The import and export trade is a lucrative and fulfilling industry if you can find your niche and develop the right risk management plan to protect your business. It often involves sourcing hard to locate goods for clients in areas that find access to them challenging, so it can also help you do a lot of good, but transportation and customs both present unique risks that you need to navigate on a regular basis. Having insurance that covers all your import and export risks is the first step, but not the only step, toward a robust plan.

Training and Preparation

Compliance with import and export processes in each country where you do business is the key to minimizing most of your risks, and that means having everyone in your company up to speed on regulations that affect their jobs. Insurers who cater to the industry and have extensive experience know that providing you with these resources can reduce claims, saving everyone money and trouble in the end.

Some risks need to be managed by choosing the right people to work with as well. You may not be able to control whether there is an extreme weather event that affects your shipping time or damages your goods, but you can make sure you work with people who have a similarly robust approach to managing the risks involved in this industry.

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