When was the last time your business shipped something of value to a partner, vendor or customer?
It's true that some businesses do very little shipping while others depend on product shipping for survival. If your business is the latter, or somewhere in between, guaranteeing that your shipment arrives in good condition is essential.
But sometimes things happen, and the result is a shipment that arrives damaged or doesn't arrive at all, leaving the business owner scrambling to determine what to do. Then comes the question of responsibility—specifically, what happened during the shipping process that caused your product to become damaged or lost? And will the shipping company compensate for the damage through its insurance?
There are many ways to insure shipments, and a conversation with your insurance agent can help determine if your company should carry that particular coverage. Make sure your contract with the transfer agent provides details that bind parties to loss liability. To help decide if a separate shipping insurance policy is desirable, review the coverage offered by the shipping company. Then, review your coverage to make sure your cargo in transit has appropriate protection.
For more tips to help your business, visit our Business Tips in our blog.
If you have any changes to your business, you should verify with your agent you have the appropriate and adequate coverages. Contact your agent for a policy review at any time to potentially avoid any coverage gaps.
SOURCE - Mines Press - COPYRIGHT ©2018. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is understood that the publishers are not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert advice is required, the services of a competent professional should be sought. 2/18.