What is Freight Insurance?
Freight Insurance provides financial protection in the event that it is lost, stolen or damaged during transit. It is important to understand what type of cover you want because a freight liability policy will typically only pay out at an agreed amount based on weight, whereas a Cargo Insurance policy can be arranged to protect the commercial value of the goods.
We have a wealth of experience helping individuals and organisations select the right transport insurance for their freight. An experienced broker such as BJP will ask you the right questions to make sure you get the policy you need.
What else might I need to consider when buying Freight Insurance?
There is no standardised policy for Freight Insurance, which is why it is important to take advice before purchase. As previously stated, it is sometimes a condition of membership for freight forwarders to have freight liability in place if working under a trade body. But if you are the owner of the goods being moved, you may wish to go further and protect their commercial value.
An insurance broker experienced in the multilayered landscape of freighting, will provide peace of mind that your business receives the appropriate level of cover.
In addition to Freight Insurance, you may need to consider the more standard covers that many businesses need, such as Public Liability Insurance and Employers’ Liability Insurance, as well as protection for your premises and contents, and business interruption.