How to Select the Right Type of Cargo Coverage for Your Needs

Businesses involved in transporting and shipping goods must address a complicated and perilous web of risks and exposures. While there is significant variance in the exact operations and risk levels of different companies within this sector, every business should be prepared to navigate this nuanced landscape. Fortunately, by working with a qualified insurance professional, such as those at Specialty Coverage Insurance Agency, you can secure suitable coverage capable of addressing risks and possible losses.

What Is Cargo Insurance?

As its name suggests, cargo insurance is a type of coverage typically tailored toward the needs of businesses responsible for property in transit. Also known as freight insurance, the right policy or coverage package can address many common incidents and perils inherently present in shipping operations.

How Can I Address My Coverage Needs?

Understanding your unique circumstances and how they may impact your cargo insurance needs is the first step in securing appropriate coverage. Businesses in this industry are often unique in their exact risk profiles, but many share similar needs when it comes to insurance. Specifically, you may want to ask yourself about the following:

• Value of goods—The type and quantity of goods you’re entrusted with play key roles in determining your coverage needs. Naturally, if you’re responsible for particularly valuable items, such as electronics and jewelry, you may need more insurance to compensate for potential losses.

• Transportation method—Different ways of shipping goods may incur varying risk levels. For example, accidents on the road are generally more common than those involving airplanes, meaning that companies using trucks may require additional financial protection.

• Location—Where goods are being shipped to and from can also influence coverage needs. Certain areas may be more susceptible to natural disasters, traffic accidents and crime, potentially necessitating greater coverage limits and additional policies.

• Workforce details—Your business’s number of employees may directly influence specific coverage needs, such as how much workers’ compensation insurance you should carry. Additionally, if you employ drivers, their records on the road may influence your coverage options and needs.

We’re Here to Help

Contact Specialty Coverage Insurance Agency in Mystic, Connecticut, today to learn more about cargo insurance and secure the right policies.