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!
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.
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.
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.
Why do Shipping Services need insurance?
Establishments in this industry provide local, national and international courier services. Businesses specialize in packing and crating, navigational services for the industry (water transportation, marine vessel traffic reporting, piloting), local deliveries, and air couriers. Businesses that fall under this industry may deliver groceries and perishable items as well.
Your shipping services need insurance because it protects your business from the many risks that it could face. It gives your business peace of mind by providing coverage for your business.
What risks do Shipping Services face?
Below are some of the common risks your shipping services could face:
The shipping to your customer gets delayed because your exporter did not send out your shipments on time. The client blames your business for the delay and sues your business for the damages.
While shipping cargo, the vehicle carrying it gets involved in an accident which causes you to lose most of your shipment.
Your employee gets injured on the job and as their employer, you are responsible for the medical and rehabilitation payment of your employee.
How much does insurance for Shipping Services cost?
There is no fixed cost of insurance for shipping services as this mostly depends on the size of the business, the number of employees you have, and the coverage required. Without taking these into consideration, below is the average cost of insurance for shipping services: