Importers Insurance (Commercial Insurance)
Importers, like you, face many risks in their line of work. Many times you’re dealing with items from several different countries, some of which have different regulations and standards. Other countries, though, have civil unrest, perhaps even war, to contend with that can cause massive disruptions to your supply lines. You need specialized insurance for importers in order to cover all your basis and provide your import business and assets the protection they need.
Types of Commercial Insurance for Importers
Importers have the same essential business insurance needs of other types of business, like:
- Business Owner’s Policies (BOPs)
- General Liability Insurance
- Business Auto Insurance
- Business Interruption Coverage
- Equipment Breakage Insurance
However, it’s essential for importers to move beyond standard policies for additional protection. Among the insurance needs that are specific to import businesses, are the following:
Product Liability Insurance
This type of insurance protection is particularly important for importers who do business with other countries widely known for product recalls or injuries related to the products coming out of the country. Product liability covers you from some of the financial fallout and defense costs associated with liabilities resulting from the products your business imports.
Umbrella Liability Coverage
Because liability risks are so high doing business with countries that do not have the same high standards for manufacturing and compliance as businesses in the U.S. it’s important to have liability coverage that goes above and beyond the standard coverage amounts typically used by businesses carrying fewer risks.
Trade Credit Insurance
This type of insurance protects accounts receivable from losses resulting from credit risks like protracted defaults, bankruptcies, and insolvencies.
Ocean and Inland Marine Coverage
The most widely used mode of transportation for importers, especially those importing goods from overseas, is by water. That’s why ocean marine insurance coverage is so important. It provides coverage for:
The key is to find the right coverage amounts to meet your needs as an importer and to protect the investment you’ve made in the goods that are in transit.
Security is a problem when handling merchandise in multiples countries and jurisdictions. Without the proper insurance coverage it can cost businesses more than you realize. Don’t overlook the benefit of theft or crime insurance here at home, though, as theft from external sources isn’t the only thing businesses need to worry about.
Business Property Insurance
This insurance covers the warehouses where you house the inventory as well as the inventory itself from a wide range of covered damages including vandalism, fire, and wind damage.
Cyber Liability Insurance
Importers increasingly rely on the Internet for tracking shipments, making arrangements, and conducting business. You keep a wide range of information about your own business practices on the computer as well as vital and personal customer information. It’s important to have the appropriate liability coverage in today’s age of brute force hacking attacks and computer vulnerability in order to protect your business assets, interests, and reputation in the event of a cyber-attack.
Each import business is different. It’s in your best interest to find an insurance company you can trust, like Phoenix Insurance Group, to help you determine the specific importers insurance your business needs in order to reduce your risks while maximizing your protection.
Why Work with Phoenix Insurance Group?
Phoenix Insurance Group is dedicated to offering the highest levels of customer satisfaction while meeting the varied insurance needs of businesses and families throughout Central and North New Jersey. We use the full scale of our resources in order to provide you with the right insurance products from reputable insurance providers.
Call us today at 908-879-6500 to discuss your needs when it comes to insurance for supporters so you can get the policy that best meets the demands of your business while reducing your risks and minimizing the damage to your business when disasters occur.