Goods in Transit Insurance can be a daunting prospect to arrange for a business owner and the list of insurance companies offering off the shelf products seems endless. Finding an insurance broker who can arrange appropriate cover is the key to simplifying the process.
A starting point is considering what risks you face as a business and what the impact might be if the worst were to happen. It’s at this point that the discussion with a knowledgeable insurance broker becomes very useful to identify the risks and to arrange insurance cover that matches your risk profile.
We’ve seen the number of small and medium businesses in the UK grow steadily in recent years with an increase of around 55% in the total business population since the year 2000. In 2015, around 99% of businesses in the UK were classed as small businesses and SME’s accounted for around 47% of the private sector turnover in the UK.
The increase in online trading volumes and the rise of the ‘internet of things’ means that more and more companies are trading overseas and companies can be left exposed to new risks that they previously didn’t have to consider.
One of these risks is loss of goods whilst in transit to a customer or during transit whilst being imported. The obvious cost to a business is the loss of stock. However, hidden costs such as supply chain interruptions, a potential drop in company productivity, increased customer service costs, salvage costs and a loss of customer trust all impact the bottom line.
This holds true no matter the size of your business or the value or type of the goods that are lost. Also, relying on the carrier having transit insurance which will be sufficient to cover your losses is always going to be a gamble which might not pay off.
In short, covering the cost to replace your goods in transit to minimise disruption to your day to day trading is essential to ensure the longevity of your business and we specialise in commercial risks and have a number of insurers who can offer cover for goods in transit ranging from single shipments through to annual cover with stock locations insured around the world.
If you need advice or would like a quote then please get in touch with Keeley Theron on 01905 27775.