Insurance Requirements When Transporting High-Value Assets

Transporting high-value assets is where careful planning meets real-world risk. Equipment worth tens of thousands of dollars. Client heirlooms. Cash from a multi-day event. Inventory for a luxury pop-up. One accident, one theft, one moment of inattention, and you're facing losses that could end your business.

Most people assume their regular business insurance covers this. It doesn't. Or it does, but with limits so low they're essentially meaningless. A standard commercial auto policy might cover your vehicle. It probably doesn't cover the $50,000 in photography equipment you're moving, the art installation you're delivering, or the jewelry collection you're transporting to a venue.

Here's what you actually need to know about insurance when moving valuable assets.

1. Understand what your current coverage actually protects

Before you transport anything valuable, pull out your existing policies and read them. Not the summary. The actual policy documents.

Ask specific questions:

- Does your commercial auto insurance cover cargo, or just the vehicle itself?

- What's the maximum coverage per incident for items being transported?

- Are there exclusions for certain types of property: cash, jewelry, art, electronics?

- Does coverage apply if the vehicle is parked and unattended, or only while in motion?

- Are borrowed, rented, or client-owned items covered, or only things you own?

- What documentation is required to file a claim: receipts, photos, appraisals?

Most business owners discover their coverage has a $5,000 limit on transported goods. That sounds reasonable until you're moving $40,000 worth of assets. The gap between what you thought you had and what you actually have is where financial disaster lives.

If you can't get clear answers from your policy documents, call your insurance agent.

2. Get inland marine insurance for high-value transport

Inland marine insurance is designed specifically to cover property in transit. Despite the name, it has nothing to do with boats. It's the insurance type that fills the gaps your other policies leave wide open.

Inland marine policies can cover:

- Equipment and inventory being transported to job sites, events, or clients

- Goods in your vehicle, in storage, or temporarily at another location

- Client-owned property in your care, custody, and control

- Tools, cameras, computers, and specialized equipment used for your business

- High-value items that exceed the limits of your standard commercial policies

These policies are flexible. You can schedule specific items with known values, or you can get blanket coverage up to a certain limit. You can add or remove coverage as your needs change. You can cover property worldwide or just within certain geographic areas.

The cost depends on what you're transporting, how often, and how much it's worth. But it's almost always cheaper than replacing a $30,000 loss out of pocket or facing a lawsuit from a client whose property you damaged.

3. Require certificates of insurance from anyone transporting for you

If you hire subcontractors, vendors, or delivery services to move assets on your behalf, their insurance becomes your concern.

Before handing over anything valuable:

- Request a current certificate of insurance showing adequate cargo coverage

- Verify the policy is active and covers the specific type of goods being moved

- Confirm coverage limits meet or exceed the value of what's being transported

- Ensure your business is listed as an additional insured on their policy

- Get this documentation before the transport happens, not after something goes wrong

A vendor saying "we're insured" means nothing. Anyone can say that. You need proof. And you need to verify that proof with their insurance company if the value is significant enough to justify the call.

If they can't provide adequate insurance, don't use them. Or accept that you're taking on the full risk yourself.

4. Document the condition and value of everything before it moves

Insurance only pays if you can prove what you lost and what it was worth. If you can't document it, you can't claim it.

Before transporting high-value assets:

- Photograph or video every item from multiple angles

- Record serial numbers, model numbers, and identifying features

- Gather receipts, appraisals, or valuation documents

- Create a detailed inventory list with descriptions and declared values

- Note any existing damage so it's not attributed to the transport

Store this documentation separately from the items themselves (cloud storage, email to yourself, physical copies at your office)

This takes time. Do it anyway. Because when you're filing a claim and the insurance company asks you to prove the camera you lost was worth $8,000 and not $800, your memory won't be enough.

For client-owned property, have the client provide written confirmation of value and condition before you take possession. Get their signature. Keep a copy. This protects both of you.

