The courier and delivery services industry plays a significant role in the Australian economy, with an average growth rate of 4.9% (Ibis World, 2020). Even in the midst of the COVID-19 pandemic, couriers have been essential in keeping the country moving.
As a courier business owner in Australia, you’re well aware of the risks and liabilities that come with the job. You spend a substantial amount of time on the road, covering long distances, which exposes you to more road hazards and accidents than the average person. There’s also the constant risk of mechanical breakdowns, business interruptions, and carrier liabilities. This is where courier insurance comes into play, and we’re here to guide you through it.
What is Courier Insurance?
Couriers courier protects your business from liability, litigation, and financial loss in the event of accidents, theft, damaged goods, and other risks.
Imagine if you were couriering important civil documents and they were stolen. Your business could be sued and liable to pay thousands in litigation fees. Or what if one of your drivers was involved in a road accident and members of the public were left in a serious condition? You could be responsible for the consequences of the accident.
There are too many scenarios to note, and while a courier insurance policy can’t fully protect you, it certainly mitigates the financial repercussions stress that such incidents would ensue.
What type of courier insurance do you need?
A courier insurance policy can be customized to suit your business needs, but it generally covers four key areas:
- Commercial motor vehicle insurance – covers the loss and damage to your vehicle and the vehicle/property of a third party
- General liability – covers third-party claims as a result of your business operations such as property damage and personal injury
- Goods in transit/marine transit – covers goods that are destroyed, damaged lost, or stolen while in transit
- Workers’ compensation or personal accident – covers your employees for work-related illness accidents and medical expenses. If you’re self-employed you can take out cover to protect you if you’re unable to work due to an accident, illness, or injury.
Courier Motor Fleet Insurance
Whether you have a small fleet or a large-scale operation with multiple delivery vans, the risks remain the same. Vehicle breakdowns, road accidents, and issues with transported goods can all lead to significant business interruptions. The right courier service insurance coverage protects you from potential financial losses and legal issues that may arise from these events.
How much is courier insurance in Australia?
A courier service insurance premium in Australia varies depending on a number of factors including:
- The nature of your business
- Your credit score rating
- The number of courier vehicles you operate
- The number of employees you hire
- The risks associated with your business operations
Compare insurance for couriers today
Truck Insurance HQ has extensive experience when it comes to courier insurance in Australia. We have worked with self-employed couriers and large delivery service companies and we are confident that we can find the right insurance for couriers at the best price. Give our brokers a call on 1300 815 344 or request a quote online.