Reliable Commercial Own Goods Insurance for Your Business

If you’re a business owner who transports goods by vehicle, it’s important to protect yourself and your assets from unpredictable risks.

What Is Commercial Own Goods Insurance and Who Needs It?

Commercial own goods coverage is a type of vehicle insurance designed for businesses that use their own vehicles to transport goods, tools, or equipment they own as part of their operations. This business insurance coverage helps protect the company from financial loss if their vehicle causes injury to another person or damage to someone else’s property during use, loading, unloading, or while operating equipment attached to the vehicle. For example, if a delivery truck owned by a company damages another car while unloading goods, commercial own goods liability insurance would help cover the resulting legal or compensation costs.

This type of commercial auto insurance policy typically includes liability coverage, which helps take care of costs that the business becomes legally responsible for in the event of an accident — such as medical expenses or property repairs. It also extends to accidents that happen from operating the vehicle as a tool, adding an extra layer of protection for your commercial vehicles.

This type of commercial insurance is great for businesses that rely on fleets to move goods and equipment between various locations or job sites, such as:

Construction companies.
Retailers.
Catering and food businesses.
Distributors.
Service providers, like plumbers, electricians, and HVAC.

Our Comprehensive Commercial Own Goods Coverage

General Accident Insurance Company is committed to providing you with the right coverage based on your unique needs. Most of our comprehensive policies, including commercial insurance policies, give policyholders extra benefits:

Flood & Special Perils: Physical damage coverage extends to include destruction caused by flood, hurricane, earthquake, or other convulsions of nature; civil war, strike, riot, and civil commotion.
Commercial All Risks Policy: Comprehensive motor legal protection extends to cover property against accidental damage and burglary. The contract will outline excluded risks. If your contract does not specifically omit a risk, then it’s automatically covered.
Windscreen Damage: For an additional cost, this coverage allows you to claim a broken windscreen or window glass up to your required limit.
Roadside Assistance: Drive with the assurance of knowing that, in the case of an accident or breakdown, you can contact our Emergency Roadside Assistance at (246) 829-8400.

Commercial Own Goods Insurance FAQ

Still have questions? Check out these commonly asked questions about Commercial Own Goods insurance:

How Is Commercial Own Goods Insurance Different From Goods in Transit Insurance?

Commercial own goods insurance covers the vehicle and protects businesses using their vehicles to transport their own equipment, tools, or products. However, it doesn’t cover the goods being carried. That’s where goods in transit insurance comes in. This coverage specifically covers the items being transported, protecting organisations against loss, theft, or damage while in transit. It’s commonly used by businesses that move goods either for themselves or on behalf of clients, such as couriers or logistics providers.

What Factors Affect the Cost of Commercial Own Goods Insurance?

While every policy and insurance company is different, various factors can affect your premium payments for this type of commercial auto insurance policy, such as:

The type of vehicle you’re using to transport goods.
The distance and frequency of transportation.
The driving records of anyone who operates commercial vehicles.
The security measures you have in place (e.g., vehicle tracking or alarm systems).

Are There Any Exclusions in Commercial Own Goods Insurance?

Yes. Different policies may outline different exclusions, so it’s important to ask your insurance agent about your specific policy. That said, common exclusions include:

Damage to the insured’s own goods being transported.
Normal vehicle wear and tear.
Unauthorized use by someone not covered by the policy.
Accidents that occur when an unlicensed person drives.
Damage or liability caused while the vehicle is carrying loads beyond the legal limits.
Driving under the influence.

Is Commercial Own Goods Insurance Required by Law?

While Commercial Own Goods insurance is not required by law in Barbados like standard commercial auto insurance, it is highly recommended for businesses that transport their own goods for business use. It adds a layer of protection that helps mitigate financial loss in the event of an accident, theft, or damage to commercial vehicles.

Speak With a General Accident Insurance Company Agent

When you’re ready to explore your options for Commercial Own Goods insurance and get the right coverage for you and your business, contact an insurance agent online, via telephone at (246) 538-2200, or by email at infobb@genac.com.