We totally get it: Running a business is not cheap and the budget can quickly become overrun with expenditures. Materials, equipment, facilities and staff are all necessary line items you need to produce and turn a profit. But what about cargo insurance programs? Can you get by without them or are they just as critical to your company’s success?
Lack of Insurance Can Sink Your Ship
It is best to answer this question with an example of a legal principle used when transports are performed by ocean carriers. If the vessel is damaged at sea or the call is made to jettison your goods in order to save the ship, you are partly responsible for sharing and covering the losses. Carriers are not obligated to cover losses that happen for reasons beyond their control.
You could lose hundreds of thousands of dollars in goods if you do not carry insurance. This amount of money far outweighs the price of a premium for any policy. The cost of cargo insurance programs varies from roughly $0.15 to $0.35 per $100 value of the shipment and most policies cover your goods throughout the entire supply chain.
Without insurance, you could end up financially shipwrecked. However, for a modest fee, you can focus on continuing to do business and stop worrying about the state of your goods as they make their way toward their destination.
If you own a nightclub and sell or serve alcohol, choosing to get liquor liability for nightclubs can be one of the best decisions you will ever make. Alcohol can cause a lot of problems and instances because when people drink, it can reduce their ability to think clearly and cause them to do things they would not have otherwise done. This can lead to damages and injuries in your nightclub and you will be left to clean up the mess. Liability claims can quickly grow out of hand and without insurance to cover all the fees, you may be forced to shut down your nightclub to pay them off.
If you want to avoid the potentially substantial legal fees that result from a liability claim, it is vital to get liquor liability for nightclubs as soon as possible. Despite public awareness going up for drinking, the number of alcohol related claims have remained fairly stagnant over the years and many nightclubs have suffered significant financial loss as a result of liquor claims. Having the right coverage means choosing the right insurance company who can provide guidance and advice when an incidence does occur. They can also help you eliminate invalid or frivolous claims that can lead you into financial distress.
Warehouses experience a great deal of movement on a daily basis: they receive, sort, order, cross-ship, package, and deliver goods. The goal is to do all these tasks quickly, efficiently, and, perhaps most importantly, safely. When you run a warehouse, you want to make certain that all your customers’ goods are handled with care and make it to their destinations without incident. You cannot always be guaranteed impeccable handling, unfortunately, as mistakes do sometimes happen. In the cases where mistakes are made, you want someone to back you up to help recuperate the losses obtained as a result of the accident. Look for a company that offers warehouse legal liability insurance in Orlando when finding a plan for your warehouse.
Warehouse legal liability insurance is vital for your business because it takes into account everything that happens in a warehouse and it recognizes how a warehouse operates differently than just ordinary desk-job offices. This insurance plan helps cover the business in the case of damage or loss of a customer’s property while in the business’s facilities. If you want the insurance company to be local, find one that helps protect your company with warehouse legal liability insurance in Orlando. Protect yourself from any potential losses by covering your bases and getting an insurance plan that will make sure your business keeps running strong.
Depending on your business, your livelihood may be entirely dependent on the cargo you ship all over the world. That’s why it’s so important to invest in a cargo insurance package that helps you bear the burdens of unexpected consequences that may arise.
Insured cargo helps you feel more at ease because it’s possible to customize your coverage based on changing needs. That might be necessary if whatever’s being hauled is oversized or extremely valuable.
It’s also important to remember that deciding to insure your precious cargo could indirectly bolster your company’s reputation. Your customers likely expect certain levels of quality for the products you sell, but items may potentially get damaged in transit due to issues like rough handling and environmental conditions. Insurance reduces the monetary risk you’d face if customers received goods that were harmed in transit.
Finally, certain types of insurance for cargo allows for continuous coverage from the time items leave your premises to the moment when they arrive at their destinations. That means that if anything goes wrong, you’ll know you’re not liable for the financial and time-related costs that result.
These are only some of the many reasons to make the smart decision to buy cargo insurance. It could positively change the way you do business at home and abroad.