You’re doing an overnight delivery and stop at a service station, where you've locked your vehicle and secured the stock properly while you grab a coffee. In your absence, your van is broken into and the stock is stolen.
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Compare goods in transit insurance
Discover how goods in transit insurance can support your business
Insure your property or goods in case they are lost, damaged or stolen in transit
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What is goods in transit insurance?
Goods in transit insurance is a specialised type of business insurance designed to protect your business when transporting goods from one location to another. If you're in the business of moving products, whether by road, rail, or sea, this insurance can safeguard you against the financial impact of damage, theft, or loss that occurs while your goods are in transit.
This insurance covers incidents that happen during the transportation process, including while the vehicle is moving, but it does not extend to events that take place before departure or after arrival at the destination.
Goods in transit insurance is essential for businesses that regularly transport valuable goods, providing peace of mind and financial protection should something go wrong during the shipping process.
Do I need goods in transit insurance?
Cover for goods in transit insurance might be useful for the likes of courier services and removal companies.
It is not a legal requirement like employers' liability insurance is if you employ people, but not having it might lead to significant disruption to your business. This includes:
Financial loss: If you don't have goods in transit insurance then your business is entirely responsible to pay for the loss, damage or theft that may occur while goods are in transit
Operational disruption: If goods are lost or damaged this could lead to delays in being able to fulfil customer or client demands
Reputational risks: If lost or damaged goods becomes a consistent issue, it can damage your business' reputation and relationships you might have with customers or clients
How much does goods in transit insurance cost?
The cost of goods in transit insurance will vary depending on your business.
It’s always a good idea to shop around and compare different quotes to find the best deal, but there are also some things you can do to lower the cost.
For example - having a black box policy, increasing your voluntary excess, investing in your vehicle’s security and being accurate about the value of your goods can make the insurance cheaper.
You might also consider taking out a package business insurance policy to cover the rest of your business activities, streamlining the costs
Goods in transit policies will take into account various factors, all of which may have an influence on the premium you'll pay for the policy. These factors include:
The type of business you run
The level of cover you need
Your business’ annual turnover
Whether you pay annual or monthly premiums
The number of employees you have
What does goods in transit cover?
Goods in transit cover is designed to protect your business against claims arising from the transportation of goods. From weather damage and infestation to something falling off the vehicle during transit, damage to goods comes in different forms. Insurance can cover items, stock or products that are:
Damaged during loading and unloading
There's a risk of damage during the loading and unloading process.
Lost
Items can easily get lost when moved around the country.
Damaged during transit
Bumpy roads, sharp turns and sudden braking can all damage goods being transported.
Stolen
Goods on the move can be targetted by thieves.
How does it work?
If you have goods in transit insurance and you realise that goods have been damaged while being transported, there are a few steps you should take:
Contact your insurer as soon as possible: Any delay may impact the outcome of the claim
Submit a claim form: Be sure to supply proof of the damage or loss. You can usually find this form online via your insurer
Submit evidence: You'll need to show that you owned or were responsible for the goods you're claiming for - for example delivery orders can prove the goods were in the vehicle at the time of the incident
When won’t you be covered with goods in transit insurance
While goods in transit insurance helps safeguard a wide range of business activities, there are some circumstances where your insurance won’t cover you. It's really important to understand any exclusions and limitations of a policy so your business doesn't get caught out.
Here are some examples of what won't be covered:
The items being transported are confiscated or requisitioned, for example by customs or the police.
Theft of, or damage to, your items or stock happens while stored at a rental.
The vehicle (or vehicles) used to transport goods is a road tanker or exceeds 7,500kg (gross vehicle weight).
You are transporting items that an insurer won't cover, like banned substances, controlled drugs, dangerous goods, vehicles or livestock.
If your vehicle is damaged as a result of fire or accidental damage, goods in transit insurance does not cover the vehicle itself but the cost for hiring a replacement vehicle can be covered.
Goods in transit claim examples
A vehicle break-in
You’re doing an overnight delivery and stop at a service station, where you've locked your vehicle and secured the stock properly while you grab a coffee. In your absence, your van is broken into and the stock is stolen.
Lost cargo
When you’re making multiple transfers or moving large quantities, things sometimes go astray. When this happens, your goods in transit policy is designed to cover the cost of the missing items.
A dropped item
From time-to-time, things get dropped. It’s that simple. Your insurance could help, provided that you can demonstrate it was an accident rather than negligence.
Goods in transit claim examples
A vehicle break-in
Lost cargo
When you’re making multiple transfers or moving large quantities, things sometimes go astray. When this happens, your goods in transit policy is designed to cover the cost of the missing items.
A dropped item
From time-to-time, things get dropped. It’s that simple. Your insurance could help, provided that you can demonstrate it was an accident rather than negligence.
What’s the difference between goods in transit insurance and courier insurance?
Goods in transit cover and courier insurance each have a different purpose, despite appealing to similar businesses.
Courier insurance is usually made up of a number of different covers to protect against the risks faced by a courier business, whereas goods in transit cover is typically bought as an add-on to an existing policy.
