Goods in transit can be goods or merchandise that is being shipped by a seller to a purchaser, with the purchaser not yet having taken possession of those goods. Say for example, you bought a product online from a company and it is being shipped to your address. Someone has those goods while they are on-route to your door and you want to know those goods are protected in the event that something went wrong, such as breakage or damage or theft. Sometimes it can be a courier company transporting your goods and oftentimes with many packages on board for delivery, there is a risk of potential damage or breakage occurring to your items. It’s comforting to know the courier company has adequate carriers liability insurance to cover such potential risk to your items.
If you were moving house and you engaged a moving company to collect your goods from one property and move them to another you would want the comfort of knowing that the Removalist company has goods in transit insurance in the event of damage or theft occurring to your items whilst your goods are on the move and under the care of the moving company.
Referred to as a goods in transit insurance policy, this form of insurance protects both buyers and sellers potentially exposed to financial losses if the goods are either lost or damaged while in transit. This form of insurance also covers the loading and unloading of goods which is important, as often this is where damage to goods can occur.
Goods in Transit Insurance – From A Business Owner’s Perspective
If you are the owner of a furniture removal business or courier service transporting items on behalf of customers, heavy goods vehicle insurance is vital and will cover items such as loss or damage or theft of items, while they are on the move and under your care. Not only are the items you are carrying or transporting covered, but taking out a goods in transit policy will also protect your van or work vehicle and will additionally assist you in recovering costs.
If you are driving a van or vehicle regularly to transport say tools or materials in connection with your place of work or business, you too will need Transit Insurance For When You’re on the Move. If you were a tradesman with thousands of dollars worth of materials in your vehicle that you were transporting, on behalf of a customer, to a job site for example, your customer would want to know you have transit insurance covering their materials whilst under your care and in transit.
Transit Insurance, put simply, is general insurance that covers the moving of commercial (business goods) or household goods (personal belongings) both within Australia and Overseas by various modes of transport (e.g. Land, Sea, Rail). Transit Insurance covers damage and/or loss of property whilst in transit.
If you are unsure about goods in transit insurance rates or need general advice come to Truck Insurance HQ and talk to our specialists in the truck and transport field who will offer you the best quotes and advice for your insurance needs. Many carriers’ liability insurance options may overwhelm you. The best policy is that protects you, your goods, and your business against a wide range of risks and perils.