The yuletide season like many other festive periods in Nigeria is marked by increased transit and commercial activities. As the roads get busier, accidents are likely to happen. If as a business owner you have not considered goods in transit insurance, now will be a good time to pay mind to it. Needless to say, the festive season is not the only time to consider getting a goods in transit policy, it is an insurance policy you need to have all year round. Now let’s dive into what goods in transit insurance is, why it is important and how it can be used to protect your business.

What is Goods in Transit Insurance?

Goods in transit insurance is a type of insurance that protects goods while they are being transported from one location to another. It covers the goods against damage, vandalism, theft, or loss while they are being transported by sea, air, and even land. It can also cover other types of risks such as loss due to fire, explosion, or natural disaster.

What is covered:

Goods in transit insurance typically covers the goods being transported against the above-mentioned risk. It may also cover the cost of any necessary repairs or replacement of the goods.

What is not covered:

Goods in transit insurance typically does not cover the cost of delays or loss of profit. It may also exclude coverage for certain types of goods, such as hazardous materials or high-value items.

How to get coverage:

Goods in transit insurance can be purchased as a standalone policy or as an add-on to an existing business insurance policy. It is important to carefully review the policy terms and conditions to make sure you are getting the coverage you need.

How to make a claim:

If you need to make a claim on your goods in transit insurance, you will typically need to provide proof of loss, such as a police report in the case of theft or documentation of the damage to the goods. You may also need to provide proof of ownership and the value of the goods being transported.

Why is Goods in Transit Insurance Important and Good for Your Business?

There are several reasons why it is important to have goods in transit insurance as a business owner, some of these reasons are as follows:

It helps protect your business: If you are transporting goods for your business, goods in transit insurance can help protect you against financial loss if something happens to the goods while they are in transit.

It can provide peace of mind: Moving goods from one location to another can be a stressful process, and having insurance can give you peace of mind knowing that you are protected against potential losses.

It can be required by law: In some cases, goods in transit insurance may be required by law or by the terms of a contract. For example, if you are shipping goods internationally, you may be required to have insurance to meet customs requirements.

Overall, goods in transit insurance is an important consideration for businesses that transport goods, as it can help protect against potential losses and provide peace of mind.