Insurance

By land, sea and air. As a logistics business, you navigate potential hazards and setbacks to find the most efficient and cost-effective way to get goods where they need to be when they need to be there. The work you do keeps the economy moving but it comes with several risks that need to be addressed. Logistics business insurance helps you avoid some of the pitfalls that come with transporting goods and can keep your logistics business protected for the long haul.

Logistics business insurance is a comprehensive set of coverages designed specifically to address the risks common to the shipping industry. No two logistics companies are the same so the coverages are customizable and can serve single owner/operators or large fleets. We’ve listed some of the standard coverages that are usually included in a logistics business insurance package.

Cargo Insurance

Ensuring your cargo is a basic requirement for any logistics business which is why Cargo Insurance is typically included in most logistics business insurance plans. Some of the benefits of having cargo Insurance specifically written to address your logistical risks can include:

•  Coverage for the full value of goods being shipped, including profits
• Coverage according to your negotiated insurance policy without the restrictions of a carrier’s contract of carriage
• End-to-end coverage
• A local agent to assist with queries and claims
• Less paperwork and easier reporting

Transportation and logistics cargo come with several types of risks that Cargo Insurance can address. Depending on your insurance policy, Cargo Insurance can protect you from:

Lost or damaged cargo – Coverage both domestically and worldwide for most types of cargo including: general, perishable, hazardous, valuables, heavy-lift, manufactured goods, commodities, etc.

Stock throughput risks – Coverage from raw materials to final destination. Can include coverage for goods and materials temporarily stored before they are delivered to their final destination.

Cargo and professional legal liability – Protection for the actions of third-party logistics service providers such as freight forwarders, customs brokers, warehouse staff, truck drivers and aircraft pilots.

Supply chain / trade disruption – Coverage for any extra expenses or lost profits stemming from delays or non-arrival of shipments because of disruptions in transit.

Shipment rejections – Coverage in case of cargo being rejected by a governmental agency.

Political risks – Protection for your assets and from contract frustration resulting from political unrest abroad.

Exhibition risks – protection for client goods while in transit, and while on display at trade shows.