What is Goods in Transit insurance?
Goods in Transit insurance (sometimes referred to as GIT insurance) is an optional extra to a business insurance policy. It protects any goods that have already been covered under your contents policy when they are being transported or delivered.
What does Goods in Transit insurance cover?
Goods in Transit insurance covers the cost of replacing lost, stolen or damaged goods while in transit.
Covered:
- Owned business goods and customer orders that are lost, stolen, or damaged in transit
- Goods traveling in vehicles owned, leased, or hired by you
- Any goods being transported by a third-party carrier (for example, The Royal Mail, UPS, or Evri) within the UK
Not covered:
- Theft from unattended vehicles overnight unless the vehicles are garaged in secure premises
- It only covers the contents of your vehicle and not the vehicle itself. If you need protection for your car or van, then this policy must be purchased separately and is a legal requirement.
- Goods traveling outside of the UK and Ireland
Who does it cover?
Goods in transit insurance is great for retail businesses as it works as an extension of your contents insurance to protect the items you’ve included under this cover. If you find yourself regularly transporting valuables between jobs or to customers within the UK, this cover is for you. For example:
Retailers
Businesses that sell products directly to consumers and need to transport inventory to retail locations
E-commerce Businesses
Online retailers that ship products directly to customers, often using third-party carriers.
Art Dealers and Galleries
Art Dealers and Galleries: Companies that transport valuable artwork and need coverage against potential loss or damage.
Companies that need more specialist cover:
Goods in Transit cover is only intended to cover goods in transit throughout the UK and Ireland. There are certain industries who need to consider a more specialist cover who wouldn’t be eligible for Goods in Transit cover. For example:
- Logistics and Freight Companies: Businesses that specialize in the transportation of goods, including shipping and freight forwarding services.
- Importers and Exporters: Companies that deal with international shipping and need to protect their goods during long-distance transport.
Any business that regularly transports goods should consider the potential risks and the benefits of goods in transit insurance to protect their assets effectively.
Do I need Goods in Transit insurance?
There’s no legal obligation to have Goods in Transit insurance, it’s there to benefit businesses with a lot of transport involved. When deciding if you need Goods in Transit insurance, you should consider how often you have valuables on the move.
Are you regularly sending customer orders? Do you often need to move equipment and stock between locations? If you do, Goods in Transit insurance offers important protection.
Could you afford to replace the contents of your delivery van if the worst was to happen? What about replacing a valuable customer order? Goods in Transit insurance offers the peace of mind that should something happen while your goods are on the road – your covered for the cost.
How much does goods in transit insurance cost?
Goods in transit is sold as an optional add-on for your business insurance policy. The price isn’t fixed and depends on a few factors which will vary depending on your business and it’s needs.
Also, since this isn’t a standalone cover, you won’t be able to purchase it on its own. Instead, you should first add contents insurance to your policy. So, the best way to find out the total cost of protection for your business is to get a quote.
What’s the difference between goods in transit insurance and hauliers’ insurance?
Hauliers’ insurance refers to a type of van insurance. It’s associated with that carriage of goods for hire and reward. It’s best suited to protecting the vans of business owners who carry goods.
Goods in Transit cover refers to an optional add-on for business contents insurance. It’s designed to protect the contents of the van, rather than the vehicle itself.
Frequently Asked Questions
Get a Quote with Goods in Transit Insurance
Ready to get started? Get a quote for business insurance and select Goods in Transit as an optional extra with your quote.
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