Even after goods and products leave your company’s premises, you may continue to bear some responsibility for them. Property in transit between locations or to its final destination can still suffer damages and losses. For many businesses, these risks make it necessary to consider acquiring insurance for shipments.
What Is Shipping Insurance?
Your operations and location play a considerable role in determining what type of insurance you will need for shipping. In general, there are two primary types of insurance used to protect property in transit, including:
- Inland marine—This type of coverage is designed to protect property being transported over land. It can also protect property owned by others but either currently in your possession or being stored on your premises.
- Ocean marine—This type of insurance can protect goods being transported across the ocean. It may also cover ships, crew, passengers and storage.
Who Needs Shipping Insurance?
Generally, if your business regularly transports goods owned by yourself or others or houses other parties’ property, inland marine and ocean marine policies should be strongly considered. These coverages may be particularly vital if your company’s operations include the following:
- Agriculture and landscaping
- Party and special event planning
- Sales and rental dealers
Get the Right Coverage
When goods are not in your possession, they may be exposed to new or enhanced risks. Property in transit can be lost, stolen or damaged, and without proper insurance coverage, your company may not have any recourse to recoup its losses. Contact Elite Insurance Group today to learn more about options for shipping insurance and finding the right coverage to suit your needs.