Whether you're shipping property from one location to another or you have a freight forwarding business, goods in transit insurance (or freight forwarders insurance) is a must to protect your products while they are en route.
What Does Goods In Transit Insurance Cover?
This type of insurance covers damage or replacement costs of your property, from heavy machinery and parts you may be shipping to a customer or thousands of dollars worth of jewelry you're transporting to another store, while it is in transit.
This type of policy provides protection from circumstances that occur while in transit, including:
- Traffic accidents
- Delayed shipping
In addition, goods in transit insurance covers liability that could results from death, injury, or damage from your property. For example, if your product damages the trailer that is carrying it and the shipper sues you, or if your product comes loose from the truck and damages cars or other property, your insurance will cover it.
Who Needs Goods In Transit Insurance?
You may not think you need this type of coverage because your shipping company is required to carry their own coverage. However, your shipping company may let its coverage lapse, or your goods may never reach their intended destination. Or, your shipping company may not have enough coverage to cover all of the replacement or liability costs. For that reason, it's crucial to get insurance that will cover it.
If you are a freight forwarding company, freight forwarders insurance is essential for protecting you from lawsuits for damage, loss of property, and injury that may occur while your company is shipping items.
Finding Goods in Transit Insurance
Whether you're shopping for goods in transit insurance or freight forwarders insurance, your best bet is to go with a company that understands the unique needs and coverage requirements that come with shipping goods.
Netquote.com is a great source for finding companies that specialize in goods in transit insurance. You can also research coverage options and compare quotes online quickly and easily for free.
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