From restaurants and cafes to tradesmen and couriers, goods in transit insurance is a must have policy for businesses operating in all market sectors. To help you understand the concept, we’ve compiled this comprehensive guide to what it is, what it covers and why it’s useful.
What is goods in transit insurance?
For businesses dealing with commodities on the move, goods in transit insurance is of the utmost importance. Depending on individual needs, policies can be taken out to cover a business’s private vehicle or that of a third party carrier.
Who should take it out?
Any business transporting goods on a regular basis should consider taking out a goods in transit insurance policy. In general, cover is available as an add on to existing courier, haulage or tradesman policies.
What is covered?
Goods in transit insurance is specially designed to cover the variety of risks associated with the transport of commodities. Below are four of the major scenarios included in standard cover:
* Theft while in transit
Whether your business deals with edibles or electronics, the possibility of theft should be taken seriously at all stages of transportation. If your products do fall victim to theft, goods in transit insurance ensures the replacement process is fast, simple and stress free.
* Damage caused by accidents during transit
Goods damaged during transit accidents can represent significant costs for business owners. Disputes can often arise regarding which party is responsible for the incident. If your business is lumped with the burden, a goods in transit insurance policy takes care of legal fees and any repair or replacement costs.
* Loss during transit
Despite the best efforts of those involved in the transportation process, goods can still go missing in action. Without adequate goods in transit insurance, this can result in huge replacement expenses for the business responsible.
* Damage caused during transit
No matter how many ‘handle with care’ or ‘this way up’ stickers are deployed, goods in transit are always at risk of damage. When cargo is expensive or delicate, comprehensive goods in transit cover is particularly important.
Can it be used abroad?
With the right level of cover, a comprehensive goods in transit insurance policy can be used both in the UK and abroad. If you’re planning on using a policy overseas, make sure you seek the advice of your provider before relying on international cover.
With so many providers out there, it can be difficult to decide which goods in transit insurance policy to choose. The best course of action is to enlist the help of a quote compare website such as Peacock Insurance. Using a comprehensive database of providers, Peacock will sift through all available policies in order to secure the best possible deal for your unique business needs.