What is goods in transit insurance?
Goods in transit insurance covers items and products your business transports from one location to another as part of its trading operations. This type of insurance is particularly important for couriers.
You are legally obliged to have courier van insurance, but that insures you and your vehicle while on the road, rather than the contents you carry.
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What does Goods in Transit insurance cover?
Whether you are a courier or in the haulage business, your customers expect the goods you are picking up and delivering to be protected. Goods in transit insurance covers:
- Damage during transit, caused by accident
- Loss of goods
- Theft of goods
Do I need goods in transit insurance?
If you are a courier or haulier, carrying other people’s property around is your business. Something as minor as an emergency stop can be all it takes to throw fragile items around and cause damage. They can easily be lost as well, and a van full of valuable cargo is a natural target for thieves. Delivering to the wrong place is another danger when making numerous drops under time pressure. For all these reasons, the need for goods in transit insurance is clear.
Is goods in transit included in courier insurance?
Courier insurance policies cover the driver and the vehicle, not the goods being transported. A full van’s cargo could have a very high combined value, so it’s wise to have separate goods in transit insurance for courier work.
What’s included in goods in transit insurance?
At ChoiceQuote we understand that different types of business require different types of cover, so we make policies as flexible as possible.
- Goods in transit hire and reward insurance for couriers
- Specific cover for haulage use
- Standalone policy for public liability and employers’ liability
Your goods in transit policy can be tailored to cover the specific items you transport in the course of business, including named individual items if necessary.
How much should I pay for goods in transit insurance?
Goods in transit insurance costs vary depending on a range of factors, including:
- The value of goods
- The type of goods
- The destination, distance travelled and transit duration
It is vital to secure sufficient cover for the cargo you carry, the places you visit and the distances you travel. At ChoiceQuote we will ensure you have realistic cover for the risks you run, while keeping the premiums as low as possible. Balance the cost of your policy against the value of the goods you transport, and it looks like a wise investment.
What other kinds of cover will I need?
If you are considering goods in transit insurance, you may also require one or more of the following:
Essential if you run five or fewer vehicles and make multiple, time-sensitive deliveries per journey.
Likely to be more cost-effective if you run a courier business with six or more vehicles. It enables you to protect them all with a single policy.
Couriers, especially if self-employed, should also consider this type of cover against claims resulting from accidents involving members of the public. Always a possibility when spending so much time on the road.
Frequently Asked Questions
Do I need courier insurance and goods in transit insurance?Goods in transit cover protects the items you are carrying between the point they are picked up and the point they are delivered. Without it, you will be liable for damage, loss or theft of goods you are transporting. That is why many businesses and local authorities insist on goods in transit cover for couriers they use. Conditions of carriage will typically make you liable for some or all of the cost of damage, loss or theft of goods. Goods in transit insurance can be arranged with limits of indemnity to suit your needs.Courier insurance protects you and your vehicle, with limited cover (if any) for cargo.
Do I need public liability insurance?We recommend taking out public liability insurance, especially if you are a motor trader, taxi driver or courier. It protects you in the event of accidents and incidents involving the general public - and the claims for damages and legal costs that can follow.
What can I transport under goods in transit insurance?ChoiceQuote goods in transit insurance does not cover high-risk items, hazardous goods or furniture being transported as part of a house move. Get in touch for more information on specific items.