Transform logistics brokerages' future with must-have insurance secrets

Understanding the Types of Insurance Essential for Brokerages

To effectively safeguard your logistics brokerage, it’s crucial to understand the different types of insurance available. Here are some key policies to consider:

• General Liability Insurance: This covers third-party claims for bodily injury, property damage, and personal injury. It's fundamental for protecting your brokerage from potential lawsuits.
• Professional Liability Insurance: Also known as Errors and Omissions (E&O) insurance, this policy protects your business against claims of negligence or failure to deliver services as promised.
• Cargo Insurance: This is specific to the logistics industry, covering loss or damage to goods in transit. It’s essential for maintaining trust with clients and ensuring financial stability.
• Workers’ Compensation Insurance: If you have employees, this insurance is mandatory in most states and covers medical expenses and lost wages for work-related injuries.