Cargo insurance is not as simple as purchasing auto or homeowners’ insurance. You have to get the policy that covers your shipment for the entire time it is in motion. Although you may not be required to have insurance on your goods, it makes sense to protect your inventory while it’s being transported from around the world to your facility.
Work with an insurance agent who knows marine insurance and understands your risks. Each shipment is different, depending on the goods and ports that it transfers through. Marine shipping is big business and there are many risks that your inventory faces when it’s on the ocean. Many times, the transportation company won’t be liable. This is to promote international trade, but that doesn’t help you in the event of a loss.
With your logistics and shipping company, your insurance agent can help you find peace of mind to find the right policy while your freight is coming into port. Your inventory will more-than-likely be okay, but do you want to risk the possibility? Let your insurance guide you through the complexities of cargo insurance to get the coverage you need. Don’t risk everything you’ve worked for. Get the best deal by going international for parts and supplies, but protect your investment. No matter what happens, you will be able to focus on your business and be profitable.