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Home » What Is Transportation Insurance?
February 11, 2022
Agency

What Is Transportation Insurance?

Transporting goods typically involves a certain amount of risk. From the time items are loaded through transit until their final delivery, goods can be damaged, lost or delayed. If you’re a wholesaler, retailer or distributor, you need to protect your valuable cargo. One of the best ways to protect your goods is by securing transportation insurance. 

What Is Transportation Insurance? 

Transportation companies have unique risks to manage. Transportation insurance helps to provide coverage for goods in transit from the initial loading of the items until the arrival at the final destination.  

What Does Transportation Insurance Cost? 

Transportation insurance premiums are generally based on the value of the goods and the level of risk the insurer is willing to assume while goods are transported. 

The owner of the goods can buy transportation insurance directly, or the company hired to transport the goods could be the policyholder. It’s vital to determine if the business transporting your goods is insured, what additional costs they may have and if you need to explore other coverage. 

What Is Covered by Transportation Insurance? 

Transportation coverage depends on the specific policy, including theft, fire, malicious damage or theft and similar hazards. Goods may need several different types of coverage. Transportation insurance may even apply to personal lines and commercial insurance for shipping products inland and internationally. Transportation coverage can include transport by land, air and water. Some transportation coverage may also include packing and unpacking, loading or unloading, transportation and storing goods while in transit. 

Why Is This Good Coverage to Have? 

Transportation insurance is essential for protecting the cargo transported, whether commercial or personal goods. If you’re moving or relocating overseas and shipping all of your assets, this is invaluable personal coverage to have. And for businesses that rely on having their goods arrive as expected, this coverage can offer vital financial protection of their revenues if losses occur. 

K2 Insurance Brokers and Risk Management can review your transportation needs and help you determine if this coverage would benefit your business.  

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