• Home
  • Blog
    • Resources
    • Business Partner Magazine Archive
  • About Us
    • Cookie Policy
    • Disclosure Policy
    • Privacy Policy
    • Terms of Website Use
  • Contacts

Business Partner Magazine

Tips and advice for entrepreneurs, start-ups and SMEs

  • Business Success
  • Marketing
  • Finance
  • Employees
  • Technology
  • Start-up
  • Productivity
  • Communication

How Does Goods in Transit Insurance Work?

March 31, 2020 by Contributed Post

Click here to get this post in PDF

Too long to read? Enter your email to download this post as a PDF. We will also send you our best business tips every 2 weeks in our newsletter. You can unsubscribe anytime.

Enter your NameEnter your Email Address
Person stacking boxed goods on a table

The total net premiums written by the US insurance industry in 2018 amounted to a staggering $1.22 trillion.

Goods in transit insurance forms a relatively small part of this massive industry. However, for those who need it, it’s very useful coverage.

Read on as we explain how goods in transit insurance works.

Goods in Transit Insurance: How Does It Work?

What is goods in transit insurance?

Goods in transit insurance indemnify the policyholder against anything that might affect the value of their goods while they are moving from one place to the next.

Goods in transit insurance typically covers loading and unloading of goods as well as the actual period of transit.

Regular motor insurance policies generally do not cover damage to goods in transit.

As well as the goods themselves, goods in transit insurance covers damage to containment equipment, like boxes and tarpaulins. It also covers the cost of repairing any damage to the property of third parties that may be caused during the transport of goods. This is known as public liability cover.

It is important to note, however, that it does not cover the loss of cash. 

Types of Goods in Transit Insurance

Goods in transit insurance is generally categorized in accordance with various factors. These include:

  • The type of transport used
  • The duration of the contract
  • The type of goods being transported
  • The extent of the cover
  • Periods of storage

An important consideration is whether the goods in transit are yours or belong to someone else. In the latter case, a more comprehensive cover will likely be required.

In reality, every policy will be different. You will need to have detailed discussions with your insurance provider regarding the most appropriate cover for your needs.

Do You Need Goods in Transit Insurance?

If you regularly transport goods from place to place, goods in transit insurance might be a beneficial investment for you.

It is particularly important if you work as a courier or haulier, as you will regularly take possession of the valuables of others, which you may have no means of paying for if they are lost or damaged.

Generally, customers of such businesses will inquire as to whether the provider has goods in transit insurance. It is therefore often impossible to do business without it.

Important Documents

As with any other insurance policy, the specifics of your cover will be set out in your policy document. 

If you run a haulage or courier business, your clients may request a certificate proving that you have adequate goods in transit cover. Your insurance provider should give you this on request.

Will You Be Taking Out Goods in Transit Insurance?

If your business involves shipping goods regularly, goods in transit insurance is probably a wise investment for you. Did you find this article useful? If so, be sure to check out some of our others! We regularly post content on everything to do with the world of business.

You may also like: Here’s a step-by-step guide to help book containers online within minutes to transport your cargo

Filed Under: Insurance Tagged With: insurance, Shipping, Transporting goods

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • YouTube

Disclosure

We earn commissions if you shop through the links on this page.

Recent Posts

  • Economypair.com Review: Exploring crypto as a viable trading option
  • 7 Reasons Transparency Is Key for Small Businesses
  • How To Increase The Efficiency Of Your Small Business?
  • Seastock24.com Review: 4 things to check before putting your money
  • What’s in Store for Field Service Management Software in 2023

Categories

Archives

Digital Marketing Agency

ReachMore Banner

Tags

Accounting apps bitcoin brand business growth business skills business success communication cryptocurrency Customer Service Data design ecommerce Efficiency employees Featured Article finance finances Health and Safety infographic insurance Investing investment legal legal services legal tips Management Marketing marketing strategy Outsourcing productivity property Real estate sales security SEO Social Media software starting a business startup Technology Trading Training website workplace

Disclosure

We earn commissions if you shop through the links on this page.

Digital Marketing Agency

ReachMore Banner

Business Partner Magazine

Business Partner Magazine provides business tips for small business owners (SME). We are your business partner helping you on your road to business success.

Have a look around the site to discover a wealth of business-focused content.

Here’s to your business success!

Copyright © 2023 - Business Partner Magazine·