The world has changed significantly in the past few weeks. Towns and cities that were once bustling with life are now deserted as people stay home in the fight against coronavirus. The media have been reporting the tragedies from the frontline and communities have banded together (albeit mainly virtually) to do everything they can to help.
Some businesses have been no different.
Those companies that can change their production have now started to make essential items, such as ventilators, medical equipment, or hand sanitiser. For haulage companies specifically, many are now transporting different goods than they would normally, using their supply chain to get essential items to the right place as quickly as possible.
Could these changes impact your insurance?
When it comes to your insurance, a change in the goods you transport could leave you without appropriate cover and there are some points that should be considered when making these changes to your business.
For instance, some transit policies specifically name the goods that are covered within the policy wording, meaning if you have started to work with different items you may not be covered should anything happen to those goods whilst they are in your possession.
Your insurance policy for goods in transit may state items that are hazardous or theft attractive. This may be something to consider if the goods you are now carrying have changed significantly and, not only this, you may want to consider the possibility that some goods that were once everyday items may now be seen as theft attractive under the current circumstances.
If you store goods at your premises, there may be further issues to consider such as, whether the new items need special arrangements for storage or whether their value means that the goods held on your premises are of a greater worth than the goods you normally handle. All of these may have an impact on your insurance cover, depending on your current policy wording.
There are lots of points to consider when making a change to your business, from the areas your drivers may be visiting to whether your new business contracts need to be named on the policy.
Next Steps
If you are considering, or have, changed the way you work or the type of goods that you are transporting, it is important to speak with your insurance broker to discuss these changes. Your broker may be able to raise points that you have not considered as well as make changes to your policy to ensure that your cover is adequate for the goods you are now dealing with.
If you would like an independent review of your policy, or your policy is up for renewal and you would like a no obligation quote, contact Safe and Insured on 0808 161 7008 or email sarah@safeandinsured.com for help.
Follow us at: