What is goods in transit insurance?
Goods in transit insurance — also called motor truck cargo, property in transit, and trip transit insurance — covers goods, inventory, and business property that's damaged or lost during shipment. When you transport products, it's important to make sure they arrive safely at their destination. If something unexpected happens along the way, goods in transit coverage helps you recover.
Progressive Commercial can protect property while it's being delivered. Call us to talk to our licensed agents or start an online quote to find the right coverage at a competitive rate.
Do I need trip transit insurance?
It depends. Trip transit insurance isn't required by law. However, it's a common requirement in shipping contracts, so truckers and transport companies may need it to operate.
Even if it isn't required, trip transit insurance can be a good investment, since it protects you from expensive losses if something goes wrong during shipping. Businesses and truck types that should consider this coverage include:
- Box trucks
- Cargo vans
- Car haulers
- Cement mixers
- Flatbeds
- Delivery services
- Distributors and wholesalers
- Dump trucks
- Freight forwarding businesses
- Pickup trucks
- Refrigerated trucks
- Semi-trucks
- Shipping companies
Your business's scale and operating radius can also affect whether this insurance is right for you. Companies that ship often, over longer distances, or handle valuable cargo are more likely to need property in transit coverage.
Improved coverage for goods in transit
Progressive Commercial now offers more cargo protection. Cargo Plus is included with all new motor truck cargo policies. It includes the same benefits as standard goods in transit insurance, with added coverage for situations like wetness, corrosion, and rust.
What's covered by goods in transit insurance?
Transit coverage pays to replace or repair your property if it's lost or damaged due to perils like:
- Fire
- Theft
- Vandalism
- Severe weather damage
What isn't covered by goods in transit insurance?
Some cargo may not be eligible for this protection, such as:
- Some kinds of high-value cargo
- Dangerous cargo, like explosives
- Illegal goods
- Alcohol and tobacco
- Pharmaceuticals
- Live animals
If you're unsure whether cargo insurance covers the goods you haul, contact Progressive Commercial to learn more.
How do I get goods in transit insurance?
Getting insurance for goods in transit is simple. If you already have commercial truck insurance with Progressive Commercial, talk to an agent about adding motor truck cargo.
If you're shopping for a policy, start a quote to learn more about commercial truck insurance with cargo coverage.
How much does goods in transit insurance cost?
The cost to insure goods in transit depends on the risks your business faces. For example, a small company that carries consumer goods for local businesses will probably pay less than a statewide company that ships luxury items.
Insurers look at many factors to determine your risk, including:
- Location
- Loss history
- Claims history
- Type of goods
- Coverage limits
- Industry risks
Common questions about goods in transit insurance
What's the difference between goods in transit and public liability insurance?
Public liability is included in a general liability policy and helps pay for damage you cause others. For example, if a box falls out of your truck while being transported and hits another vehicle, this coverage can pay to fix it.
Transit insurance is different because it covers property that's damaged during shipping. In the above scenario, this coverage could pay to replace the items that fell off the truck.
Do small business owners need goods in transit insurance for their business property?
Goods in transit insurance is designed for truckers to protect their cargo. Businesses moving property, like tools and equipment, need different coverage.
A business owners policy (BOP) includes commercial property coverage for your business's movable property, but only while it's on company premises. To get protection off-site or while in transit, you'll need additional coverage. Inland marine insurance can protect your business property while it's being stored away from your workplace or on the go.
Why choose Progressive Commercial for goods in transit insurance
Whether you're looking to safeguard commercial property in transit or protect off-site assets, the experts at Progressive Commercial can help. Give us a call or start a quote online to get a customized recommendation based on your needs.
