Insurance policies for courier fleets: What’s important?
Insurance is vital for any workforce, but it is especially crucial for courier fleets in the logistics industry. Delivery professionals have to worry about driving safely to protect not only themselves but the goods they carry. With some fleets, their only worry is getting from point A to point B, but couriers have to ensure that the goods they carry arrive in one piece, safe from collision damage, fire and theft.
This is why courier fleet insurance is a must for businesses in the logistics field. However, not all insurance policies are built the same, and some may be more beneficial to a specific line of business than others. For anyone looking for an insurance policy for their fleet or in the process of replacing an old one, here are some things to look out for.
Property damage coverage
All fleet insurance policies account for property damage, but most policies only have enough coverage to protect the property in case it gets damaged. This may be perfect for a carpet cleaning service fleet that may need to protect their deep steam cleaning equipment, but it’s not enough for a courier service.
What one needs to look out for is the Goods in Transit cover. This gives ample protection against damage and loss of any goods being carried, which is the bulk of a courier’s workload.
Protection for specific vehicle types
Fleet insurance is open to all types of vehicles. Still, as the courier service manager, it may be worth to look for insurance that gives extra benefits and protection to particular vehicles used by the business. For example, certain insurance policies have additional benefits for vans, while others are made specifically for large trucks. It’s a good idea to look at the vehicles that make up the fleet and determine which ones need protection the most.
Third-party liability coverage
All fleet insurance comes with third-party liability; however, businesses in the logistics industry need it more than anyone. When transporting goods daily, chances are a business will get sued at some point, no matter how careful they are. Customers may file a lawsuit for damaged or lost goods. If the company’s vehicles are involved in an accident, lawsuits can arise from that as well.
Third-party liability insurance coverage should give enough coverage to protect from lawsuits, as well as provide ample financial assistance for any legal expenses in case one does arise.
Hazardous goods coverage
Not all couriers handle dangerous chemicals and other hazardous goods; however, if a business deals with these orders regularly, it’s essential to look for courier insurance that has this additional benefit. Extreme care is necessary when handling hazardous goods, and this type of insurance coverage protects employees as well as the goods being transported.
Fleets that transport goods daily have a specific set of needs compared to other fleets, so typical insurance policies may not provide the coverage needed to protect the business, its employees and the vehicles. When searching for a good courier insurance policy, it’s best to look at one’s assets and specific needs and take it from there.
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