Haulage & Logistics Insurance
If you own a haulage and logistics services business, haulage and logistics insurance could provide you with the simple, straightforward cover that you need.
You may think that getting insurance for your fleet of vehicles could be a hassle, but surprisingly it can actually be quite simple!
If you would like to know more about haulage and logistics insurance, read on to find out how Dover Street Insurance Brokers could help.
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What is haulage and logistics insurance?
Haulage and logistics insurance (also known as truck insurance or fleet insurance) is designed for businesses that use trucks, lorries and HGVs on a regular basis. It is a legal requirement for business owners to insure vehicles that they own for business use, and haulage and logistics insurance makes it possible to manage a fleet of vehicles under one policy.
What haulage and logistics insurance covers
A haulage and logistics insurance policy will normally cover two vehicles as a minimum for a fleet. As part of your policy you can choose to cover a variety of business uses, such as private hire, haulage, courier and other transportation purposes, and you may also be able to cover a mixture of vehicles under an ‘any vehicle’ policy.
If you wish, you can also add extra coverage to your policy for recovery (in the event of a breakdown or accident), legal feels, replacement locks if your keys are lost or stolen, and damage to your vehicles’ windscreens and windows.
Types of haulage and logistics insurance
There are several different types of haulage and logistics insurance cover that you should consider for your business in London. These include:
- Standard van insurance: This type of policy will include contents cover, mileage limits and usage restrictions.
- Goods in transit cover: If you use vehicles to transport goods that are particularly hazardous, dangerous or valuable, this will provide additional coverage if they are damaged, stolen or lost in transit.
- Courier insurance: If you use vehicles to deliver or transport other people’s goods, this will offer protection for high value items and long distance/frequent travelling.
- HGV breakdown insurance: This type of policy will help to get your HGV back up and running as quickly as possible after breaking down.
- Public liability insurance: Provides protection if your business activities kill or injure a member of the public or damage their property.
- Professional indemnity insurance: Provides cover against bad client advice or if your work causes a problem for your client.
- Employers’ liability insurance: This is a legal requirement if you employ any member of staff (including permanent, temporary, contractors or freelancers). The minimum level of protection is £5m, which will cover the cost of compensation claims if they get injured or ill at work.
These are just examples of some of the types of haulage and logistics insurance policies that we look after at Dover Street Insurance Brokers. As we know that no two businesses are the same, speak to us today to find out which policies will best meet your needs.
Do I need haulage and logistics insurance?
If you are the owner of a business that uses multiple vehicles as part of its operation (from a lorry to a 7.5 tonne flatbed or a 60 tonne artic), then you need to have adequate haulage and logistics insurance in place.
The cost of haulage and logistics insurance
As a haulage and logistics business owner with several vehicles to insure, it may be possible to get a discounted haulage fleet insurance policy as you’re bulk buying from a single supplier.
In addition, there are also other ways that you can help to reduce the cost of your haulage and logistics commercial insurance premium by reducing your risk:
- Choose electric or hybrid vehicles: These are generally considered safer by insurers as their engines generally have less power than regular vehicles and their CO2 emissions are also lower.
- Drivers: By only having drivers over the age of 25 with clean records, you are likely to pay less. If you can’t avoid having younger drivers, you can help to reduce costs by limiting their mileage and only letting them drive during the day.
- Training: Training courses will help to make your drivers aware of hazards and will help to improve other aspects of driving such as fuel efficiency and driving in bad weather.
- Vehicle maintenance: Ensuring that your vehicle is maintained regularly will ensure it stays in good condition and could reduce costs in the long term. This includes checking tyre pressures, brake pads and oil on a daily basis.
- Excess: By making your drivers pay for their own excess, this could encourage safer driver and make the chance of a claim less likely.
- Overnight security: Reduce the risk of theft or damage to your vehicles by installing CCTV in your car park or consider lockable garages or immobilizers.
- Security on the road: Installing a telematics device (also known as a black box) will assess how safely your drivers are driving, resulting in their premiums being adjusted accordingly. A dashboard camera (dashcam) will also help to provide evidence in the event of an accident and claim.
At Dover Street Insurance Brokers we understand that cost is important to your haulage and logistics business, but it is crucial to ensure that you are properly protected in line with the risks your business faces. With that in mind, we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.
What else do I need to know about haulage and logistics vehicle insurance?
Under CIE (Continuous Insurance Enforcement), van insurance is a legal requirement under UK laws, so you need to make sure that your haulage and logistics business is covered.
The amount of insurance cover that you will require depends on the size of vans/lorries that you use, as well as their specifications and how often they are used. In addition, it will also depend on the type of work that your business does, for example if you transport goods that are fragile, hazardous or valuable.
How can I get haulage and logistics insurance?
Dover Street Insurance Brokers have a team of specialist advisers ready to help you get the right protection in place for your business.
We will take the time to understand the specific needs of your business and are committed to delivering a completely personalised service, ensuring that you have the best possible cover at the best possible price.
To find out how much peace of mind costs, contact one of our team by calling: 0208 057 4130.