There are a large number of qualifying factors that will determine the specific cost of Courier Insurance. Insurers generally believe that there is more risk associated with covering a courier than with typical motor insurance. This is down to a number of reasons like mileage – noting that couriers will likely be out on the road most of the day and rack-up a significantly more amount of mileage than a standard driver – the transport of valuable packages which must be covered against being lost, stolen or damaged, as well as the perceived risk that, with drivers often adhering to delivery deadlines, that making multiple stops and working against the clock, can also contribute to a boost in policy premiums. So, with you being out on the road so often, you will benefit from having comprehensive courier cover to protect you against any eventuality.
It’s worth considering what it is you would like to be covered. Do you want to insure the cargo that you are transporting? If so, you will need to consider a policy that has Goods in Transit cover included. If you’re an employer, you may want to consider Employer’s Liability cover. In short, just like the goods you may be carrying, there’s a huge range of shapes and sizes courier insurance may come in.
The main things to consider, though are Vehicle Insurance, Goods In Transit Insurance and Public Liability Insurance. With Vehicle Insurance the type of vehicle cover you’ll need will be dependant of the type of vehicle you have for your courier service – motorbike, van, car or small lorry. Standard vehicle cover isn’t considered sufficient when using one for business purposes. It’s important you take out cover that is not just cost-effective but also gives you the cover you need should something go wrong. And with so many different vehicle types and uses for business, it’s important you communicate with your provider to establish what types of features you’ll need to include in your policy. Things like replacement vehicle cover, for example, would be vital if you were to need a vehicle to continue trading if for some reason your current one was out of use.
Good in Transit insurance (GIT) will cover the cargo you wish to carry in case of loss, theft or damage. Different GIT policies will be designed to cover different types of goods, so it’s of paramount importance to speak to your provider to establish what type of GIT policy suits your operation.
It’s key to understand, also, what the exclusions may be, with most policies not covering certain cargo, like livestock. Another consideration is partial cover, which a policy may include for goods that may be considered attractive to theft. Items such as luxury electronic goods may only be covered to half of their value by insurers. Again, it’s best to speak to a provider comprehensively about the ins and outs of policy specifics.
As a business, you’ll be dealing with the public. As such, you may well need Public Liability Insurance. This will cover you against unfortunate incidents like accident or property damage which may occur during the fulfilment of your business operation to a member of the public. It’s worth finding out if this is included as part of a GIT plan.
There are also a few other considerations that may be applicable to your particular business operation. These can include Employer’s Liability Cover if you have employees and are not a self-employed courier; Light Hauler insurance for a small number of predetermined drop-offs; or Fleet Insurance for companies who run five vehicles plus.
The type of Courier Insurance you will need will be dependent on all of these variables and speaking to a provider will help you determine what specifics best suit you or your company. At Insurance Revolution, we specialise in finding insurance quotes and policies for Courier, Haulier and Delivery drivers. We offer competitive Courier Insurance and provide outstanding customer service and will be glad to help you determine what policy is best for you.