As an industry, Australia’s import and export market has increased significantly over the past few decades and looks set for further growth in the near future. With this significant growth in transit, the importance of and need for Marine Insurance could not be greater.
What is Import Export Insurance?
Import Export Insurance covers the risks of loss or damage to goods and merchandise while in transit by any method of transport including sea, rail, road or air, and while in storage anywhere between the points of origin and final destination.
Import Export Insurance can help your business survive the unexpected, with minimum losses.
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What Risks May an Import Export Insurance Policy Cover?
All Import and Export companies are unique, so it is important to secure and insurance policy that reflects the specific needs of you industry. The correct policy can be difficult to find and attempts to do it on your own can leave you underinsured. A PSC Direct representative can do the hard work for you to ensure you are covered if the worst happens.
Businesses involved in the loading, transportation and unloading of goods, on both a national and/or international scale, are exposed to a varied set of diverse risks that are unique to the nature of the work. While every company is different, there are several hazards that are common to all who deal with the transportation of goods, for example:
- Theft and Money: Theft of transit goods is an ever-increasing problem in the transportation industry. It’s estimated that cargo theft costs shippers and trucking companies up to $30 billion a year.
- Staff Injury: Working in the Import/Export injury leaves employees open to injury in a variety of ways. Serious injury can occur as the result of falls from vehicles and moving heavy objects or objects that are difficult to grasp.
- Vehicle Collision: In the event of a vehicle collision during transportation, the transit goods are likely to be seriously damaged or destroyed, which can result in significant replacement costs for the business.
- Load Securing: In the event that a load is not secured properly, serious damage could be caused to the goods in transit. Furthermore, the process of loading and unloading can result in injury to employees.
- Fire: Fires can easily be sparked in vehicles, particularly during refuelling, which can result in injury to the driver and severe damage to the contents of the vehicle and the vehicle itself.
Business Interruption costs are difficult to predict and evaluate, which makes it imperative to back up your prevention strategies with a comprehensive insurance policy that can fully protect your business, employees and the general public.
The Importance of Import Export Insurance:
Australian businesses as a whole are becoming increasingly dependant upon global trade and extended supply chains. As a result, transit risks can be complex and diverse. In a changing and seemingly more hazardous world, you need to better understand the risks that you face.
What Are the Key Things That May Be Covered By Import Export Insurance?
Coverage will differ from policy to policy, but below is an outline of the features commonly covered by Import Export insurance:
- Broadform Liability Insurance: Broadform Liability Insurance tends to cover both Public Liability Insurance and Product Liability Insurance.
- Management Liability: Management Liability Insurance can protect directors and officers, as well as the company itself, from the many exposures involved in the management of a company.
- Business Interruption Insurance: Business Interruption Insurance covers you for loss of profits while your business is out of action. It is designed to protect your business for loss of income or expenditures sustained as a result of direct loss, damage, or destruction to your insured property.
- Computer and Electrical Equipment Insurance: Computer and Electrical Insurance covers your computer and electronic equipment insurance needs in the event of damage or necessary replacement.
- Annual Cargo Insurance: Annual Cargo premium is based on the value of all shipments that the insured is responsible to insure. It is the simplest and most convenient way to cover the insured’s import and export risks.
- Tax Audit Insurance: Tax Audit Insurance covers you for professional accounting fees that arise from an audit conducted by the Australian Taxation Office (ATO) or any other Australian (Federal, State or Territory) government agency.
Who Needs Import Export Insurance?
Whether you are a smaller retailer sending a one off shipment or a transport and logistics business who focuses on sending goods from A to B, Import Export insurance is fundamental for protecting goods in transit.
Often freight forwarders are not licensed to organise Transit or Import Export Insurance and do not have the legal or technical qualifications to advise you on how to best arrange your cover. Rather than risk organising it yourself, get PSC Direct on your side with tailored broker advice to help you safeguard your goods in transit.
- Import: It is important for importing businesses to have insurance in place to cover against any loss or damage to their goods throughout their full journey. Ensure you protect your investment by securing your own comprehensive cover instead of relying on exporters at the other end to arrange transit insurance on your behalf.
- Export: In the case of goods being damaged or destroyed in transit before arriving at their destination, the importer may not be obliged to pay for them, despite any terms of a letter of credit or credit guarantee. Don’t let a freight forwarder organise transit insurance for you; speak to an insurance broker and find a policy that fully covers you so you don’t end up out of pocket.
How PSC Direct works for you
As specialist small business insurance brokers, PSC Direct uses our considerable experience to provide multiple quotes for you. Combining our expertise insuring thousands of other similar businesses with our detailed database of insurers and insurance products; we’re best placed to advise you on the right insurance for your business.
We have strong relationships with the leading underwriting agencies and insurance companies. We can source the most appropriate business insurance policy for you, covering you for what you really need, at the right price.
We can help sole practitioners, small, medium and large businesses protect the businesses you are growing and ensure your assets are covered in the event that disaster strikes.
With our strong relationships to a broad range of highly-rated insurers we are able to advise you on business insurance, professional indemnity insurance, and professional indemnity insurance specifically tailored to meet the risk exposure of your business.
We can also provide advice on a range of additional insurance policies and cover that can affect your business and make sure you have the right insurance at the right price.
72% of Australian businesses fail after experiencing a major loss.
The right business insurance will ensure you are not one of them.
While good insurance covers you for most things – Professional Indemnity, Professional Liability and Property, great insurance covers you for the specific risks that your business faces. We understand that every business is unique and you need a policy that addresses the specifics. We make sure that when you have a claim that’s out of the ordinary and complicated, you’re covered.