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.
Moving cargo from one place to another always comes with a risk. Cargo could get damaged, lost or stolen, and sometimes whole shipments don’t make it to their final destination. The good news is that cargo insurance can reduce the financial risk involved with transporting goods.
In order to ensure smooth movement of cargo, consider choosing a U.S. based insurance company to get the best support. If you ship internationally, you might already be aware that sometimes business partners use an insurance company in their own country. It is recommended that you insure your cargo anyway as it can be troublesome having to deal with an insurer located in a different country. Always handle your own responsibility and don’t rely on someone else. Furthermore, make sure you document every shipment and its value in case there’s a dispute with a claim in the future. Be sure to check with your insurance company what modes of transportation and factors are covered. While most policies cover the standard risks, some don’t cover loss resulting from war or piracy. If in doubt and for the sake of peace of mind, consider an “all risk” policy. A company specializing in insurance solutions for unique risks can help you get the coverage you need.
The consequences of not having cargo insurance could be devastating for your company. Having an adequate insurance policy ensures that your business can keep moving.
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.