The commercial marine industry is an exciting field in which to work, responsible for a tremendous amount of global commerce. Of course, this has always been an industry prone to unique and substantial risks, and this remains true today. Effective navigating marine industry risks — and carrying requisite insurance to cover any potential losses — is essential for thriving in the industry.
What Marine Industry Risks Do Businesses Face?
The list of risks faced by the marine industry includes both long-standing risks and newer risks, and is quite diverse. Here are some of the common risks faced in the field:
- Environmental risks, due to poor weather, severe storms, or creation of pollution
- Employee risks, including employee injury or error
- Global economic risks, related to economic protectionism, national or international politics, or other factors
- Risks of cybercrime, especially as the industry has an increasingly digital component
This is only a partial list of risks that marine businesses may face — and your risks may be unique, depending on the size, scope, and other specifics of your particular business.
Ultimately, speaking to an experienced maritime insurer about your business and risks can help craft a policy that ensures your business is well-covered if any accident or incident occurs in the shipping process.