On-demandfood and package delivery has seen a huge rise in engagement in the last couple of years, with options like AmazonPrime, Uber Eats and GrubHub taking over space on the phones of consumers.While this is great for people who want their orders delivered on time, this iscausing those companies to find new employees to meet the high and growingdemand.
This growing market is also bringing to light another major issue: liabilities. And this isn’t just for food delivery or small packages—it’s also for independent contractors who haul mid-sized to large orders. Who’s at risk and for what, and what can be covered? These are some questions that independent couriers have to ask and find answers for taking on new work.
Different Types of Insurance
Courierbusinesses who use five or fewer vehicles will need to take on courierinsurance. This is similar to truck insurance for trucking operations, but with a very specific bend. For largeroperations more than five vehicles, there can be an option for something calledvan and fleet insurance. And independent couriers who drive freight trucks canlook into specific protection under truck insurance policies as notes above.
Some courierinsurance policies can be combined with additional extra protections such asbreakdown and accident recovery and protected no-claims discounts. Couriersshould take time to think about what exactly they need covered and what sortsof premiums and excess they would be willing to pay for. For courier fleetinsurance, courier businesses can find protection that allows the owners tochange the vehicles they cover through time.
Independentcouriers operate in a wide range of areas with differing circumstances, so it’simportant to find a tailor-fit protection plan that will cover all your uniqueneeds.
What Exactly Does Courier InsuranceCover?
Like truckinsurance, courier insurance can offer a wide range of protection for couriers.A basic courier insurance policy covers damage to goods being delivered, lossof goods being delivered, and damage to a vehicle in the event that an accidenthappens during delivery, which can always happen.
Courierinsurance is frequently sold as a package with coverage that apply to yourbusiness operations. It’s important to know what is covered and what needs tobe supplemented in order to receive the best, full-scale coverage so you arefinancially protected in the event of a loss.
Morespecifically, there are a few levels of courier insurance that include:
- Third-party only (TPO): A basic type of insurance coverage as required by the law. Third partyonly (PTO) covers third-party liabilities in case an accident happens.
- Third party fire & theft (TPFT): This is a middle of the road-type insurance that covers liabilities aswell as fire and theft that could happen on vehicles.
- Comprehensive courier insurance: This kind of insurance covers all basic elements, fire, theft as well asthe vehicles in question.
About Western Truck Insurance Services
Western Truck Insurance Services is a commercial truck insurance agency with roots dating back to 1954. We have evolved into a highly respected, professionally managed, truck and transportation insurance brokerage. The hallmark of our organization is our desire to provide unparalleled service. We go way beyond what you expect to receive from an insurance brokerage. Equipped with state of the art automation, Western Truck Insurance can provide you with lightning fast truck insurance quotes, customer service, Insurance certificates and coverage changes.