When you’re looking for courier van insurance and thinking of getting help from a courier insurance broker, there are two questions you need to ask yourself: Do you have enough information about the broker you are planning on arranging your insurance with? Which broker will provide you with specialist expertise when choosing a policy, competitively priced cover, ongoing support and help with a claim should you need to make one.
You can compare courier insurance by talking to courier insurance brokers, getting recommendations from other couriers, researching the company you’re thinking of going through online. Here’s a comprehensive guide on what to consider:
Types of cover
Explore and establish the types of cover that the insurance broker offers. You will definitely need Hire & Reward insurance, Van or Car insurance, and Goods in Transit cover. If you employ colleagues, you’ll also need Employers’ Liability insurance. The following types of coverage are most likely going to apply to your courier business:
- Public Liability Insurance: Covers claims for injury or property damage caused by your business operations.
- Goods in Transit Insurance: Protects the value of goods you transport against damage, theft, or loss.
- Vehicle Insurance: Covers the vehicles you use for deliveries, whether vans or cars.
- Employer’s Liability Insurance: A legal requirement if you employ colleagues. This type of insurance covers any claims made against you from employees who are injured while working for you.
- Personal Accident Cover: Provides compensation in case of injury to you or your drivers during work.
Look for companies that offer additional options including breakdown cover, legal expenses insurance, or cover for specialised goods such as high value items or hazardous materials.
Coverage limits and exclusions
Compare the limits on each policy type. If you’re not sure how to do this, the BCD team will be happy to walk you through your policy. Carefully review what is not covered by the insurance policy.
Look for any exclusions that could leave you exposed to risks associated with the courier industry, such as specific types of goods, or specific circumstances, for example, goods left in an unattended vehicle. Again, if you’re not sure how to establish what is excluded, our team can talk it through with you.
Pricing and affordability
Your courier insurance needs to be affordable for you. Cutting corners on costs and levels of cover can leave you open to risk and financial loss. For example, if your goods in transit are damaged or stolen and you’re not properly insured, you could run into problems should you need to make a claim. Even worse, your policy might not cover you at all.
Compare premiums offered by different companies, but ensure you are comparing similar coverage levels. A lower premium might mean less coverage or higher excess.
Excess limits
Check the excess (the amount you pay before your insurance kicks in) and see how it affects the overall cost of your policy. A higher excess can lower premiums but increase out-of-pocket expenses during a claim.
Ask the broker you’re thinking of arranging insurance with whether they offer flexible payment options, such as monthly payments without high interest or annual payments with discounts. With BCD, you can spread the cost of your annual premium over a course of around 10-12 months or pay for your cover on a yearly basis.
Claims Process and Support
Ask the insurance broker you’re thinking of arranging insurance with how easy and straightforward a claims process is. Check the level of support provided during a claims process. BCD provides a high level of dedicated support throughout a claims process which can help make it smooth and efficient. Access to a dedicated claims team can be invaluable, especially during emergencies.
Customer Service and Reputation
Check the company’s standing within the insurance and courier industries. Brokers with a strong reputation like BCD are generally more reliable. Review feedback from other customers, particularly those in the courier industry.
Consistently positive reviews, especially around customer service, are good indicators of reliability. Insurance brokers that provide accessible customer service, with multiple channels for communication (e.g., phone, email, live chat) are usually more accessible than a company with limited communication channels.
Tailored policies
Look for a courier insurance broker who helps you tailor your policy. As your operations grow, you may need to add more vehicles and drivers, increase coverage limits, or expand to new geographic areas. Your motor insurance or fleet insurance should be adaptable to these changes. You could also find out whether the broker offers discounts for safe driving records, grouping multiple policies, or installing security systems in your vehicles.
Legal and Regulatory Compliance
Make sure the insurance broker is fully licensed and accredited by relevant industry bodies. Additionally, make sure the broker is regulated by the Financial Conduct Authority and meets industry standards. If you’re looking for an insurance broker that ticks all the boxes with regards to regulatory and legal compliance, BCD is probably the right fit for you.
Risk Management Support
Look for insurers that offer advice around managing risks, such as driver training programs, safety audits, or advice on securing goods in transit. Companies that provide proactive support, like monitoring industry trends or advising on new regulations, can also help you stay ahead of potential risks.
Cancellation Policies
Review the terms for cancelling your policy. Ensure that there are no excessive fees or penalties if you decide to switch providers. If you’re not sure, ask our team for clarification and advice on your policy.
Environmental and Corporate Responsibility
Consider the insurance broker’s commitment to ethical practices and corporate social responsibility, especially if these align with your business values. BCD is part of the Lloyd & Whyte Group who are proud to be part of the Benefact Group – a charity owned, international family of financial services companies that give all available profits to charity and good causes. We’re built on the idea that better business can better lives.
Benefact group
Since 2014, the Benefact Group has given nearly £200 million.1 Out of 5.5 million companies nationwide, it is now the 3rd largest corporate donor in the UK.2 Benefact Group’s ambition is to give back £250 million by 2025 and become the UK’s Number 1 UK corporate donor.3 Each policy we provide is another contribution to Benefact Group’s charitable giving. We’re also the only specialist financial services business that gives back on the scale that we do. When we grow, we directly benefit others.
By carefully considering these factors, you can make a well-informed decision when comparing courier insurance companies, ensuring that you choose a broker that offers the best balance of coverage, cost, service quality and ethical practice for your business.
At BCD, we can offer you courier insurance for your Van or Car that protects you at the right level. When you arrange courier insurance through us, you can benefit from our expertise, flexible terms such as instalment payments, tailored cover, and an efficient claims process. You can also be a part of giving back to charities and good causes, just through arranging a policy through us. When we grow with your help, we directly benefit others.
Find out more today by contacting our insurance team.
Call: 0808 599 1938