GIT insurance is short for ‘Goods In Transit’ insurance. Whether you’re a self-employed courier or run a fleet of delivery vans and bikes, it’s a business essential for peace of mind. This Easy2understand guide explains what GIT insurance covers, why you need it, and how to get the best price quote.

Who needs Goods In Transit insurance?

Goods In Transit insurance is specifically designed to cover items being transported in a car, van, lorry, boat, or on a bike. It will pay out financial compensation if something happens to the goods while in your care.

If you transport items related to your own business, it provides added financial peace of mind in case something goes wrong. For example, if you run a wedding cake company, it can pay out compensation if something happens to your creation on the way to the venue.

It’s even more important to take out robust GIT insurance if you transport goods on behalf of another business. For example, you’re a freelance courier, have a furniture removals company, or run a haulage business. Your ordinary commercial vehicle insurance won’t typically pay out for any theft or damage to the goods you’re transporting on behalf of your clients. And as the value of the goods in your care can be very high, that leaves you open to significant financial risk.

What exactly will GIT insurance cover?

GIT insurance will cover you for any damage to items that you are transporting. For example, you have an accident, and the contents of your van are damaged in the process. It also covers you if the contents are stolen or lost.

Tip: If you sometimes leave items in your vehicle overnight, make sure your GIT insurance will cover this. And if you transport items to Europe or worldwide, you should also double check this is included.

What value do I need to cover?

The more expensive the goods you transport, the more expensive your GIT insurance is likely to be. However, it’s imperative not to underestimate the value of the items you’re responsible for. If you do, you could find yourself seriously out of pocket. Underestimating values is only likely to save you a few pennies. If you do need to make a claim and you don’t have the right level of cover, you’ll need to make up the shortfall yourself. And that could severely damage your cash flow or even force your business to go under.

Does it cover items in storage?

No. GIT insurance only covers items during transportation. You’ll need to take out contents insurance as part of your commercial buildings insurance to cover any items that you are storing in a depot.

Is GIT insurance required by law?

No. You don’t have to take out GIT insurance by law, but it is a prudent option to protect your livelihood. If you’re a courier or run a haulage firm, many of your clients will expect you to hold GIT insurance. Without it, you could miss out on jobs.

Top 4 tips to get a better price on your GIT insurance

1. Speak to a specialist GIT insurance provider.
2. Shop around. Insurance companies calculate premiums using different risk algorithms. That means you can get two very different prices from different insurance providers for two very similar insurance products.
3. Look for tailored insurance cover. Pay only for what you need, not cover that you’ll never want.
4. Pay your premium annually, not monthly. Paying monthly incurs extra charges.
5. Buy your GIT insurance as part of a complete business cover package deal. You’re likely to need other types of commercial insurance, including commercial vehicle cover and public liability insurance. Buying all the insurance products your business needs together can sometimes mean significant savings.

Where can I buy cheap GIT insurance?

Easy2Insure is an online independent insurance brokerage. Our online quote system is quick and Easy2 complete. Once submitted, our expert UK-based team will be in touch to double check the details and make sure we get exactly the right level of cover for you at a price that matches your budget. If you’re not sure exactly what you need, our CII-qualified team will guide you. And we’ll offer specialist advice on every aspect of your insurance policy. We also benefit from having ‘preferred broker’ status with many of the UK’s leading insurance providers, meaning we can source the best deals at the best prices for our customers. For more information, call us on 0800 9179522 or fill in our online quote form.

Why do you need goods in transit insurance? According to The Citizen’s Advice Bureau, two-thirds of online shoppers have had a parcel turn up late, damaged or fail to arrive. The Consumer Rights Act was updated in 2015 to give shoppers much greater rights when things go wrong. Whilst the consumer will contact the retailer for compensation, retailers normally claw it back from the delivery company. That means courier businesses need to take out the right insurance to cover them financially when there’s a problem. And it’s not just shoppers who demand that their goods arrive intact and on time. If your business delivers your goods direct, your customers will expect the same high standards and will be quick to ask for compensation if things go wrong.

Do you deliver your own products direct to your customers? Or do you run a courier or haulage firm delivering for others? Find out all about goods in transit insurance and why it is an essential part of your business planning with this two-minute guide.

What is goods in transit insurance?

Goods in transit insurance protects your business financially if something happens to any goods whilst they are in transit. It’s also sometimes known as courier insurance.

Is it just for couriers?

No, it’s something many businesses need to consider. If you use a vehicle to transport goods from one place to another, you should consider taking out this specialist insurance as part of your risk planning. For example, consider this situation for a catering company delivering to a wedding. If you suffer an accident that damages the food en-route to the venue, you could be sued by your customer for failing to deliver. In this situation, you could also be sued for ‘emotional distress’ for ruining ‘the big day’.

What about if I am a courier?

Goods in transit insurance is an essential part of risk management planning for couriers and haulage firms. You’ll need goods in transit insurance that has been drafted to meet your specific needs.

Specialist cover for your specialist business needs

Valuable items that need expert care during transportation, such as fine art, also need specialist insurance. Read the small print very carefully for exclusions. And beware of any hidden clauses in your policy, such as a limit on value, that could leave you unable to make a claim.

How much will goods in transit insurance cost?

The cost of goods in transit insurance will be influenced by a number of factors. The size of your van will affect your premium. So will the amount of time your van is being used. Whether you are taking out goods in transit insurance for a courier business or for moving your own stock will also affect costs. And if you have previously made a claim against your goods in transit insurance you can expect your premiums to be higher.

How can I reduce the cost of goods in transit insurance?

• Drive safely. Firstly, if you make a claim on your insurance, future premiums will increase. The best way to keep your goods in transit insurance costs as low as possible is to drive safely and avoid claims if you can.
• Pack your vehicle carefully. Next, you should consider carefully the best way to pack your vehicle to transport items safely. In addition, make sure you use the best packing material to protect items. Weight should be distributed evenly and the load must be secured so it can’t move around. By avoiding damage in transit you can avoid making claims against your insurance. And this can help keep premiums as low as possible.
• Stick to the speed limit. Speeding penalties can add £££s to your goods in transit insurance. Stick to the speed limits and consider fitting speed limiters to prevent accidentally speeding.
• Shop around for the best price. Finally, like all insurance, it pays to shop around for goods in transit insurance. Insurance premiums are based on a complex algorithm that identifies risk. Different insurance providers calculate risk in different ways. That means it’s possible to get two quotes for very similar cover at very different prices. Take the time to call around as many different providers as you can so you are confident you’re getting a good price. Or if you don’t have the time, get a specialist broker, like Easy2Insure, to do the legwork for you.

Get the best price on your goods in transit insurance

The easiest way for you to find the best deals on goods in transit insurance is to fill in a quick and easy online form at Easy2Insure.

We can scour the market to find the most competitive rates and use our position in the industry to negotiate discounts on your behalf. And because we know that there’s no one size fits all, we’ll help you to customise your cover. You get peace of mind that everything you need is included but you won’t pay for anything you don’t need. Fill in a quote form today or call us on 0800 9179522.