Insurance for Shipping Services

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Frequently Asked Questions

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:

  • General Liability insurance costs $500 in annual premiums.
  • Commercial Auto insurance costs $700 in annual premiums.
  • Workers Compensation costs $1200 in annual premiums.

Are You Ready to Get Covered?

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