In some places, it is required that merchants possess import bond insurance in order to import or export merchandise. It is not required in other places, however. Whether or not you are doing business at a port where you must have a bond, there are several reasons it is a good idea to invest in one. The greatest benefit it offers—and the one which often attracts merchants—is its ability to greatly expedite the process of possessing goods.
How Does a Bond Make Imports Easier?
You may be wondering how an import bond insurance policy can expedite possession of merchandise. It does so in a few different ways, actually, including the following:
- Avoid having to pay taxes and duties with cash
- Qualify for immediate delivery of goods
- Pay duties up to ten days later, if necessary
Protect Your Investment and Import
In addition to making the whole process faster, import bond insurance offers valuable protections for merchants dealing with imports. It ensures that all duties will be paid, and it guarantees that the product will be delivered. No matter what kind of business you are doing, the latter of these benefits can help you avoid mishaps and keep operations running smoothly even when things do not go as planned.