Cargo Liability Insurance Protects Transport Businesses
Does your company transport goods by truck or other forms of transportation? Cargo liability insurance programs protect a carrier in case of accident or loss that is not due to negligence on the part of the carrier. Such losses can happen because of natural disaster, negligence on the shipper’s part, or a problem with the goods themselves. When buying liability insurance, carriers should have an estimate of a cargo’s value, which is often provided by the shipper. Carriers should have additional insurance called freight insurance to protect shipments should they be found negligent in any way by the shipper.
Any company that carries shipments by land, air, or sea, or that stores shipments on their property need liability insurance for the goods they protect. Companies can ship cargo either domestically or internationally. Land cargo insurance offers protection for shipments made by trucks or smaller vehicles. As many companies transport shipments with small vehicles, they should have a cargo liability insurance policy. Marine cargo liability insurance covers the transport of shipments by sea or air. Marine cargo carriers can also buy insurance coverage for individual shipments, often called voyage policies. Policies are often adaptable since shipment carriers face an assortment of potential risks. A commercial insurance company can discuss with you how cargo liability insurance programs can protect your shipments.