Relevant Insurance For Customs & Forwarding Agents
If you plan on working as a customs or forwarding agent in Ontario area, you are going to without a doubt need customs & forwarding agents professional liability insurance. Anything can go wrong at any time and PLI customs & forwarding insurance in combination with commercial general liability insurance will ensure that you and your employees are protected. As a forwarding agent you are constantly handling other people’s merchandise and shipping it to faraway lands, which just open the potentials for tons of risks.
There is always a risk that you could damage the package or completely destroy it during the moving process. Since you own the warehouse and are responsible for the safe transportation of the merchandise, you are going to be at fault. Customs & forwarding agents E&O insurance can protect you in these exact situations. This policy will cover the costs of the damage and pay for any lawsuits that might arise throughout the incident. Commercial general liability insurance on the other hand will protect you in the event that someone gets hurt on your property. Just imagine if a truck driver picking up a customer’s package slips and breaks his arm, while on your property. You would have to pay the medical costs out of pocket, but a CGL policy could cover those expenses.
Other Policies You Need To Consider
While customs and forwarding agents errors and omissions insurance is extremely handy, it won’t protect you from every risk out there. This is why you always need to speak with a highly trained insurance agent and discover some of the other policies that might be available for your very specific needs. However, you do need to have a place to start and below you will discover some other policies that you might want to consider.
Cargo Liability Insurance – It doesn’t matter how careful you are there are going to be mistakes and errors that happen along the way. Unfortunately, people are impatient and they are depending on you to their merchandise from point A to point B within a certain amount of time. If a package gets lost or damaged the customer is going to come to you seeking reprimands. This is exactly where cargo liability insurance comes in handy.
- Cargo Liability Insurance Recommended Limits – $500,000 Per Claim / $1,000,000 Aggregate
Global Claims Network – As a forwarding agent you are going to be shipping high yield merchandise to a variety of different countries. Well, if something can go wrong at home, it can certainly go wrong in another country. Global claims insurance can come in handy in these exact situations, as the policy can help you resolve claims in a number of countries, currencies, and languages.
- Global Claims Network Insurance Recommended Limits – $100,000 Per Claim / $500,000 Aggregate
Cyber Insurance – Customs agents are going to be dealing with a lot of high-end customers on a daily basis. You will not only be storing their personal information on your computer systems, but you will be storing their billing information. If someone unlawfully gains access to this information it would be detrimental to your business. And, this is where cyber insurance can protect you.
- Cyber Insurance Recommended Limits – $100,000 Per Claim / $500,000 Aggregate
Knowing The Average Costs
It is no mistake that insurance is expensive, but it absolutely necessary to ensure the safety of your business and employees at all times. In fact, in certain Ontario areas the law might require you to purchase these policies before you even open your business. Whatever the situation is, you need to have at least some basic ideal of what these policies will cost and that is what you are going to learn below.
When dealing with packages, heavy items, and extremely expensive merchandise mistakes can happen at the drop of a hat, but with the right amount of cargo liability insurance you will be protected.
- Cargo Liability Insurance – $90 a month, depending on the coverage amount
- Global Claims Network – $35 a month
- Cyber Insurance – $18 a month
Just remember that these prices can vary based on your specific needs. To get your free quote today, just gives our offices a call or visit our website and get a quote within a matter of minutes.
Other professions we also provide insurance for: