Your personal auto insurance is not enough, you'll also need auto insurance that protects the interests of your business. Commercial Auto insurance provides financial protection against physical damage and liability that could occur as a result of an incident involving a vehicle used for business purposes.
Inland Marine insurance protects goods and equipment that are being transported on land or while they are being stored temporarily in a warehouse. It covers losses that could occur while the property is in transit.
Workers Compensation is a state-mandated insurance that will provide medical and/or rehabilitation expenses including payment for lost wages to employees who get sick or injured due to job-related causes. It is a no-fault claim in that the insurance will provide coverage regardless of who is at fault when an incident happens.
General Liability insurance provides protection to your business for "general" claims which involve bodily injuries, personal injuries, property damages, and lawsuits involving these claims. It is the first policy that you should purchase as it has all the benefits of protecting your business from what could end up destroying it if you're uninsured.
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.
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.
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:
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