If you transport goods for a living that belong to you or your customers, one of the most important types of insurance that you may need is goods in transit insurance.
This typically covers the cost of the loss, damage or theft of the goods that you are transporting.
Why is it important?
When you deliver goods for a living, as many HGV drivers do, you may be held legally liable for the goods should something happen to them, even if it was not technically your fault.
For this reason, some lorry insurance policies will include this cover as standard – or you may be able to buy it separately.
Many haulage drivers and companies do not want to be liable for potentially expensive goods because they know that things can go wrong, so insurance provides them with peace of mind as they carry out their work.
Important considerations
There are many aspects involved in driving an HGV safely and legally on the road, including things like the HGV road user levy. However, insurance is one of the most important.
In regards to goods in transit cover, some of the main considerations include the following:
- there may be restrictions on certain countries that you can drive in where you will be covered, so find out because this is important if you deliver goods overseas;
- some insurance companies may be able to provide you with extra cover for certain goods, such as refrigerated goods, which may come with their own risks. It is therefore important to find out about the options depending on the types of goods that you carry;
- there may be limits on the number of vehicles allowed on your policy;
- goods that are perceived as being particularly attractive to thieves, such as gadgets and high-value goods, may come with more restrictive cover.
Your responsibilities
Many insurance policies will make it clear what your responsibilities are should you ever need to make a claim.
For example:
- you may need to have various security systems in place in order to make a claim should your goods be stolen;
- your insurer may require that you do not leave the vehicle with the goods inside unattended, especially with certain types of goods like alcohol;
- if you pick up a consignment but do not deliver it until the next day, there may be restrictions on the cover depending on where your vehicle is stored, and it may have to be stored in a secured area.
Consider getting specialist assistance
Because there are so many variations to consider with this type of policy, it may be a good idea to contact an insurance specialist, such as ourselves at Isis Insurance, before you decide to buy a policy.
You have various options when you buy insurance – using a broker such as ourselves will typically mean you have a greater choice of policies to choose from.
We will take the time to find out about your specific requirements to find the cover that is the most appropriate for your own situation.
Whatever you decide, if you make your living in the haulage industry or you regularly deliver goods in your vehicle, having the most comprehensive insurance available may make sense.
It may give you peace of mind that you are financially covered so you can focus instead on carrying out your job without the risk of being held liable should something go wrong.
