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Everything You Need to Know About Goods-in-Transit Cover
What you need to know about goods-in-transit insurance and how it works in South Africa
Everything You Need to Know About Goods in Transit Cover
You might own a logistics company, transporting goods from one location to another. Or you could be in the moving or delivery sector. We understand the need for getting the right cover to insure goods. Goods damaged or stolen during transportation need goods-in-transit cover.
Here’s How South African Companies Benefit from Goods-in-Transit Cover
Everyone benefits from goods-in-transit cover, which is a type of business insurance policy designed to protect your stock being transported. Insurance companies offer this type of insurance policy to protect goods that are on the move. These involve goods belonging to sellers and buyers and protects both parties from financial losses. Transported goods need protection against theft, deterioration, and damage. Both the sender and the recipient protect their interests by insuring goods being transported.
How to Protect Your Business with Transit Insurance Cover
- It will protect your goods in the event of a collision or if the vehicle rolls.
- A goods-in-transit policy pays out for damaged goods.
- This type of policy offers you cover against several natural eventualities such as hail damage, flood damage, and more.
- Malicious damage and hijackings are often included as insured events.
- Some policies will include deterioration of stock, too.
How to Find the Best Cover for Your Business
Compare quotes to choose the right insurance policies for your business. Select the cover that will protect your goods best. Most insurers offer a range of types of insurance. Be certain to get the one tailored to what type of business you have.
- Ropes, all packaging material, chains, tarpaulins, and other materials used during transportation.
- Goods in transport, both inside and outside South Africa.
- Local and international transportation. You need to ask your insurer for specific information about this.
- Goods could get damaged or stolen at trade shows. Many policies include cover for this.
- Raw materials.
- Load carrier liability cover.
Good Reasons to Compare Quotes
We often refer to goods-in-transit insurance as GIT. Insurance companies cover goods transported by trucks and vans for large businesses. Individuals and small business owners are also responsible for transporting goods. These are often in passenger vehicles. SMEs use courier services and self-employed drivers.
You need to know what add-ons are available for your cover. This will apply to other countries. There is no such thing as a one-size-fits-all GIT. Every business is unique, requiring tailored cover to suit needs.
How Do I Know My Tools are Safe While Being Transported?
- Goods-in-transit cover is an excellent option for courier businesses, giving them peace of mind that parcels being transported are covered.
- GIT is suitable for hire and reward companies. These involve many drops and customers, and can give such companies assurance that goods are covered.
- Investigate the difference between tools in transit and goods-in-transit insurance. If you run a business that involves tools of the trade, you need cover. For many small businesses, losing their tools of the trade could sink them. Goods-in-transit insurance offers a lifeline for companies run by a single entity.
- Does your insurance service provider offer this as a stand-alone product? Or does it form part of your general business insurance?
What Do Hire and Reward Companies Do?
Hire and reward insurance permits you to transport the goods of third parties for payment. Couriers are a perfect example of these. Taxi drivers, furniture removal companies, hauliers, and other businesses moving goods are hire and reward businesses.
How to Work Out How Much Insurance You Need
You may need Goods-in-transit cover for your business. The big question is how much insurance will you need? Taxi drivers, furniture, removal companies, hauliers, and other businesses moving goods.
Do your homework by comparing Goods-in-transit prices. You can do this from various business insurance service providers. You will find the right fit for your business and budget. We help you get the best cover from reputable companies. The secret with Goods-in-transit insurance is having adequate cover.
DISCLAIMER: The information provided in this article is meant for informational purposes only and should not be construed as legal, medical, or financial advice. Facts stated in this article are correct at the time it was published.