Goods in Transit Insurance Quotes

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Creative Commons License photo credit: Lars Plougmann

If you run any form of courier business which involves transporting goods or material from one place to another, there is an inevitable danger of losses. It is strongly recommended that you take out Goods in Transit insurance to cover you in the event of your goods going missing or getting damaged whilst in transit. It is unfortunate, but to be expected that some damages or breakages will occur which can be inconvenient both for you and the person expecting to receive the goods. The event of an incident could also prove to be very serious if you are not adequately covered, particularly in a commercial setting where it is vital that goods are delivered in timely fashion and in the condition one would expect.

If you are responsible for providing a service focussed around transporting goods and materials, it is highly recommended that you protect yourself against unfortunate but unavoidable incidents to protect the reputation of your business. If you are not adequately covered by goods in transit insurance, it could prove to be extremely expensive and time consuming to cover any claims made against your business.

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Goods are usually covered up to a limit for each package, or per vehicle or per consignment, but it is important that you aware what the limit is on your policy. Working as a carrier or courier can often be extremely varied, and it is therefore advised that you take out additional hazardous goods cover on your policy – if you do carry hazardous goods without the extra cover – you will not be able to claim in the event of an incident.

It is also important to ensure that you are fully covered for 100% all risks because as a courier or carrier you will often be unaware of what you are delivering until you pick up the item. 100% all risks cover should include theft, loss and damage caused during transit, and damage caused by accidents during transit. Insurance companies class certain items, particularly electronic equipment such as laptops, iPods etc, as “target goods”. It is possible that in the event of an incident involving these target goods, you will only be covered for 50% when you claim, and therefore will be liable for the other 50% shortfall.

It is vital that you are aware of your insurance excess on your policy, you can often reduce your annual premium by raising your voluntary excess. For example, let’s say you have raised it is£500. Now, in the event of a claim, you will be liable for the first £500 before the insurance company will pay out. It is advisable to consider keeping money aside to cover your excess in the event of a claim.