Import Export Insurance: What Is It? And Do I Need It?

Import Export Insurance

Today, Australians have never been so busy exporting and importing goods in their line of business. And the good news is that the future for this activity is bright as even more growth is expected in the sector. However, all business transactions come with risks and when those risks involve dealing with companies overseas, the value and importance of sound Import-Export Insurance policies becomes ever more apparent.

Import Export Insurance is a type of insurance cover that relates to goods that are transported to and from countries. If your company is an exporter or importer – or both – then having the relevant insurance cover in place is essential to ensure the continuing success of your company in the future.

Why Have Import Export Insurance?

Most business owners know that insurance is an invaluable necessity, however in the case of this particular type of insurance, it provides cover for specific issues that you won’t encounter elsewhere. If you work with vehicles, planes and ships, you are dealing with a whole new dimension of risk, and profit damage.

In this line of work, it’s more important than ever to be informed, and to know the unique risks and the factors that come into play.  To help you gain a better understanding of the cover and your needs, here are some examples of where things can go wrong:

  • Your goods are stolen or damaged en route
  • In transit, your goods damage someone else’s property
  • Fire in a moving vehicle can be difficult, at times impossible, to handle
  • Injury to employees when working with your goods are in transit

Sadly, there are many opportunities for your goods to be stolen or damaged in any number of other lands including your own where you may have little control over their safety. Likewise your goods may impact someone else’s property and your business may assume liability and have to pay.

Fire is always a terrifying prospect but if the fire breaks out when your goods are in transit, dealing quickly with a fire when it’s in a moving vehicle or plane is almost impossible.  Furthermore, the further your goods are transported, the greater the risk that anyone handling them may suffer an accident.

It’s important to ensure you are covered for these and all other eventualities.

Partner with Experts

When it comes to Importing and Exporting goods, your business may not be fully protected without specialist cover.  An insurance broker who has experience and expertise in the import-export trade will be able to give you appropriate and relevant advice, and ensure you get the best deal at the best cost.

In many cases, businesses have limited control over their goods while on the water or in the air. The success of your bottom line is at risk if catastrophe strikes your goods in transit and it’s important to remember that accidents happen.  Through no fault of your own, your goods could be delayed, damaged or destroyed, however with a relevant and comprehensive import-export insurance policy you will be able to get back on track in the shortest possible time.

Speak to an expert insurance broker at PSC Direct and give yourself the benefits of protection and the confidence to develop your business knowing your import export insurance cover is adequate, relevant and secure.