Starting a courier service in 2021 is an excellent idea as the high demand for e-commerce shopping convenience, faster deliveries, and personal shipping increase dramatically during the covid19 pandemic. Since lockdowns left many people homebound for indefinite periods, online shopping and shipping goods to friends and family have become a massively lucrative need from the public.
With that said, you will need a few things to get started; a professional website that allows convenient bookings, same-day delivery capabilities to compete with other services, a couple of vans, and of course, suitable insurance policies. If you aren’t too sure what type of insurance policies are best for courier startups, we have listed them here for you.
Van Insurance
Van insurance is a specific type of auto insurance that is the best cover for businesses with fleets. Your vans will be the staple of your business, as you won’t be able to maintain functions without them. If any of your drivers are involved in an accident, a van is stolen, or other costs associated with your fleet arise, this type of insurance will protect your financial health from the expenses. However, while you are getting your business off the ground, it is crucial to opt for affordable insurance cover, such as one sure insurance.
General Liability Insurance
Most businesses can benefit from purchasing general liability insurance as this type of cover protects businesses from property damage, medical payments, legal defense for potential lawsuits, personal injury cases, and other bodily injury claims. General liability is the better option for startups than purchasing business liability, and product or service liability insurance like the general alternative provides similar cover.
Group Disability Insurance
Group disability insurance is excellent for small businesses. And even mega brands as this type of disability cover will protect your employees and your business if anyone experiences an illness or injury outside of the work environment that renders them unable to perform their job role short-term or long-term, depending on the specific type of policy you opt for. Including group disability insurance is a great benefit to add to your employee contracts.
Workers’ Comp Insurance
Workers’ comp insurance may seem most suitable for businesses operating in high-risk industries, such as construction and manufacturing. However, courier service employees are also at risk as road accidents are prominent worldwide, and your employees could experience a collision while performing their job roles of delivering goods. What’s more, this cover will protect both your business and your employees as a costly lawsuit from an employee is often enough to shut down a startup due to the extreme legal costs and high compensation payouts. Even though it might initially seem like an extra cost that your business might not use, it is always better to protect your business with insurance.
Before you purchase any insurance for your business, yous should always compare deals to find a cover that gives your business value for money. Your premiums should be affordable while getting started, so you have suitable cover without overspending on your monthly business expense budget. While you are getting your business budget together, you should also consider accounting tips to keep your cash flow ideal.
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