Who needs exporters insurance?
Exporters to the USA will need insurance cover whatever they are doing, it’s an essential part of your business and protects your assets whether it is just whilst stock is being moved or if you have a full manufacturing business.
A manufacturer insurance policy provides protection for your business right from the raw material arriving at your premises, through the production process, its storage and then finally the transport to its final destination in the USA or Canada. Seamless protection whatever your product may be.
For suppliers of products purchased elsewhere you might be storing products in the UK that require warehousing before your products are shipped or perhaps you sell your products online that go into the USA through Amazon, as such Amazon FBA Insurance is a requirement.
What type of insurance is needed when exporting to the USA?
When exporting to the USA or Canada the legal system there is different to that in the UK and in many places throughout the world. When you supply a product into the USA, if anything should go wrong with it, such as it is causing loss or damage to someone’s property or even worse injuring someone then USA Product Liability will cover this.
Depending on your type of product and how much you sell to the USA, obtaining product liability for this can at times prove a challenge. This is where we can help you quickly and competitively with our insurance partners both in the UK and in the USA.
Product Liability is of course just one part of your overall business insurance requirements. If you are a manufacturer you will need to protect your production and process machinery against risks such as fire and theft. If the worst should happen, a business will need to ensure that whilst they cannot continue to produce goods there is cover to protect them. This is where business interruption insurance comes into play which is an essential insurance cover to ensure that your business survives and can ride out the problems should there be a fire or other claim, ensuring your business is kept ‘in business’.
You will also need stock cover, whether you are a manufacturer or perhaps just a distributor of someone else’s products then stock is the whole reason you are there, to sell it around the world.
It’s so important that the insurance covers dovetail with each other therefore it is essential that you place your insurance requirements with a broker who can bespoke your cover to exactly what covers are needed when you export overseas.
One of the bigger risks to the business is when your stock is moving from one place to another, this is where Marine Insurance is going to help you.
Marine insurance will cover your stock or materials from its departure point, which may be from a warehouse or factory, to its final destination.
Being called marine insurance doesn’t just mean by boat, it can be by lorry, train, by air as well as other storage points along the way.
When exporting to the USA a typical portfolio of insurance products can include
Liability insurance including Public & Employers Liability
USA Products Liability Insurance
Buildings and Contents Insurance
Computers and Electronic Business Equipment
What our Customers are saying…
I’ve used Real Insurance Group for our online business for the last few years. Mike has been able to secure us a policy that meets our needs for worldwide marketplaces at competitive rates. Would thoroughly recommend this company.
I was given a price of £5k to be able to sell my products to the US. Mike sorted me out for £700. Result!
Why is USA Product Liability a problem
In the USA the legal system is different to other parts of the world, shoot first and ask questions later can be the order of the day.
As an example, the manufacturer of a product doesn’t necessarily have to be proven negligent. Regardless of whether they caused the defect in the product or not they can be held liable for the defective product and must compensate the claimant accordingly.
Product Liability insurance on its own isn’t the problem, it’s the way the legal system works in the USA and therefore insurers can either refuse to insure at all or they won’t insure over a certain percentage to the USA.
This is where Real Insurance can really help your business, one of our specialist areas is dealing with companies that export to the USA and Canada.