Goods in transit vs courier insurance
| Goods in transit insurance | Courier insurance | |
|---|---|---|
| Is my cargo protected during transit? | Yes | No |
| Is the driver and vehicle protected? | No | Yes |
| Is it a legal requirement? | No | Yes, if you're a courier |
What are the different types of business insurance?
Public liability insurance
This covers damage caused by your business to a third party or their property. A third party is typically anyone not employed by your business.
Professional indemnity insurance
This covers claims made due to failings in the products or services provided by you or your company.
Employers' liability insurance
Employers' liability insurance provides cover to UK employers against legal liabilities and costs if staff become ill or injured due to their work. It's a legal requirement if you employ anyone that's not a close family member.
Tradesman insurance
Tradesman insurance lets you build the right cover for your trade - with insurance available for everything from tools to injuries, accidents and more all in one package.
Self-employed insurance
Self-employed insurance helps you protect yourself from being out of pocket from legal action, data breaches or personal injury - whether you work from home or head out to visit clients.
What are the different types of business insurance?
Public liability insurance
This covers damage caused by your business to a third party or their property. A third party is typically anyone not employed by your business.
Professional indemnity insurance
This covers claims made due to failings in the products or services provided by you or your company.
Employers' liability insurance
Employers' liability insurance provides cover to UK employers against legal liabilities and costs if staff become ill or injured due to their work. It's a legal requirement if you employ anyone that's not a close family member.
Tradesman insurance
Tradesman insurance lets you build the right cover for your trade - with insurance available for everything from tools to injuries, accidents and more all in one package.
Self-employed insurance
Self-employed insurance helps you protect yourself from being out of pocket from legal action, data breaches or personal injury - whether you work from home or head out to visit clients.
FAQs
Do I still need commercial vehicle insurance?
Yes, appropriate motor insurance is a legal requirement. Goods in transit insurance doesn’t cover the vehicle itself. You can compare van insurance here.
Will it cover goods while they are at a depot?
No, it won’t cover goods while they are being held at a depot, rather than in your vehicle. GIT insurance only covers goods while they are in transit, so you’ll need separate insurance to cover them at the depot.
Can goods left in a vehicle overnight be insured?
Goods stored in a vehicle overnight can be covered as long as everything is secured properly. Full details can be found in your policy documents.
Can I cover goods being transported abroad?
Yes, you can find cover that includes goods being transported to Europe as well as policies that have full international shipping cover.
Will my goods be insured in any type of vehicle?
Not all policies cover goods in every type of vehicle. Some insurance plans are tailored to specific vehicles, such as vans, trucks, or lorries. It's important to check that the vehicle you're using is covered under your goods in transit policy before finalising your contract. Always confirm with your insurer to ensure your vehicle and the goods you're transporting are fully protected.
Do I need public liability insurance as well as goods in transit insurance?
It's often a good idea to have both types of insurance, as they cover different risks. Public liability insurance is essential if your business interacts with the public. It covers legal costs if someone is injured or their property is damaged as a result of your business activities. On the other hand, goods in transit insurance specifically covers your goods while they’re being transported, protecting against loss, theft, or damage. Having both policies ensures you're fully protected from a range of potential risks.
Can I get a goods in transit insurance policy for a fleet?
Yes, you can purchase goods in transit insurance for a fleet of vehicles. Many insurance providers offer tailored policies for businesses with multiple vehicles, allowing you to cover all your fleet’s transportation needs. However, there may be limits on the number of vehicles and coverage amounts per vehicle, so it's essential to shop around for the best policy. Additionally, you can often add goods in transit coverage as an optional extra to your general fleet insurance.
What’s the cost of goods in transit insurance?
The cost of goods in transit insurance can vary depending on several factors, including the number of vehicles in use, the level of coverage required, your business turnover, and the types of goods you transport. Additionally, the frequency and distance of your deliveries, as well as the value of the goods being transported, can impact the cost. It's important to compare policies and providers to find the best coverage at the most competitive price for your business needs.
What level of cover do I need?
The right level of cover for your business depends on the specific risks you face. Consider factors such as the type of goods you’re transporting, the distance and frequency of shipments, and the value of the items in transit. It's important to review the details of your policy carefully or consult with your insurance provider to ensure you have the appropriate level of cover to protect your business against potential losses.
Why Superscript?
We make it quick and easy to find, buy and manage your business insurance.
Insure the goods in your vehicles and team
One policy can be used to insure the goods transported in up to five vehicles. You can also add cover for your employees if you need it.
Hassle-free claims
If you need to make a claim, our five-star rated claims team (based in the UK) aims to get you back up and running as soon as possible.
Choose what you need
Build the insurance policy you want by picking the covers you need and leaving the ones you don't. Concerned about deterioration of stock? There’s an option for extra protection for that too.
Learn more about our business insurance partner
We qualify, quantify and offer insurance using data, analysis and technology, and we serve a wide range of business types — from dog walkers and dieticians, to landlords and locksmiths. Enro Ltd t/a Superscript is authorised and regulated by the Financial Conduct Authority.
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