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Shipping Company Insurance: Quotes From $50/mo

Table of contents
1. General Liability Insurance for Shipping Companies1.1. Add-Ons of General Liability Insurance for Shipping Companies1.2. Coverage Limits of General Liability Insurance for Shipping Companies1.3. Will My General Liability Policy Protect Me Internationally?2. Professional Liability  Insurance for Shipping Companies2.1. Add-Ons of Professional Liability Insurance for Shipping Companies2.2. Coverage Limits of Professional Liability Insurance for Shipping Companies3. Commercial Property Insurance for Shipping Companies  3.1. Add-Ons of Commercial Property Insurance for Shipping Companies3.2. Coverage Limits of Commercial Property Insurance for Shipping Companies3.3. Does Commercial Property Insurance Apply to Rentals?4. Business Owner’s Policy for Shipping Companies4.1. Add-Ons of Business Owner’s Policy for Shipping Companies4.2. Coverage Limits of Business Owner’s Policy for Shipping Companies4.3. Can My Business Owner’s Policy Apply Coverage to Goods Shipped Overseas?5. Tools and Equipment Insurance for Shipping Companies 5.1. Add-Ons of Tools and Equipment Insurance for Shipping Companies5.2. Coverage Limits of Tools and Equipment Insurance for Shipping Companies5.3. How Do I Figure Out How Much Coverage I Need for My Shipping Company?6. Workers' Compensation Insurance for Shipping Companies  6.1. Do Shipping Companies Need Workers’Compensation?7. Excess Liability Insurance for Shipping Companies8. What Types of Situations Would Require My Shipping Company to Need Excess Liability Insurance?8.1. Do I Need to Exhaust the Limits of An Underlying Policy Before Excess Liability Kicks In?9. Third-Party Shipping Insurance9.1. Coverage Limits of Third-Party Shipping Insurance 9.2. What is Proof of Value and How Do I Establish It?10. Shipping Company Insurance Cost11. Best Shipping Company Insurance Companies11.1. NEXT Shipping Company Insurance 11.1.1. Pros11.1.2. Cons11.2. The Hartford Shipping Company Insurance 11.2.1. Pros11.2.2. Cons11.3. CoverWallet Shipping Company Insurance 11.3.1. Pros11.3.2. Cons11.4. Tivly Shipping Company Insurance 11.4.1. Pros11.4.2. Cons11.5. Thimble Shipping Company Insurance 11.5.1. Pros11.5.2. Cons11.6. Hiscox Shipping Company Insurance 11.6.1. Pros11.6.2. Cons

You want to be vigilant for unexpected situations that result in the financial ruin of your shipping business. The mistakes of your freight brokers can lead to lawsuits. Moreover, you must reimburse clients if their cargo gets lost or damaged during the trip. Adopting a shipping company insurance policy guarantees that your company can survive whatever storms come. Continue reading to find out more about shipping insurance.

General Liability Insurance for Shipping Companies


CoverWallet NEXT (Best)Thimble HiscoxThe Hartford
Per occurrence limit $1,000,000$1,000,000$1,000,000/$2,000,000$300,000/$1,000,000$1,000,000/$2,000,000
Aggregate limit $2,000,000$1,000,000/$2,000,000$1,000,000/$2,000,000$300,000/$2,000,000$1,000,000/$2,000,000
Products and completed operations aggregate limit $2,000,000
$1,000,000$1,000,000$1,000,000$1,000,000
Advertising injury coverage aggregate limit $1,000,000$1,000,000$1,000,000$1,000,000$1,000,000
Tenant’s legal liability coverage limit $100,000
$100,000$5,000$100,000$1,000,000
Waiver of subrogation included?YesNoIncludedCan be includedNo
Hired/non-owned auto liability coverage included?YesNoExcludedCan be includedCan be included
Equipment breakdown floater included?No YesYesCan be includedCan be included


Shipping companies will benefit from a general liability policy. This will protect the company from third-party claims like property damage and injury your business operations may cause. Common situations to use this coverage include:

  • Your shipping service injures a member of the general public who files a lawsuit to receive compensation for medical care

  • A customer slips and falls on your shipping company’s business headquarters while negotiating a contract


Add-Ons of General Liability Insurance for Shipping Companies

Look out for add-ons to your general liability policy, such as:

  • Marine liability insurance–Protects your business against damage or injury to your business property due to water-based incidents.

