When importing goods from overseas, it's important to consider various types of insurance to protect your investment. Here are some types of insurance you may want to consider:
Marine cargo insurance: This type of insurance covers damage or loss to goods while they are being transported by sea. It can also include coverage for any damage that may occur during loading and unloading.
Transit insurance: This insurance covers goods while they are being transported by land, air, or sea. It covers damage or loss that may occur during transportation.
Product liability insurance: This insurance protects you in case the product you import causes harm or injury to someone. It covers legal expenses and damages that may arise from a lawsuit.
Customs bond insurance: This type of insurance is required by customs authorities in some countries. It guarantees that you will pay any duties, taxes, or fines that may be assessed by customs.
Trade credit insurance: This insurance protects you from losses that may occur if a foreign buyer fails to pay for goods you have exported to them.
Political risk insurance: This insurance covers losses that may occur due to political events such as war, civil unrest, or expropriation of property by a foreign government.
It's important to speak with an insurance professional to determine which types of insurance are best for your particular situation.