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What is Goods in Transit Insurance?

What is Goods in Transit Insurance?

In the newspaper last month, in black and white it was said that the UK is currently enjoying the most prosperous economy of all the major European countries.

A very big contribution to this strength is being made by the transport of goods, not only within the UK itself, but from the UK and to Europe. At any given time, there is a considerable volume of goods that are in transit.

If you drive a vehicle for commercial reasons you will need more than just a basic motor insurance policy. It is super important that you have got cover that meets your legal obligations as well as your business needs.  One of the most important aspects that you should consider is the goods that you will be carrying. For this it is critical to have the proper Goods in Transit insurance.

Simply put; this type of cover will insure goods that are carried in your vehicle as you conduct your trading activities. It will cover not only your own supplies (such as building materials) but other peoples good that you may be delivering as well. Witha Goods in Transit insurance policy, you will be able to rest safe in the knowledge that if by chance your goods be stolen, lost, or damaged in any way while they are in transit, you will not have to foot the bill. (This of course is subject to the terms and conditions of the individual policy).

This kind of insurance typically may be more complicated than it first may appear. This type of cover is therefore commonly provided by specialist insurers and making use of a knowledgeable broker is a wise decision. Start the process of getting a good price and compare courier insurance over multiple UK brokers

Chances are good that any client will expect you to have some form of Goods in Transit insurance in place, so it’s of the utmost importance that you do. You may not be able to secure any work without this. All you need to do is consider the expense of the products you’ll be carrying and you will see how vital this form of insurance is.

As is the case with most types of insurance, the premium for Goods in Transit will depend on the risks that are involved and that are assessed by the insurer. Therefore, some goods will be considered a particular risk. This is due to their attraction to thieves.

A few examples of higher risk freight would be computers, wines and spirits, and other much sought-after electrical gadgets like smartphones.

In order that you maintain valid insurance cover, your provider will expect you to take any and all reasonable steps in order to mitigate the risk of theft. Such as fitting the vehicle with immobilisers or security alarms.

After you have decided that Goods in Transit insurance is indeed suitable for you then it is essential that you obtain a policy that is suited to precise circumstances. Make sure that your quote is tailored to your individual business. And above all, never cut corners on cover. It’s far better to be over insured than under insured. If you do not have the correct amount of cover, you can be held liable for the costs of goods that are damaged.

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