Potential risks in courier service industry
Couriers insurance protects your business from litigations and liabilities brought about by the following potential risks:
What if important documents containing legal, financial and top secret information or packages with valuable items are stolen? Your company could be sued leading to huge legal fees and expensive compensation.
You may drive carefully or employ highly experienced drivers but you cannot control other road users. An accident could destroy the items in the packages, documents or medical samples. In the case of a serious accident, your business would have to handle the repercussions of life threatening injuries and even fatalities among your employees and the general public. In addition, this accident may reduce your courier vehicle and vehicles of other road users to a wreck. Public and employer’s liability can easily lead your business to bankruptcy.
Timely delivery of packages and documents is guaranteed by a well functioning courier vehicle. However, all machines do fail at some point. Mechanical breakdown of the courier vehicle on the way to deliver parcels may lead to delays with serious financial implications.
Best way to secure courier business insurance
A general insurance policy cannot fully cover your courier business from all the potential risks. That is why you should only go for a couriers insurance which has policies designed to respond to the risks unique to the courier industry. You can rest assured that with insurance for courier business you will not have to fork into your income when the worst happens to your business. Here are the policies to apply for:
Courier public liability – Covers legal and medical fees resulting from third party bodily harms. Full compensation is provided in case of third party’s death or damage to property.
Goods in transit/marine transit – Provides compensation for lost and damaged goods while in transit.
Workers compensation – Covers employees such as courier drivers and delivery service assistants while on duty.
Courier vehicle insurance – Provides compensation for the damaged vehicles through accidents or lost ones through theft.
Identify a reliable couriers insurance provider and negotiate for a customised policy that suits your business.