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Marine insurance helps protects your business from loss or damage to vessels and cargo as well as the delivery and storage of goods.
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Export business takes a hit
Kerri runs a small business that exports organic cheeses from Australia to Asia. It’s a new business, so she works very hard to provide quality products and build her client base.
Recently, a shipment of her cheeses that were going to a new client was left on the dock unrefrigerated - and the cheeses were spoilt. Not only did Kerri lose valuable product, but she also missed out on the repeat business of the new client.
Thankfully, Kerri had marine insurance, which covered her products from the time they left her business until they were in her client’s possession. While her insurance didn’t help her keep the new client, at least the insurance fully reimbursed Kerri for the cost of the cheeses that were spoilt.