The old maritime phrase “batten down the hatches” isn’t much in everyday use anymore. The meaning referred to preparing for trouble or bad weather by securing the openings to the decks below–the hatches–in oceangoing ships of old. These days, you can batten down the hatches virtually with a click of a mouse by purchasing cargo insurance online. Before you do, make sure you are buying from a company that has the financial means to make you whole in the event of a loss.
Do some research
It’s easy to look into the financial standing of an insurance company by clicking on your state’s department of insurance website and checking its financial ratings, which typically will range from A++ (the best) all the way down to F (the worst), just like your old school report cards. These ratings reflect the claims-paying ability of an insurer–something of utmost importance because why pay a company that may not be able to pay you if need be?
Have you heard anything in the news related to your industry from a coverage standpoint? If so, investigate the source further by doing some additional searching, linking key words such as “failure to pay” or “money issues” with the subjects of your search.
Turn to an expert
Of course, time is money–and there’s a way to spend your time focused on your business rather than looking up financial profiles for cargo insurance online. Turn to your professional insurance agent, who as an expert, has access to all of the latest information on the best providers for the coverage you need, as well as the ability to perform a comparative analysis of policies to determine which company offers you the most comprehensive protection at the best price. Furthermore, an experienced agent has the appropriate education and training to provide this professional service. This expertise is particularly valuable with regard to the shipping industry, as this type of coverage is unique compared to other kinds of insurance, and a variety of complex laws apply that may limit providers’ liability in certain circumstances. Guidance from one who is well versed in navigating these waters can help ensure you stay “off the rocks.” Call an agent today to learn more.