Haulier Insurance
A haulier is a person employed to transport goods from one destination to another through driving via road, often managing many vehicles to ensure that customers receive their items quickly, efficiently and in the same condition as they were sent. Due to the nature of the job, there are an array of accidents that could happen on the road through no fault of the haulier and damage to the parcels, which would frustrate the customers. In these events, it is crucial to have haulier insurance to prevent financial loss when these events happen.
If you would like to read more information or learn more about the pricing of business insurance, you can do so here.
Types of Haulier Insurance
A haulier needs several types of haulier insurance to guarantee comprehensive cover.
Commercial van insurance
First and foremost, commercial van insurance is potentially the most crucial cover a haulier could obtain. Delivering parcels requires driving for the majority of the trip, and as such, this increases the likelihood of a road accident due to the high mileage surpassed each day. Whilst commercial van insurance is essential for every haulier; there are ranging levels of cover which can be helpful for each business.
The lowest coverage policy includes a cover of damages to third parties, like bumping into another car and knocking off their wing mirror. After this, coverage could also include damage to your vehicle by third parties and the vehicle of another person. Finally, the most inclusive policy covers damage caused to your vehicle sustained through your fault. Based on the price of the premium a haulier is willing to pay and the distinct needs of the business, a policy can be picked.
Public liability insurance
Public liability insurance is encouraged for a haulier because delivering items requires close contact with the customer, and as a result, the risk of accidents increases. Damage to the personal property of the household is typical with delivery drivers because the service is usually rushed, and it is easy to make mistakes. Whether this means breaking the knocker on the door when arriving or knocking over a computer when entering the house to leave the parcel, public liability insurance provides compensation equal to the value of the object that was destroyed.
On the other hand, damage to the actual parcel is not protected by this insurance, and additional coverage must be taken out. Goods in transit insurance is also a type of liability insurance. Any damage to the items whilst they are being transported, whether in the warehouse or van, is covered, and the insurer pays for the repair or replacement of the said item.
Business equipment insurance
Business equipment insurance is also worth considering if you are a haulier. Whilst driving, several gadgets are necessary to aid you in successfully delivering a package. These include: a navigation system is required to help you find the quickest routes, a laptop is needed to collect addresses and reference numbers, and lastly a machine for customers to sign as proof of delivery.
If any of these tools are lost, stolen or damaged by fire or flood, it can become challenging to operate as usual and as a result, deliveries may take more time, meaning poorer customer service. Consequently, the machines have to be replaced quickly to minimise profit loss. With insurance, the payout is provided as soon as the claim is evaluated. The finances of the business are not affected, but the issue can be solved quickly and efficiently.
Personal accident insurance
Personal accident insurance alongside employers’ liability insurance is a clever way to protect an employee should they have an accident that requires treatment and, as a result, time off work. Employers’ liability insurance is the only compulsory cover in the UK and is mandatory for a business to obtain. It only covers the lost income and medical treatment compensation if an employee is physically injured at work.
For example, they could have twisted their ankle on the way to deliver a package or been involved in a crash whilst travelling to a customer. On the other hand, personal accident insurance also covers any accidents that occurred at home which have no relation to the job, like breaking a leg at home or being injured somewhere outside of work. Together, these covers are comprehensive.
To Conclude
In conclusion, haulier insurance can be a mixture of different types of insurance, based on which covers are more sought after by each specific business. Having a more thorough understanding of what each insurance policy aims to cover makes it easier to find an insurer with the specific policy you are looking for.
Find out more about the importance of insurance here.
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