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Insurance for Goods In Transit

Do you have goods in transit as part of your business operations? If you move goods around between locations, transport goods either domestically or internationally. Then it is worth exploring if your existing insurance for Goods In Transit is sufficient. 
If you are exploring insurance for Goods In Transit, then it is important for you to know what Goods In Transit insurance is designed to cover. 
When you have Goods in Transit, then you need to make sure that they are covered for any loss, theft or damage that your goods may experience whilst they are in transit. 
What may Goods in Transit Insurance cover?
Goods In Transit insurance may cover your goods if one of the following events is a listed event on your Goods in transit policy.
  1. Theft - coverage if your goods are stolen whilst in transit.
  2. Damage - coverage if your goods are damaged in transit.
  3. Loss - coverage if your goods are lost during transit.
Tip: When goods are in transit, they may not be covered by your usual business insurance policy. If you are unsure, then checking with an insurance broker to better understand your existing insurance coverage and any gaps that you might need to resolve. 
Goods In Transit insurance aims to provide coverage for any financial loss that your business might suffer when your goods are stolen, damaged or lost.
What limits might there be for Goods in Transit Insurance?
The limits of your individual Goods In Transit policy will be specific to your insurance policy. Sometimes limits for Goods in Transit Insurance may include:
Coverage limits - Aligned to the total value or replacement value of the goods that are in transit. The value of coverage may be specified in your Goods In Transit insurance policy and should be discussed with your insurance broker to ensure you are not underinsured. 
The time that goods may be stored whilst in transit. Goods In Transit insurance policies may require that Goods are stored for a maximum of 30 days whilst they are in transit. 
How to review Goods In Transit Insurance?
Talking with an insurance broker from Insurisk will enable you to better understand the level of Goods In Transit insurance coverage you may require. 

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

Purchase up to six products under one Business Insurance Package. 

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Anush Kumar, Insurisk Solutions Pty Ltd, ABN 84 616 172 877, AFSL 233750

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