Skip to content

Insurance Requirements In The Same Day Courier Industry

UK courier service providers know full well that once they get any of their vehicles on the road, they need to put money aside to pay for a courier insurance policy. Exactly like the packages that courier service providers transport, courier policies comes in all sizes and shapes to suit an organisation. Below are some of the insurance requirements in the same day courier industry and are the strict guidelines that Edinburgh Courier adhere to, so you can be sure of your goods being in safe hands with a reputable service provider such as them.

1.Vehicle insurance

Courier service providers in the same day courier industry will not be able to operate properly without vehicles and these vehicles will require vehicle insurance. It is important for a courier service provider to get the correct cover for the vehicles they have whether it is lorries, vans, cars and even motorcycles. Each and every vehicle on the streets on the UK roads needs insurance, however, having a standard cover is not enough if the vehicle is used for businesses. Courier service providers need to take out cover for their business which is both affordable and give them the protection they need if anything goes bad. When it comes to cover features, it is important for a courier service provider to speak to their insurer about features such as legal costs, glass cover and replacement vehicle cover.

2.Goods in transit insurance

Another insurance requirement in the same day courier industry is the goods in transit insurance. This is designed to cover courier service providers who deliver third party goods. This insurance is different from vehicle insurance because it will cover damage or loss of the goods while being transported in the vehicle. It is a very important for courier service providers to know which kind of goods in transit insurance policy suits them because couriers are known to carry different kinds of goods. There are a few exclusions when it comes to goods in transit cover. Many insurance providers will not cover the transportation of human remains, livestock and hazardous goods. Other insurance providers provide what is known as partial cover for products which are seen as attractive to thieves, like iPads, computers, mobile phones and tablets.

3.Public liability insurance

An organisation in the business world will always deal with the public and dealing with them can bring a few risks, hence the need for public liability insurance. This will cover the organisation if they are involved in an accident, cause damage to property or cause injury while conducting their business. This type of insurance does come in handy for courier service providers especially if the packages they are carrying are dropped, or fall out of the vehicle while in route and injure a member of the public or cause damage to property.

4.Employer's liability insurance

A business in the UK that employs people is required by law to take out employer's liability cover. The courier service industry is known to use sub contractors meaning that they are not technically employed by the organisation they work for and are classed as self employed.

5.Fleet insurance

If a courier service provider runs a huge operation, it is wise for them to take out fleet insurance. This type of insurance is designed for organisation with 5 or more vehicles. It is the ideal policy because an organisation does not have to deal with individual policies for each car.

Selecting The Right Merchant Account Provider

As a company owner, you want to succeed. You unquestionably wish to increase your sales and make more money. The very best way to do this is to offer your customers the capability to pay for merchandise with their credit cards. Whether you run your business in a physical area or online-only, enabling customers the alternative of charge card payment is ideal. The majority of shoppers worldwide, online and personally, choose to pay with their charge card.

Opening a merchant account is the method to offer your customers more payment alternatives. It is essential that you find out as much as you can about merchant accounts and merchant account providers.

A merchant account is set up through a bank or an online merchant account supplier for an online or retail organization in order to accept charge card as payment from clients. A merchant account is not a checking account.

The merchant account service provider's task is to put the cash you earn from credit card sales into your bank account. It used to be that merchant accounts were only provided by banks and merchant service providers to retail organizations that were in a physical location.

With online shopping acquiring appeal over recent times, merchant account service providers have started providing accounts to online business owners. Even though a lot of banks still do not offer online merchant accounts due to the continuous issue over credit card fraud, there are an increasing quantity of online merchant account suppliers that offer services particularly to those merchants that market their products online.

Since of the high number of merchant account companies out there, it is essential that you investigate all aspects of them, what services they supply, and specifically the costs involved, so that you do not lose valuable profits.When looking into merchant accounts and companies, be aware that there are two types pf payment processing that they will provide. These are manual and real-time processing.

Manual processing needs that the charge card number be delivered through a phone deal, fax transaction, or an online order type. The order is processed by hand by calling the payment processing business (through an Internet connection) to verify the charge card number, or using a point of sale machine to swipe the card at the time of purchase.

Real-time processing is ideal for web-based merchants. Pending verification and approval of the charge card, the client receives notice (via e-mail) that his or her order is accepted and fund transfer is authorized. This is the less secure of the two processing alternatives.

There are costs associated with opening and sustaining a merchant account. Not all the charges are needed and not all merchant account suppliers will charge them. One type of cost is the application cost, which covers the expenses of processing your application, whether you open an account or not. A number of merchant account providers will waive the cost if you decide to open an account.

And some merchant account companies do not charge this fee at all. There is often a yearly cost related to a merchant account also. Merchant account companies charge this fee simply for holding an account with them. Another typical fee is the declaration fee, a month-to-month cost that can be as much as $25 monthly, and is apparently enforced by the account companies in order to cover their own costs. Another cost is the discount rate, which the merchant account service provider makes from each of your sales, usually between 2 and 4 percent.

Generally, buried in the small print of your agreement with your provider is a termination fee. Since some companies need a lengthy dedication period more than 2 years, this cost applies if you cancel your account early. There are also various miscellaneous costs that are levied on your account. Often, these charges are withdrawn if a customer requests a refund, and wants the quantity credited back to their card.

There are many expenses connected with an online merchant account, and it can cut into your revenues. It is necessary that you evaluate different the merchant account companies you have an interest in so that you protect your profits now and long term.