Should you get transport insurance? Here’s what you need to know

Understanding the risks of transport and the role of insurance

Transporting goods involves inherent risks, whether you’re importing or exporting. While you hope your goods arrive safely and intact, many factors are beyond your control. Transport insurance offers peace of mind by covering risks such as damage or loss. But is it worth the cost? And what should you consider before deciding? This guide provides all the information you need to make an informed choice.

Why consider transport insurance?

Transport insurance protects your most valuable business assets. Just as you insure your car, home, or health, it makes sense to insure valuable goods in transit. Transport insurance minimizes financial risks and ensures business continuity when unexpected events occur.

Goods transported over long distances are vulnerable to risks such as:

Damage: Caused by rough handling, weather conditions, or accidents.
Theft: During storage or transit.
Loss: Due to mechanical failures, delays, or mishandling.
Fire: A common risk in international logistics.

Having transport insurance not only provides financial protection but also helps safeguard your supply chain against disruptions.

What does transport insurance cover?

Transport insurance can cover goods shipped by sea, road, rail, or air. Coverage typically includes:

Physical damage to goods.
Loss of shipment.
Specific risks, such as natural disasters or delays caused by external factors.

Example: The ever given incident

The infamous blockage of the Suez Canal by the Ever Given highlighted the unpredictability of logistics. Many importers suffered significant delays, and transport insurance played a key role in compensating for financial losses.

How much does transport insurance cost?

Through Cargoplot’s partners, you can arrange transport insurance with the following typical costs:

Between 0.05% and 0.25% of the insured value of your goods.
Minimum fee: EUR 37.50 per shipment.
Administrative fees: Depending on the policy.

The exact cost depends on factors such as the value of your goods, the mode of transport, and the specific risks you want to cover.

When is transport insurance worth it?

Not every shipment requires transport insurance. Here are key considerations:

High-value goods: Insurance is essential for costly cargo.
Long-distance routes: The longer the journey, the higher the risk.
Complex transport chains: Multimodal transport introduces more links and potential risks.
Critical goods: For perishable items or essential parts, insurance is often a wise choice.

For smaller or low-value shipments, weighing the cost of insurance against potential risks might reveal it’s not always necessary.

Transport insurance via Cargoplot

Cargoplot helps you find suitable transport insurance through trusted partners. Our services include:

Tailored advice: Helping you choose the right policy for your needs.
Transparent pricing: Including all administrative and insurance costs.
Support: Our team is ready to answer your questions and find the best solution for your situation.

Note: Cargoplot does not provide insurance directly but offers guidance on available options.

Need more information or advice?

Unsure if transport insurance is the right choice for your shipment? Understanding costs, coverage options, and potential risks is key to making the best decision. Need more details or expert advice? Our team is happy to assist via email or phone at +31 (0)85-0608426.Get a freight quote with insurance options tailored to your needs—[Request a Quote Now]!