Compare goods in transit insurance

Goods in transit (GIT) insurance offers protection for any goods that are being moved from one location to another. This type of business insurance covers the items in case there is theft, loss or damage during transportation. 

It can cover you or your customer’s property or goods, but only while the vehicle is being used. 

An example of when you might need goods in transit insurance is if you have stock delivered to customers from your online shop or equipment is being moved between business premises. Another might be if you run a delivery service, and need to leave your parcel-laden van while handing over a package at a customer’s address.

While goods in transit insurance covers items you’re transporting, courier insurance doesn’t. Courier insurance only covers the vehicle you’re using to deliver items for work purposes.

Like other types of vehicle insurance, there are three levels of courier insurance to choose from:

• Third-party only

• Third-party, fire and theft

• Comprehensive

You can choose to add goods in transit insurance to it.

Businesses offering some form of courier delivery or dispatch service have more chance of being in an accident than other types of professional drivers. This is because they spend most of their time on the road with goods in transit. As a result, they’ll need specific courier insurance.

GIT insurance is not a legal requirement, but it’s worth considering. When goods are in your possession, you’re responsible for them and you’ll need to cover any cost if the worst does happen. 

If your business offers a courier service, delivery of goods purchased or removal services then you should consider GIT insurance. 

If you have goods in transit insurance and you realise that goods have been damaged while being transported, you’ll need to contact your insurer as soon as possible. 

You’ll need to submit a claim form and supply proof of the damage or loss, plus evidence that you owned or were responsible for the goods. Be sure to include any delivery orders that prove the goods were in the vehicle at the time of the incident.

The cost of goods in transit insurance will vary depending on your business as policies take into account various factors. These factors include: 

• The type of business you run

• The level of cover you need

• Your business’ annual turnover

• Whether you pay annual or monthly premiums

• The number of employees you have 

It’s always a good idea to shop around and compare different quotes to find the best deal, but there are also some things you can do to lower the cost. 

For example, having a black box policy, increasing your voluntary excess, investing in your vehicle’s security and being accurate about the value of your goods can make the insurance cheaper. 

You might also consider taking out a package business insurance policy to cover the rest of your business activities.