Goods in Transit Insurance
A lot of businesses will have to transport goods from once place to another using a variety of methods, such as air transport or by train. Transporting your goods over a distance puts them at risk of loss, theft or criminal damage – it is a good idea to purchase a Goods in Transit insurance policy for your peace of mind and for the financial security of your business. The Home Office has revealed that more than 1 in 4 businesses that are a victim of commercial vehicle theft end up losing business as a result.
A loss of goods in transit can have multiple consequences such as:
- Loss of profits.
- Temporary or permanent business closure.
- Negative business reputation.
- Loss of client favour.
- Loss of current or future contracts.
Covering Yourself
It is important to recruit experienced, reputable and honest drivers for your business. Acquiring a fleet of honest drivers will minimise your risk of losing your goods due to a scam or another type of organised crime. There are a few things you can go through when hiring staff to make sure you are being thorough:
- Check the potential driver’s work history and references. Make contact with the references instead of just taking their word for it.
- Make sure they possess a valid license without any endorsements.
- Confirm the potential employee has no pending prosecutions.
- When using an agency, make sure they are reputable and conduct the relevant background checks.
Make sure your drivers are aware of the importance of security and build in their security duties and procedures into their contract, making it clear that they will be disciplined if they do not adhere to the rules. You can also install security equipment such as alarms and immobilisers to make your vehicles less attractive to thieves.