Protect your import businesses from the everyday risks that come with importing goods with importer insurance. ALIGNED is a full-service insurance brokerage that specializes exclusively in business insurance and can help your importer business find the right coverage at a great rate.
Importer insurance 101
Importer insurance is a type of commercial insurance designed with import companies in mind. Though coverage varies, it is generally intended to help import companies mitigate risk. Though you may think you have adequate protection in the event of a loss or have little exposure to liability claims, this isn’t always the case. That’s where importer insurance comes in.
What types of insurance coverage are needed for my import business?
Ultimately, the insurance needs of import businesses vary, though we generally recommend the following coverage types:
- Commercial general liability insurance: Commercial general liability insurance, which also typically includes product liability coverage, is an important part of most importer insurance programs. It aims to protect your important business from claims of third-party bodily injury or property damage. With this type of coverage, if a lawsuit is filed against you, your insurance company may cover any applicable legal fees (e.g. settlement or defence costs), medical expenses, repair bills, and more.
- Commercial property insurance: Commercial property insurance protects your importer business’s physical office space, inventory and any business-related contents (e.g. computers, furniture, security systems, etc.) from property damage due to an insured peril. It is up to you to decide which perils to include in your policy, though some of the most common are water damage, fire, theft, windstorms, vandalism, etc.
- Business interruption insurance: Business interruption insurance can protect your import business from lost income if it is forced to close due to an insured peril. Insured perils covered by business interruption insurance vary but can include theft, fire, vandalism, windstorms, water damage, and more.
- Umbrella liability insurance: Umbrella liability insurance takes effect when regular liability limits are reached, meaning it can protect your import business against unforeseen or catastrophic events.
- Cargo insurance: The transportation of the goods you are importing and/or moving is a critical coverage for every importing business and from the time the good leave the factory to the time they arrive at their final destination there is considerable risk and perils that can be insured to protect you and your business.
5 factors that can influence the cost of importer insurance
Many factors can influence the cost of importer insurance. This is because, when providing you with a quote, an insurance company will need to assess your risk level. They do this by considering many factors. To help you understand which details matter most when it comes to calculating importer insurance premiums, we’ve put together the following list of factors:
- The size and location of your import company
- Your import business’s annual and projected gross revenue
- Your insurance claims history
- The number of employees at your import business
- The coverage, policy limits, and policy deductibles you choose
- The types of products you are importing
Buying importer insurance from an insurance broker
If you’re ready to purchase importer insurance, there are two ways to do so. The first is directly through an insurance provider, and the second is with the help of an insurance broker. Working with an insurance broker comes with many benefits. For example, brokers work independently of insurance companies, they have unparalleled resources and expertise on a wide range of insurance products, and they do the work for you. If working with a broker is right for you, contact ALIGNED today. You might be surprised to learn that purchasing importer insurance through ALIGNED is entirely hassle-free.
ALIGN your business with custom built importer insurance
Safeguard your import business by purchasing importer insurance today. ALIGNED can help you find the coverage you deserve in no time. Get in touch and a dedicated insurance broker will work tirelessly to obtain and compare quotes on your behalf, all to find you the best possible policy at a competitive price. As insurance brokers, we always put the customer’s needs first. You can always count on us for innovative commercial insurance solutions. Contact ALIGNED today to learn more or click here to get a free quote now.