When it comes to carrying around goods in your vehicle, particularly one that is used for commercial reasons such as part of your business, there are legal obligations that you are required to follow. One is that you will need insurance for your vehicle, but another is that you will need coverage for the goods that you carry. This type of protection will keep your business afloat in case the worst should happen and you lose damage or have the goods you are carrying stolen from your vehicle.
What is Goods In-Transit Insurance?
This is insurance that will cover your goods that are carried inside your vehicle as part of your trading activities. This means that the goods which are covered apply to what you own and goods owned by other people that you are carrying. This means that if the goods you are carrying gets lost, stolen or is damaged in the transit process, their value will be covered by the insurance itself.
There are however exceptions which are listed in the insurance, so you will need to read them carefully so that you understand exactly what is and what is not covered as part of your courier services.
Why is Goods In-Transit Insurance Right for Me?
This type of insurance works quite well for those who are running their own business and carrying good in their vehicle from one point to another such as tools, equipment and the like. Plus, it is perfect for courier-type services or haulage where you are carrying goods that belong to other people for one reason or another.
If you are running a service that requires carrying around other people’s goods, then there is a strong expectation on the part of the customers that you have some type of coverage. While incidents that wind up having their goods lost, stolen or destroyed may be rare, they happen often enough that customers expect your business to provide protection.
The cost of goods in-transit insurance is generally nominal depending on the value of what you are carrying. Usually, the insurance is rated for a certain amount and you can cover what you normally carry in your vehicle for your personal use. However, if you are a courier service and you have to deliver a particularly expensive parcel to USA for example, then you might want to add more insurance just in case.
Not having adequate goods in-transit insurance may put your business at risk since any excess in losses you will have to cover out of your own pocket. This means that if you lose a truckload of parcels, you may be out of business if you didn’t have adequate coverage. It is always best to err on the side of caution and have more insurance than less when it comes to protecting your customer’s interest and your own business.
You never know when the worst could happen, so it is best to be prepared by having the right goods in-transit policy that provides the protection you need. Be sure to take the time necessary to get the right amount of insurance to cover your client’s needs and your own as well in case the worst should happen.