The courier and delivery services industry is a key player in the Australian economy and has an average industry growth of 4.9% (Ibis World, 2020). The COVID-19 pandemic has changed the shape of many industries, and couriers have kept the country moving in the midst of it all.
As a business owner of a courier business, you will be aware of the inherent risks and liability courier drivers face. You spend a large amount of time on the roads driving long routes, which exposes you to many more road hazards and accidents than the average person. There’s also the risk of mechanical breakdown, business interruption and carrier’s liability.
As well as taking adequate measures to ensure your vehicle is properly maintained, it’s important to have a sufficient insurance policy to protect your business and livelihood.
What is courier insurance?
Courier and delivery service insurance 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 and that such incidents would ensue.
What type of insurance does a courier need?
A courier insurance policy can be tailored to your business requirements, but it’s generally taken out as a package and covers four 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 and 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.
How much is courier insurance?
A courier service insurance premium 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 in the truck and transport insurance sector. We have worked with self-employed couriers and large delivery service companies and we are confident that we can find the right insurance for your business at the best price. Give our brokers a call on 1300 815 344 or request a quote online.