Building a shipping or logistics company takes time, and it also takes a lot of trust and loyalty on the part of your clients. However, when you invest in a good insurance policy, you can protect both yourself and your customers. Wondering what does goods in transit insurance cover and do you really need it? Read on to find out more about this essential insurance policy.
In general, goods in transit insurance cover is meant to prevent buyers and sellers from financial loss during the shipment of merchandise. Most policies may offer coverage for the following:
- Theft of items in a shipment vehicle
- Damage to property during transport
- Unreasonable delays
- Protection of goods during storage
- Legal fees and other expenses
Any time your goods leave your place of business and before they reach their destination, this type of insurance can provide coverage.
Factors Impacting Your Premium
The cost of goods in transit insurance cover varies depending on a range of factors, including the value of the cargo, the number of claims on the insurance, the risk of theft, and the amount of security you provide.
With this information in mind, you may be able to decide whether investing in this type of insurance coverage is right for your business.