Compare Hire and Reward Insurance
What is hire and reward insurance?
For couriers having the correct type of hire and reward insurance is important so you, your vehicle and your business will have the protection it needs. This classification of insurance is used for those in the courier businesses where they are paid to take a package, food items or a person from one location to its destination.
Hire and reward insurance covers any service that a vehicle is used resulting in a reward. If you ferry passengers for reward as am Uber driver you will need
Is Hire & Reward Insurance a legal requirement?
Yes, it is a legal requirement to have insurance for moving goods for business or commercial purposes. The quote searcher panel can provide hire and reward insurance quotes for a wide range of vehicles and professions. We have listed a few examples of professions and vehicles below.
What types of professional drivers needs hire and reward insurance?
Hire reward insurance is commercial business insurance for professional drivers. This is required for those who deliver packages, food items, private and public taxi drivers, long haulers, ride share, furniture drivers and need car courier insurance. If you are transporting a person or a third party’s property for payment, you need this type of cover as required by UK law.
What type of vehicles can a courier use?
Most couriers use a vehicle under 3.5 tonnes except long haulers. The vehicles under 3.5 tonnes include vans, minibuses, cars, trucks and black cabs. Courier van insurance is the most popular product, but the panel can provide quotes for all vehicle categories.
What does hire and reward van insurance cost?
This will depend on a range of factors Some of the more important factors would be your driving history, value of van, value of cargo that you will be couriering. The van insurance is available at three levels, but you need that additional courier cover if you are using your van for hire and reward.
Why is hire and reward insurance so expensive?
Hire & reward insurance is more expensive than standard car or van insurance because delivery drivers pose a higher risk to the underwriter. Why? Because delivery drivers are on road all day, making multiple stops. Some drivers are running against the clock and must make delivers regardless of prevailing weather conditions. These facts all lead to you being a higher risk, which is reflected in a higher premium
Does hire and reward insurance cover food delivery?
Hire and reward will cover food delivery insurance, including fast and hot food deliveries by restaurants and takeaways
What insurance do I need for a courier?
For most couriers this is a class 3 business policy. The levels of protection include the following;
Are there any add-ons that should be considered to hire and reward insurance?
The above cover only addresses the road risk, but not the contents you are transporting. To cover the items or the people you are transporting a carriage of goods for hire and reward policy is needed. The level of cover required is dependent on what is being transported and its value. For couriers transporting high end and valuable items, the cost of this insurance is higher than food delivery drivers because the replacement cost will be higher.
Public liability is another add-on that is advisable especially for the private hire courier. This is protection if a third party makes a claim of being injured or their property damaged due to your services. This coverage handles the court fees, legal fees and any settlement in the case.
For the courier service that has employees, employers liability cover is required by UK law. This cover pays the medical bills if an employee becomes sick or injured while working for you.
Why does hire and reward insurance cost more than insurance for social and pleasure type of policies?
By being a professional driver, the level of risk associated with your job is higher than with a driver going to work or on holiday might be. The increase in risk is associated with driving more miles along with being on the road during busy rush hours mostly in the inner cities where more hazards are present. Many couriers are also under a time restraint. Working against the clock might cause the driver to take more risks while driving to meet the needs of their supervisors.
If I just carry tools and goods for my trade do I need to take out hire and reward insurance? For example, builders, electricians or carpet fitters. This is different and in this case you need carriage of goods insurance to cover your trade tools.
How can I save money on hire and reward insurance premiums?
Reducing the premium is possible if you can reduce the risk that you pose to the broker. We have listed some areas that action can be taken to get a cheaper hire and reward insure quote.
Hire and reward insurance tailored to your business requirements
A courier van insurance or any hire for reward policy should be tailored to your specific needs. By completing one simple form provided by Quotesearcher you will receive multiple quotes from a panel of UK specialist insurance providers. These quotes can be tailored to fit your exact requirements within your service sector.