Freight Insurance: Is Your Freight Insured?
Do you assume your broker fully protects your shipment? You’re not alone.
Many shippers think logistics companies fully insure their shipments. However, this is not always the case.
This article will walk you through cargo insurance (and a quick way to double-check if you are adequately insured). It is your freight, and it could be your loss if under-insured.
Why Do You Need Freight Insurance?
Let’s face it, ship happens.
From carrier negligence to supply chain issues, there are risks for damage or loss while in transit from one location to another. Freight insurance is a vital tool that business owners can use to offset those costs. Each policy is exclusive to you, the shipper, and your shipment.
Protection of Your Shipment
Having the right insurance is essential to having peace of mind and ultimately saving money. While you may hope you never have to use your insurance policy, you’ll be happy you didn’t cut corners if that day comes.
When you work with a broker, you need to be confident that your shipment will get from point A to B. In addition, if something happens en-route, you should be confident that your bottom line is protected.
The only way to feel confident you are fully insured is in the details: both the details your current provider is asking you about your shipment and the details you know about their insurance policy.
At SiLo, we’ll make sure all the details are covered beforehand, which is the main reason why 100% of our shippers have never lost a penny.
So, what details should brokers be asking about your shipment?
Insurance Questions Your Broker Should Be Asking
One quick way to spot red flags in your coverage is by confirming that your provider has asked the questions below.
What insurance requirements for carriers does your company require?
Does your company have an insurance policy for your freight?
Without the information above, there’s a good chance your shipment is not fully insured. Integrating a policy requires accurate details beforehand, and without them, it will be too late in the event of an incident. If your broker has not confirmed these details, it may be time to find a new partner.
Ship With SiLo
If you feel like your partner has missed out on your shipment details, it could cost you a lot in the long run. When you work with SiLo, we confirm these details beforehand to be informed and insured correctly. Additionally, the difficulty of getting a claim to be paid out is something we regularly vet.
SiLo has both an A-Rated Contingent Auto Liability Policy and A-Rated Primary Cargo. We deliver strategic solutions specifically tailored to optimize and protect your business logistics so that you can feel confident throughout the entire process. It’s simple. SiLo has got you covered.
If you are curious about the safety of your shipment? Contact us!