If you run a courier company it is vital to ensure you use the right type of insurance policy. While a lot of insurance companies offer insurance for courier companies, they are not all equal. By knowing exactly what insurance options are available you can receive the best deals.
It is important to note that standard insurance for your vehicle is still required with a courier policy. You firstly need general insurance for courier vehicles, then you will also need either a Goods in Transit Insurance or a Public Liability Insurance or both.
Vehicle Insurance is the standard type of insurance for all vehicles, covering both the items stored with the vehicle as well as the vehicle itself. While this is the most common type of insurance, it is not a suitable policy to have alone for a courier company if you are constantly transporting goods for which you receive payment or reward.
Goods in Transit Insurance is required if you are travelling with goods owned by someone other than yourself. This provides insurance cover for any goods onboard the vehicle even during use. Unlike standard vehicle insurance which only coverers goods in a parked vehicle, the Goods in Transit Insurance protects items aboard the vehicle at all times.
Public Liability Insurance is optional, yet it is a good way to provide a more professional service. Any issues that arise with the public regarding accident or injury will be resolved via your insurer. This also frees you from the obligation, as such the small premium for Public Liability Insurance is nearly always more cost effective than dealing with any potential issues yourself particularly if your courier vehicle or the contents cause personal injury to a member of the public.
It is vital to make sure that not only do you choose the right kind of policy for the type of courier company you operate, but also the exact use of your vehicles. This is because some insurers apply restrictions of limits, such as a maximum mileage and the nature of the goods which are carried. Goods which are considered high risk or hazardous will undoubtedly carry higher premiums.
This can seriously hamper your business, especially if you were unaware of the restriction when you applied for the policy. As such it is vital that you fully check for the policy that is most suitable for your company's needs.
It is often a good idea to purchase both courier and Goods In Transit insurance from the same company as well as Public Liability and Employers Liability if these apply to your business. Not only does this make it easier to keep track of your policies and make any claims, many insurers will offer discounts or reductions on purchasing more policies from them.
There are many types of courier insurance available to cover all types of courier business needs. As such, always ensure you fully understand what your insurance policy covers you for, as well as any limitations or restrictions it may impose.
Author Resource:-
Paul Headley is a specialist insurance article writer. Staveley Head are a leading UK insurance broker for
courier insurance
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