Issues Related to E&O Logistics Professionals
The transportation industry provides a much-needed service to this nation, one that we couldn’t possibly survive without. They’re responsible for transporting goods to businesses, a job that requires that they do everything possible to deliver goods on time and in good condition.
E&O Logistics Professionals, such as freight forwarders and customs brokers, have a stressful and often complicated job. They must rely on workers and drivers to get trucks loaded properly and safely transport the merchandise in their care to its destination.
Even the slightest oversight can be a costly one, and insurance is the only way to provide this industry with the comprehensive protection it needs. The job comes with many risks and concerns including:
- Lost, stolen or damaged cargo
- Delays in shipment
- Errors in consulting, and
- Failure to provide reasonable care, which just tops the list
Obviously there are certain exposures related to the field of transportation that need to be addressed. With constantly changing rules and regulations, and the fact that any number of things can and will go wrong, these companies can’t afford to be without the proper E&O insurance protection. Whether it’s a customer filing a claim against the company alleging damages, or a freight inspector failing to follow instructions, or a negligent employee that causes a shipping delay, the circumstances could result in a lawsuit, depending on how severe of a mistake is made.
The transportation and logistics industry must deal with issues stemming from incorrect document preparation, unauthorized release of goods, improper quotation of charges, failure to collect documents, incorrect classification of goods, failure to insure cargo when instructed to do so, along with a number of other exposures related to this industry.
With their reputations at stake, and a need to fulfill important obligations, they do their best to ensure the quality of their work, but when something does go wrong, a policy for E&O Logistics Professionals will provide any legal defense required, along with payment of any settlement amount (per the policy terms), when such issues arise.
Being vulnerable to financial exposures and liability as a result of improper performance of, or the failure to perform stated professional services could have serious consequences. Owners understand their need for the vital protection provided by purchasing E&O coverage for logistics professionals.