How to Buy the Best Freight Forwarder Insurance?

When it comes to freight forwarding, choosing the right freight forwarder insurance company is like choosing the right supplier and the right cargo. After all, you are choosing a partner who would be there to give you coverage against legal liability which may arise from cargo damage, physical loss, damages to a vessel owned by sub-contractors, etc.
In today’s fast-paced life which is highly dependent on cost efficiency, supply chain optimisation and efficient services, it is essential to choose the best freight forwarder insurance company for all your logistics needs.
So, let’s discuss tips which you should consider if you want to buy the best freight forwarder insurance company

Understand your requirements

It is essential to have a complete knowledge of your needs before you choose the insurance company. Determine what types of modes of transport you will use and what are the risks which you are assuming will arise in the future. This is like ‘help me help you’ stage, which you need to cross in order to get the best freight insurance quote.

Go through the insurance coverage offered by the insurer

A freight forwarder insurance policy is essential as it offers comprehensive coverage against legal liability which may arise from cargo damage, physical loss or damage to the vessel, etc. Further, any fines or duties arising from legal liability are also covered under the policy.
Many policies come with extensions like errors & omissions insurance, third-party liability extension, etc.; which you can avail by paying the extra premium. It is necessary to have a clear understanding of the coverages available under the freight forward insurance policy to pick the best policy.

Check exclusion list

While it is essential to know what is included in the policy, it is equally essential to understand what is not. You certainly don’t want to face a situation when you approach the insurer after the loss, however, the insurance company refuses to settle your claim because it falls under the exclusion list.

Moreover, if you are anticipating a loss which you can face in your business, however, if that risk falls under the exclusion head, you can avoid the particular freight forwarder insurance company or ask the insurer to cover that by paying the extra premium.

Compare freight insurance quotes

There are various insurance companies in India, which are offering freight insurance policies, and therefore, it is essential to compare all the available freight insurance quotes before choosing the particular insurance policy. While comparing freight insurance quotes, it is advised to pay special attention towards different features. Moreover, it is necessary to have a complete understanding of the claim process to avoid any delay at the time of claim.

Knowing all the available freight forwarder insurance policies in the market may help you make a viable decision. Make the thorough comparison of freight insurance quotes, and only if you are satisfied with the results, go to the particular insurance company.

Take the help of insurance experts

The corporate insurance world is not easy to understand, and therefore, it is strongly advised to take the help of insurance experts, like SecureNow, which can give you best freight insurance quotes so that you can compare and choose the best policy. You would only need to furnish some basic details about your requirements, and SecureNow would generate multiple freight insurance quotes for you which you further required to compare to find the right insurance policy.

In case you have any doubts regarding the freight insurance quote and terms & conditions, you can approach the experts available at SecureNow. These experts would happily assist you in comparing freight insurance quotes and choosing the best insurance policy as per your needs. They can also help you answer any questions which you might have about the coverage. In fact, they are competent enough to handle your claim as well.
Remember, no one knows your business needs better than you and therefore, spend time in considering any or all perceived risks and be sure to discuss them with SecureNow.

Conclusion

There is no end to the risk scenarios which can arise in your life, and your business is no different. Here, a freight forwarder insurance policy can help you by covering your cargo or shipments being transported by any mode, like the sea, air, road, rail, etc.
However, buying any freight forwarder package insurance policy costs money and therefore, it is essential to choose the policy that comes within your budget and also offers comprehensive cover. So, take the cue from the above list and choose the best freight forwarder insurance policy

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