Here are some of the types of
insurances you may have.
Legally required insurances:
Employers' liability insurance:
Coverage: Required by law, it covers claims for
injuries or illnesses suffered by employees while they are working.
Importance: Ensures compliance with legal
requirements and protects against employee-related claims.
Motor insurance (Vehicle Fleet
Insurance):
Coverage: Covers all vehicles used by the
transport service provider under one policy.
Importance: Provides comprehensive coverage for
the fleet used in transporting vehicles, including damage and theft.
Recommended insurances:
Goods in transit insurance:
Coverage: Protects against damage, loss, or
theft of vehicles while they are being transported.
Importance: Essential for covering the value of
the vehicles being transported in case of an accident or other incidents.
Public liability insurance:
Coverage: Covers claims for injury or damage to
third parties or their property caused by the transport provider’s
operations.
Importance: Provides protection against legal
claims arising from accidents or damage involving the transport service.
Additional advisable insurances you
may have:
Professional indemnity
insurance:
Coverage: Protects against claims of negligence
or errors in professional advice or services provided.
Importance: Provides protection against legal
claims arising from accidents or damage involving the transport service.
Breakdown recovery insurance:
Coverage: Provides cover for recovery costs if
a vehicle in the transport provider's fleet breaks down.
Importance: Ensures that any breakdowns during
transport do not lead to additional costs or delays.
Cargo insurance:
Coverage: Specific coverage for the goods (in
this case, vehicles) being transported.
Importance: Ensures that any damage to the
vehicles being transported is covered, often included as part of Goods in
Transit insurance but may be separately specified.
Contractual liability
insurance (if applicable):
Coverage: Covers liabilities arising from
specific contractual obligations related to vehicle transport.
Importance: Important if the transport provider
has contractual commitments that require additional coverage beyond standard
policies.
