At some point during your business operations, you’re likely going to need transit or storage services for moving or storing property, whether it is for your business or your customer’s belongings. Whether you’re relocating your business to another location and need to have your electronics and office furniture moved for you, or you have a business requiring transit, such as a food delivery service. While the belongings are being moved or stored, are you sure they’re protected? Especially if you are moving or storing expensive things, such as computer equipment or electronics, office furniture, or landscaping equipment, insuring it is the only way to have monetary protection against possible loss, theft, or damage.
Types of Property in Transit Insurance Coverage
There are a variety of types of property in transit insurance coverage policies, each meant to cover a different type of transportation method or item to be stored or transported. Look carefully through each type of insurance coverage before deciding which is best for you.
Transportation Coverage
One type of property in transit insurance coverage is transportation coverage, which will protect your property and belongings that are being transported, either by motor, air or rail. Transportation coverage typically includes the property while it is being transported, if it is temporarily in storage before, during, or after the move, and for loading and unloading (which can be damaged). You may also find that your transportation coverage includes other risks of transporting your belongings or property, such as the removal of pollutants or debris, or moving to a temporary location and the risks involved.
Motor Cargo Liability Coverage
Motor cargo liability coverage is an insurance coverage that includes protection of a person or business’s property moved by motor cargo, such as trucks or vans. This includes liability protection against property which may be damaged, lost, or stolen during the loading and unloading, transporting via motor cargo, or temporary storage during the move. Damage to property can occur en-route, such as during a vehicle accident where the truck was overturned and valuable were damaged during the process. It also includes refrigeration breakdown, in the event that what was being transported needed to be refrigerated, otherwise it would be destroyed.
Warehouseman Legal Liability
You may occasionally be in need of storing a customer’s goods or property in a warehouse as a temporary situation before it is moved via transit, which is why warehouseman legal liability is an important component of a property in transit insurance policy. This coverage typically only includes items or materials that are non-hazardous and for long-standing customers. Some restrictions may apply for your warehouseman legal liability, such as only being valid at scheduled warehouse locations, or only for goods being moved due to an emergency.
If you have a business that moves or stores goods for customers or clients, it’s imperative to obtain property in transit insurance coverage to protect your customer’s goods as well as protect your company from legal ramifications should the property be lost, stolen, or damaged in the process.
