If you use third-party transportation services to deliver products to your customers, goods in transit insurance will help protect them over the course of their journey. Furthermore, it will also provide cover if anything happens to your goods while they’re on their way from the supplier, or you want them moved from one site of your business to another. If you are not sure whether you need goods in transit insurance for your business, this article may help you make that decision.
How to go about goods in transit insurance
What does it cover?
Goods in transit insurance cover your cargo or cargo that you’re responsible for during its transport from one place to another. The insurance offers cover against:
- Theft during transport
- Loss during transport
- Damage caused by the transfer
- Damage caused by accidents during the transfer
- Revenue loss due to transportation delays
Who needs it?
If you’re running a transportation business, goods in transit insurance should be your top priority. Courier companies, haulage businesses or furniture removal companies can protect themselves from possible losses with this insurance. Transit insurance is also a smart move if your business involves transportation of goods over small distances, like a shop receiving deliveries or a tradesperson. If an accident or theft occur, you will be covered, and your potential profits won’t be in danger.
What to look for In a policy?
You need to make sure that the goods in transit insurance policy cover everything that might apply to your business. This includes:
- the maximum policy amount –make sure that the upper limit of the offer is big enough to cover the value of goods you’re likely to transport
- Weight restriction – they vary depending on the insurer, make sure that the limits set fit the cargo you carry
- Commonly stolen items – if you’re transferring items like smartphones or other electronic devices, be aware that some providers don’t include cover for them in their policies
- International transport– In case you are involved in transporting goods abroad, make sure that your plan includes transport outside the country
How to Save Money On a Policy?
Don’t be misled by the price of the insurance, make sure that everything you need is included. There’s no use to opt for a more affordable plan if it doesn’t cover you when you need it. However, there are ways to save some money when getting goods in transit insurance: