Public Liability Insurance for Couriers
The work of a courier company is to carry goods and messages from one place to another on the basis of the order placed by their clients. Thus for the successful completion of this whole procedure, three steps need to be predominantly taken. They are:
• Collection of the goods from the original destination,
• Putting the goods in transit and
• Delivering the goods to their destination.
However, this procedure is not free from risks and thus insurance is a mandatory part of every courier business. Some of the risks that courier companies face on a regular basis include:
• Loss of materials in transit,
• Goods to be transferred get damaged,
• The delivery vehicle gets involved and entangled with the police over traffic violations,
• The delivery vehicle incurring an accident etc.
Hence with so many different types of risks involved pertaining to the different aspects of this business, the insurances that need to be taken or purchased also need to be specific to that aspect. This automatically means that while the individual premium amounts might be relatively less, cumulatively all the premiums put together might amount to a lump sum. But this increase in amount should not act as a deterrent in the purchase of the insurance since the benefits of the same can only be experienced in the long run.
Some good policies can be found on here on Courier Insurance. Fast food delivery people may find this Insurance useful.
Some insurance which need to be purchased by courier companies are:
• Public liability insurance: This is a great policy to have when things or people get injured by an act of the courier company. This insurance helps to pay for any upfront claims and liabilities and also helps contest any claim or litigation in the court of law by replenishing all the legal fees incurred during the period the case is subjudice. This insurance is not mandated by the government but it is something which needs to be purchased for the betterment and growth of the courier business and also to ensure peaceful conduct of the same.
• Employer’s liability insurance: Mandated by the government, this policy is extremely helpful in sorting out claims raised by workers injured during the course of their jobs. Hence it looks after claims raised on the courier company by injured workers be it drivers, people carrying goods over even office workers. It also ensures speedy disbursal of genuine claims so that the worker does not suffer any financial difficulty during his period of treatment.
• Motor insurance: This again is an insurance which a courier company employing vehicles for commercial purposes needs to mandatorily have. Irrespective of the types of vehicle used, this policy needs to be present with a courier company so that in instances of an accident, the vehicle can be put back on the road after the necessary repairs immediately. This insurance is available in two forms and the one which suits the needs of the courier company needs to be purchased. The two types of motor insurance are:
- Comprehensive motor insurance which offers coverage for damages incurred by both the company’s vehicle and the third party vehicle involved in the accident and Third party, theft and fire insurance wherein the coverage offered protects the courier company inly for those damages incurred by their vehicles.
- Light haulier insurance: This is an optional insurance which is of great help to the self-employed individual. In fact many contractors who sublet their work look for this insurance in the companies to whom they are subletting their work.
- Fleet insurance: For big courier companies who own a number of commercial vehicles, having individual; motor insurance is not enough. The fleet insurance when purchased in this instance provides better cover and is also relatively cheaper than taking out individual insurances for each vehicle owned.
- Goods in-transit insurance: The basic job of the courier company involves taking charge of other people’s property. Hence any damages incurred by these companies have to be borne by the same, irrespective of the intensity of the damage incurred. Loss of the property either by mismanagement or theft also needs to be borne by the courier company. The settlement of these claims can result in a financial loss for the courier company concerned. But the presence of the goods in-transit insurance takes care of all these financial liabilities thereby protecting the courier company from any financial loss.
In fact in instances wherein damages have been incurred to goods, these policies can help to sort out the situation without the courier company having to undergo any financial crisis. Thus they are a must for the financial health of a business.