services and transactions.

How the Internet Has Changed Service Expectations

Customers of 3PLs increasingly expect services to include easy, secure access to interactive website portals in order to manage their orders, including items such as:

  • Tracking shipments
  • Choosing a freight carrier
  • Giving shipment instructions
  • Checking inventories

Failure to maintain reliable, trouble-free access to contracted interface options exposes 3PLs to potentially costly service claims, even if a an internet or extranet service provider is ultimately responsible. More traditional 3PL service providers that only maintain a static website also face increasing liability as documentation, business correspondence and transactions continue to move online.

Finding Comprehensive Coverage

While digital and network tools are dramatically streamlining the transportation industry, they may also leave firms open to cyber threats, and often eliminate traditional oversight measures. Cargo liability programs that specialize in 3PL coverage can help these companies to minimize losses incurred in a rapidly evolving digital marketplace.

Ensuring the Protection of Your Cargo

It’s frightening to think of how much can go wrong in an instant. One moment your payload is in transit, and the next it’s scattered across the ocean or down a mountainside. If you don’t have the right cargo insurance, this moment of disaster can change your life forever. With so many transport issues out of your control, you have no choice but to fully insure the products you ship. A boat, truck or train load of inventory items is worth a small fortune, so you can’t afford coverage that doesn’t guard against every type of problem.

The difference between good and great cargo insurance is how the policy addresses your unique situation. What you transport is just as important as how you transport it, and liability issues follow you from the loading dock through the shipping stages and into the warehouse. If you have any coverage gaps through that process, you’re taking a risk you really can’t afford to take. When you work with an insurance company that understands every step of transporting cargo, you have much better odds of avoiding a catastrophic lapse in coverage.

Before you send out your next cargo load, make sure you talk to an insurance agent who understands your business and how to fully protect your product.