5. Understand liability coverage vs. property coverage

These are two different things, and you probably need both.

Property coverage (like inland marine insurance) pays for damage or loss to the items themselves. If the equipment breaks, gets stolen, or is destroyed, this is what replaces it.

Liability coverage pays for harm you cause to others. If you're transporting a client's property and it gets damaged, they might sue you. General liability insurance can cover your legal defense and any settlement or judgment, but only if the policy includes coverage for property in your care, custody, and control.

Many general liability policies specifically exclude damage to property you're working on or transporting. You need to either add an endorsement or get separate bailee's coverage, which is designed for businesses that temporarily hold other people's property.

Check both. You don't want property coverage that protects your gear but leaves you exposed to lawsuits. And you don't want liability coverage that pays your legal bills but doesn't replace the client's $20,000 sculpture you dropped.

6. Know the rules for transporting cash

Cash is different. Most standard policies won't cover it, or they'll cap coverage at a few hundred dollars. If you're transporting significant amounts of cash from events, retail operations, or client payments, you need specialized coverage.

Options include:

- Adding a specific cash-in-transit endorsement to your policy

- Using an armored car service, which carries its own insurance

- Purchasing a money and securities policy if you handle cash regularly

- Increasing the cash limits on your inland marine or business property policy

- Never assume cash is covered. It almost never is, at least not in amounts that matter.

And if you're transporting large sums, follow every security protocol: multiple people present, secure containers, varied routes and timing, immediate deposit or secured storage. Insurance doesn't prevent theft.

7. Consider umbrella coverage for catastrophic scenarios

What happens if the worst-case scenario occurs? Your vehicle is in an accident. The cargo is destroyed. Someone is injured. The client sues. Your liability policy maxes out.

Commercial umbrella insurance sits on top of your other policies and provides additional coverage when those limits are exhausted. It's relatively inexpensive for the protection it offers, often a few thousand dollars a year for a million or more in extra coverage.

If you're regularly transporting assets worth six figures, or if a single loss could bankrupt your business, umbrella coverage is worth the cost. It's the difference between a devastating financial hit and a manageable insurance claim.

8. Communicate coverage limits to clients upfront

If you're transporting client-owned property, tell them what your insurance covers before you take possession. Put it in writing in your contract.

Be specific:

- State the maximum value your policy will cover per item and per incident

- Explain what is and isn't covered: theft vs. accidental damage vs. wear and tear

- Require clients to declare values for high-end items and pay for additional coverage if needed

- Clarify who is responsible if the value exceeds your coverage limits

- Give clients the option to insure items separately or use their own policies

This transparency protects you. If a client hands you a $100,000 necklace and your policy caps at $25,000, that's a conversation you need to have before you leave the building. Not after it's stolen.

Some clients will choose to get their own coverage. Others will accept the risk. Either way, you've documented the limitation and they can't claim they didn't know.

9. Review and update your coverage regularly

Your business changes. The value of what you transport changes. The risks you face change. Your insurance should change with them.

Set a reminder to review your policies:

- Annually at minimum, or whenever your business expands significantly

- After acquiring expensive new equipment or inventory

- When you start offering new services that involve transporting different types of assets

- If you hire employees or subcontractors who will be doing transports

- After any claim or near-miss that exposed a gap in coverage

Insurance isn't something you buy once and forget. It's a living part of your risk management strategy. The policy that was adequate two years ago might be dangerously insufficient today.

10. Keep proof of insurance accessible during transport

If something happens while you're on the road, you need to be able to access your insurance information immediately. Not when you get back to the office. Not the next day. Right then.

Carry with you:

- Digital or physical copies of your insurance certificates

- Policy numbers and claims phone numbers

- Photos and documentation of what you're transporting

- Your agent's contact information

Store this in your phone, in your vehicle, or both. If you're in an accident or discover a theft, the first call is to police. The second call is to your insurance company.