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Types of Insurance Coverage for 3PL Companies

3PL companies typically require a range of insurance policies to cover different aspects of their operations:

• General Liability Insurance: This covers legal liabilities arising from bodily injuries or property damage that occur during business operations. It's essential for protecting against claims that could financially cripple a business.
• Cargo Insurance: This policy protects against loss or damage to goods while they are in transit. Given the high value of transported goods, cargo insurance is indispensable for 3PL companies.
• Professional Liability Insurance: Also known as errors and omissions insurance, this covers claims related to negligence, errors, or omissions in the services provided.
• Workers' Compensation Insurance: This is mandatory in most regions and covers medical expenses and lost wages for employees injured on the job.