Goods in Transit Insurance - for when goods go missing
The latest assessment of the UK’s economic recovery is in – and the recently released figures show the nation’s retail sales increased considerably in the first quarter of 2013.
Yet while sales are up far more than economists had expected, supporting hopes that a recovery is indeed building momentum, it’s not necessarily because more people are heading back out onto the High Street.
Instead, the growth is being driven by online sales.
Either way, of course, it’s great news for retailers. But an increased reliance on online sales means more goods in transit – and that can brings its own problems.
Last year alone, UK retailers lost more than £400 million from fraudulent ‘goods lost in transit’ claims. Then, naturally, there were the genuine claims too – refunds and compensation for purchases that failed to reach their destination.
On average, the value of each goods lost in transit claim is around £40. It soon adds up…
Goods in Transit Insurance
As a haulier or carrier delivering goods on a retailer’s behalf, you’re duty bound to protect yourself with goods in transit insurance. After all, when goods go missing, you’re likely to be first in line to feel the finger of blame pointed your way.
Goods in Transit Insurance covers you for the theft, damage and loss of the personal and business items you’re transporting. So whether you have goods stolen from a freight train, or damaged in a road accident involving one of your vans, you won’t suffer a financial hit.
Usually, a goods in transit policy can be combined with public and employers liability cover – forming a wider hauliers business liability insurance that protects you on all fronts without the need for separate policies. If you ship abroad, you’ll also want to consider incorporating marine insurance into the portfolio too.
But it’s not just professional hauliers that can take advantage of goods lost in transit insurance. If you’re arranging the transport of your own personal goods – including those of high-value – you can take out a policy to protect them on their journey.
To discover your options, and the lowest possible premiums, request a quote from QuoteRack's specialist insurers today.