There are a variety of different forms of insurance that you may need if you run a business. This is particularly true if you’re importing merchandise into another country. In this case, you’ll need something that’s known as import bond insurance. This type of insurance has the sole purpose of guaranteeing that the federal government will be paid its import duties and fees.
Required by Law
Import bond insurance is a necessity, not only for business purposes, but it is required in order to transport goods. There are a couple of different reasons that customs insurance may be needed. On one hand, high priced items must always be insured. Second, if you are transporting any products that have specific requirements by the federal government, you’ll need to be insured.
Types of Insurance
If you’re only transporting goods once in a while, then you simply need a single entry insurance. You can get this every time that you have to transport something. If you’re transporting goods on the regular, however, you may need to invest in continuous coverage.
At the end of the day, having the proper insurance is vital to keep your business thriving. Not only does it protect your business, but it keeps you up to date with legal requirements.