Courier insurance is an important component of any type of carrier business. If the goods that you transport can be easily sold on the black market or are valuable then your business may become the victim of theft. Because of this fact it is important that you have a good level of cover in place to protect your business against the loss or damage of goods whilst they are in your custody.
Because of the inherent risks, policies for courier insurance can be expensive and it will pay to compare what options are currently available in the marketplace. One approach to potential savings is to get multiple quotes and compare what is included and not included and the policy price.
Britain being a lover of takeaways and fast food ensures that fast food delivery insurance is a much sought after product for drivers delivering hot food, gourmet food or delivering food wholesale. If you deliver using a car you will need car courier insurance or motorbike cover if using a motorbike.
Both have similarities, but they are also different. Both have one common feature they both include cover for ‘ carriage of goods for hire and reward'. A premium is derived based on risk to the broker of having to payout and average payout amount. As risk can be greater for haulage the underwriters differentiate these 2 modes of carriage as different and policies are constructed to reflect the difference.
In summary if you are being paid for the delivery of other people's good on a multi drop basis then you should purchase insurance for couriers. The converse is true of haulage cover which will involve moving bulk goods from origin to destination. Multi drop is normally accepted to be 3 or more different drop locations per day.
The cost of cover depends on a multitude of factors some of which you do have control over. One of these is which insurance category the actual vehicle that you use falls into.
These categories normally range from 1 to 20, category 1 contains vehicles that are in general the cheapest to insure. The main factors that are used to determine which group are as follows:
In addition to the courier insurance for your mode of transport you will also require cover for goods in transit and public liability. GIT will protect your merchandise whilst in transit, some level of GIT cover may be already included in your courier plocy, but it most likely not be sufficent.. Make it clear to the broker the types of service or services that you intend to provide.
Any business that has contact with the public leave themselves open to public liability claims, for example if the goods that you are couriering were to fall out the rear and cause injury to passing pedestrians or fellow motorists. In brief public liability insurance helps protect your business against claims lodged by the public for damages caused by your business operations.