  • Inland marine insurance–Protects business property that’s transported over land. This can include equipment, products, and materials that got lost or damaged during the trip due to theft, fire, vandalism, and other covered perils 


Coverage Limits of General Liability Insurance for Shipping Companies

Shipping companies can get coverage limits of $1 million per occurrence and $2 million in aggregate.


Will My General Liability Policy Protect Me Internationally?

No. However, you can find general liability insurance on international shipping that Hiscox underwrites. This doesn’t only cover claims due to covered perils in the US but those abroad. 


Professional Liability  Insurance for Shipping Companies


CoverWallet (Best)NEXT Thimble HiscoxThe Hartford
Per occurrence limit $1,000,000$1,000,000$1,000,000/$2,000,000$1,000,000$1,000,000
Aggregate limit $2,000,000$2,000,000$1,000,000/$2,000,000$1,000,000/$2,000,000$2,000,000
Name additional insureds?YesYesYesYesYes
Waiver of subrogation included?YesNoYesYesNo
Deductible $500$500$500$500$500


Shipping companies will use professional liability insurance to protect them from costly mistakes, oversights, or negligence that result in a lawsuit. Examples include:

  • A shipping company sends a product to the wrong location and the client experiences financial losses

  • A client receives the wrong product through an oversight in the shipping system


Add-Ons of Professional Liability Insurance for Shipping Companies

  • Extended reporting period–An extended reporting period endorsement allows you to file a claim on a professional liability policy that has expired

  • Additional insured–Adds coverage to people or organizations not on the original insurance policy


Coverage Limits of Professional Liability Insurance for Shipping Companies

Professional liability insurance for shipping companies will have limits that range between $250,000 and $2 million.

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Commercial Property Insurance for Shipping Companies  


CoverWalletNEXT (Best)ThimbleThe HartfordHiscox
Building coverage limit (minimum)$50,000$340,000$25,000/$500,000$35,000$25,000
Contents coverage limit (minimum)$50,000$35,000$25,000/$500,000$35,000$15,000
Outdoor signsExcluded$2,500ExcludedExcludedIncluded
Accounts receivable ExcludedExcluded$5,000/$10,000ExcludedIncluded
Money and securitiesExcluded$2,500$1,000ExcludedIncluded
Lock and keys Excluded$2,500ExcludedExcludedIncluded
Business interruption floaterExcludedIncludedIncludedExcludedIncluded
Equipment breakdown floaterExcludedIncludedExcludedExcludedIncluded
Inland marine insurance floaterExcludedExcluded$10,000ExcludedExcluded
Employee dishonesty floaterExcluded$5,000$2,500ExcludedExcluded


Commercial property insurance protects your building and its contents from weather events, theft, or vandalism. Example situations include:

  • Someone breaks into your headquarters and steals your computers

  • A fire breaks out in your business offices and damages the property inside your building


Add-Ons of Commercial Property Insurance for Shipping Companies

  • Flood insurance–Protects your shipping company from the dangers of flood waters, which might be excluded by default from your policy

  • Pollutant cleanup and removal–This covers the cost of removing pollutants from land or water that has damaged your property


Coverage Limits of Commercial Property Insurance for Shipping Companies

Commercial property insurance provides up to $60,000 worth of coverage for the building and $30,000 for the contents. 


Does Commercial Property Insurance Apply to Rentals?

Yes, commercial property insurance will still apply to a commercial building you’re currently renting. In fact, the landlord may require you to purchase this policy before signing the lease agreement.