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Carriage of Own Goods Insurance: What It Covers and Why You Need It

By Darragh Timlin on November 24th, 2023

For businesses that regularly transport their own equipment or inventory, having the proper insurance coverage is essential. Carriage of own goods insurance provides protection for a company’s own property while in transit. 

Though often overlooked, carriage of own goods insurance delivers vital protection that most standard business policies exclude. Read on to learn what carriage of own goods covers, why you need it, and how to secure the right own goods transport policy for your company’s needs.

What Does Carriage of Own Goods Insurance Cover?

Carriage of own goods, also called own goods indemnity, is a type of business transport insurance that covers loss or damage to a commercial enterprise’s own property and goods while being transported from one place to another. 

Here are some key things covered under an own goods insurance policy:

Tools, Equipment & Vehicles

This covers any damage that may occur to company-owned tools, gear, vehicles, and equipment during transport. This includes collisions, accidents, overturning, theft, vandalism, fire and more. For example, if your delivery van is damaged in an accident while carrying your business equipment, repairs or replacement would be covered.

Business Inventory & Materials

This protects finished products, merchandise, components, and raw materials belonging to your company if they become damaged while in transit using your vehicles. For instance, if you are transporting electronics inventory to a retail store and the items are damaged from heavy rain, an own goods policy would cover the cost of the damaged stock.

Loading & Unloading 

This provides coverage during the loading and unloading processes of your business goods and property. Accidents sometimes occur when moving goods on and off vehicles, like dropped inventory. Loading/unloading damage repair and replacement costs would be covered.

Temporary Storage

If your goods need to be temporarily stored during the transit journey, such as overnight stops at a rest area or warehouse, they remain covered. This includes costs related to theft or damage while temporarily stored.

Liability

This adds protection if your goods damage third party property or cause injury to others during transport. This covers any associated legal costs or compensation that may arise. For example, if your improperly secured cargo breaks loose and damages another vehicle, liability coverage would handle damages and claims.

Why Your Business Needs Carriage of Own Goods Cover

There are a few key reasons why carriage of own goods protection is so crucial for enterprises that handle their own transport: 

Fills Gaps in Standard Policies 

Most basic business insurance policies like property, liability, and package policies exclude damage to a company’s own goods in transit. Own goods coverage fills this critical gap that leaves businesses exposed.

Covers Your Most Valuable Assets

For many businesses, equipment, vehicles, and inventory are their most valuable and critical assets. Losing these goods to damage or theft during transport can threaten business operations and profitability. 

Peace of Mind

Knowing your goods are protected during transport allows you to focus on business operations rather than constantly worrying about potential loss or damage during transit. Carriage coverage provides confidence and reassurance.

Meets Client Needs

Some clients or contracts stipulate that you must have adequate own goods coverage in place when transporting goods related to their project or order. This coverage meets their risk transfer requirements.

Key Policy Features to Look For

To ensure your carriage of own goods policy properly protects your business, be sure to look for these important features:

  • All Risks Cover – The highest level of protection, covering loss or damage from any cause unless specifically excluded. This provides the broadest protection.
  • Agreed Value – Allows you to set an agreed value for your goods rather than having claims settled on an actual cash value basis which may be less. This guarantees adequate reimbursement.
  • Temporary Storage – As already mentioned, opt for coverage that includes temporary storage during transit journeys.
  • Loading and Unloading – Verify loading/unloading damage is covered, as this accounts for many transport losses.
  • Haulage Contractor Cover – If hiring external hauliers, ensure their damage and negligence is covered under your own goods policy.
  • Towing Cover – Provides coverage when your own vehicles need to be towed after a breakdown or accident during transit.

Protect Your Goods in Transit with Brisco Business 

Here at Brisco Business, we understand the risks faced by companies that handle carriage of their own goods and equipment. Our goods in transit insurance policies provide tailored protection at competitive rates to suit your coverage needs and budget.

Brisco Business has decades of experience serving UK businesses across various sectors from manufacturing and construction to retail. Our knowledgeable team will help you craft the optimal own goods transport solution.

Compare quotes today to start your own goods insurance journey with Brisco. We’ll review your unique requirements and provide guidance on structuring your carriage of goods policy to fully protect your business assets while in transit. With the right coverage, you can transport your valuables with confidence knowing they are protected.

Darragh Timlin

With over 25 years’ experience, Darragh is an expert in all things insurance. Starting his career in commercial property underwriting, Darragh has worked for a number of global insurers and is now Managing Director of Brisco Business, part of the wider Henry Seymour Group.

All articles by Darragh Timlin

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