Having a business is a good chance to showcase your skills and talents. There are many business ventures out there but if you want to thrive, you have to study the market first. You can start by considering courier service. In the United Kingdom, courier service is prospering because of the bulk of items sent to and from the country and the low business requirements.
If you are ready to take the leap, you have to provide services like same day or next day delivery. Aside from that, you need to get insurance. Insurance is a crucial component of your financial planning. These days, the government is requiring all business entities to get necessary insurance to protect their goods, employees and other resources.
If you wonder what insurance to consider, the easiest way is to look for an agent and talk about your options. Remember that courier service needs a different type of insurance. You can also start searching online for reviews and recommendations. If you know someone, you can ask for referrals. There are many ways to be informed. To help you get through the confusion, here are the different types of courier insurance you need for your business:
Vehicle courier is one type of courier service. The courier company utilises a van for carrying and delivering packages and parcels. This is for long distance travels. Long distance travels have a higher risk of accidents while on the road. If you have insurance, you won’t be worried if the vehicle is involved in an accident. You can claim vehicle repair. For a replacement vehicle, you need a more comprehensive cover.
Bicycle and motorcycle cover
Bicycle and motorcycle courier are the other types of courier service. Bicycle courier is mostly employed in metropolitan areas because it is less likely to be deterred by parking limitation and traffic jams. Motorcycle courier is used to carry and deliver items outside of the city. Bicycle and motorcycle couriers have a different accidental risk. This is the reason why you need to consider a specific cover. A serious injury to the driver is more disastrous than vehicle insurance.
Goods in transit cover
For this particular insurance, you are protecting the goods while in transit. The type will depend on the goods you are carrying and transporting. If you consider this, the insurance company will fully replace any item lost, stolen or damaged while in transit. The rule of thumb here is the more valuable your goods are, the more comprehensive insurance you need.
You have a warehouse where you store and keep all items before and after transit. To make sure that it is safe and secured from outside forces like fire, flood, and theft, you should consider a warehouse cover.
Employer’s liability insurance
This is a generic insurance that you have to get regardless of the nature of the business. This will cover accidental damages (to your properties) or injuries (to your employees).
Breakdowns will surely lead to profit losses. If your vehicles experience breakdowns, a breakdown cover can provide quick response to keep it on the road.
There are different types of insurance that you need but you have to remember that it can help you at the end of the day.