What’s The Difference Between Courier Insurance and Goods in Transit Insurance?
You won’t be surprised to hear that the courier industry continues to grow every month, providing more businesses with a way to connect with and serve their customers through online sales channels and at-home deliveries.
This also offers several opportunities for both individuals and businesses in this thriving sector, where sustained demand and decent profit returns continue to support a vibrant and evolving industry. In short, the need for couriers has never been greater and it continues to present itself as a viable job opportunity for many workers in the UK.
Having said this, being a courier does come with natural challenges such as the sometimes high demand for daily deliveries and the need to be on the road more than the average person, increasing the risk of your car being damaged or you getting into an accident.
Handling goods also comes with a few liabilities that you need to watch out for, such as goods in transit liability where you will ultimately be responsible for the condition of the item you are transporting while it’s in your care.
While your company or employer might have sufficient insurance to cover you for this, it’s not always the case, and any couriers who are self employed must make sure they’re vehicles are suitably covered for their activities so they don’t face any nasty penalties or costs in the future.
In this blog, we explore what kind of insurance courier drivers might need and clear up any confusion around the difference between courier insurance and goods in transit insurance.
What is Courier Insurance?
Courier insurance is designed to protect the policyholder against the risks you face when picking up goods and making multiple deliveries for hire and reward. Many think this only applies to the vehicle while you are transporting goods, but it also covers the liabilities that you have faced when you are handling goods, relating to the specific items that are temporarily in your care.
While courier insurance is often used as an umbrella term that can include a basic package from an insurance company, it can also describe a more comprehensive package that includes goods in transit cover too.
What is Goods in Transit Cover?
Goods in transit insurance protects the goods you transport as a courier against damage, loss, theft, delayed delivery, and consequential losses for items not delivered properly. Whilst a courier car or van insurance policy generally just protects the driver and the vehicle, a specific goods in transit insurance policy component will protect the cargo on board, which is the goods and products you are transporting.
For example, you may be delivering an expensive computer system to a buyer for an ecommerce company. If you are hit by another car, goods in transit cover will make sure you do not have to pay for any damage to the computer unit you are transporting.
What is Liability Insurance for Couriers
Liability insurance comprises cover for injury to people or their property in the course of your work, also known as public liability cover. It also includes employers’ liability, which is the injury to employees or their property while they work for you.
depending on whether you are a self-employed courier or if you are handling a fleet of vans and several full-time employees, you will need to find the right type and level of cover that suits your needs. All too often companies and couriers leave gaps in their cover.
Get Insured Today
If you want to learn more about the types of cover that are available to couriers and how to get protected while you work, get in touch with us at the Insurance Broker.