Liability is something that cannot be afforded when it comes to courier delivery. Thus in the courier business, an important step of purchasing courier insurance must be taken to ensure that the goods transaction is risk free on all fronts. That step is Courier Insurance.
Huge fleet and chain of operators, sub-contractors and single operators, everyone must make this one time investment in courier insurance and also make an informed choice when it comes to drawing the budget and selecting the policy best suited for the business.
First the understanding of the importance of courier insurance is necessary before the investment is made, so that no doubts are involved. The important point to be kept in mind is:
If any damage occurs to the goods that are to be delivered via courier, it is the responsibility of the courier operators to pay for the loss. The costs may hamper the courier services to a huge extent and a situation may also arise that the courier operators cannot afford to pay for the losses.
That is when Courier Insurance plays an important role. There is minimum repercussions and maximum damage control. Courier insurance covers the three essential fronts of a courier service: goods, vehicles and public liability. Thus courier insurance is an overall package that includes the following sub-policy of insurances:
- Vehicle Insurance
- Goods In Transit Insurance
- Public Liability Insurance
The importance each sub-policy can be stressed further:
Vehicle Insurance
The primary dependency of any courier company is the mode of transport. In case of any faulty mishap that leads to the damage of the vehicle the insurance will cover the losses.
Vehicle cover, legal proceedings(if any) cover, glass breakage cover and temporary replacement facilities, all comes under vehicle insurance. Insuring will thus ensure that the financial drain during such an emergency is cushioned to a large extent.
Goods In Transit Insurance
Vehicle insurance will cover all damages done to the vehicle. But in order to cover for the losses that the courier operators will have to incur in case any of the goods to be delivered are hampered or damaged, the Goods In Transit insurance is a must.
Different insurance policies exist depending on the type of goods that the courier service delivers. These policies help mainly in covering for the financial loss due to the particular goods that are damaged.
Also the policies are flexible. In case it does not provide the required cover for specific goods, extra cover can be applied for with payment of some additional amount.
Public Liability Insurance
In courier service public liabilities must be kept in mind. In case the courier service providers cause an accident when a courier in on delivery and it harms the property of a citizen or injures them, Public Liability Insurance provides the required damage control.
It covers the financial losses that the courier operators have to pay to the citizens who have been harmed, be it property replacement or Medicare.
Thus every courier operator must understand and invest when it comes to courier insurance to provide a solid foundation to their growing business.