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.