Haulage Insurance Heavy and Light UK

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What Insurance Do I Need For A Haulage Vehicle?

The insurance required for a haulage vehicle is a haulage policy, which will cover one or more vehicles for haulage use, with many of your basic risks available as optional cover extensions. As a haulage company, having truck insurance  is a legal requirement, as there are lots of risks and hazards inherent in the practice.

If you are a single vehicle company the most prominent risk that will always be covered as standard, is third party only cover. This will cover the vehicle for any damage that it causes to any property or other vehicle on the road. This is the bare minimum and is a legal requirement for any vehicle on the road.

Most companies will take out further cover to better protect themselves in the event of an accident. They can choose either third party, fire and theft, which will protect their own vehicle from losses caused by theft or damages from fire and vandalism, or comprehensive cover, which is all of the above as well as covering the cost of damages sustained by the haulage vehicle itself.

In addition to insurance for the haulage vehicles, the haulage company will also need to think about insuring cargo with the addition of goods in transit cover, as this is the other most prominent aspect of haulage, which is a large risk factor.

What Insurance Do I Need As A Haulage Company?

As a haulage company you're only legally obligated to purchase employer's liability and third party haulage insurance, however, many companies opt into a more sensible cover that will protect them against other potential losses from unfortunate events or accidents. This type of cover can include public liability, commercial property, legal, business interruption, pecuniary insurance, and most importantly goods in transit.

Is Hire And Reward Insurance The Same As Haulage Insurance?

Hire and Reward and haulage insurance are related, but not exactly the same. Haulage insurance is a type of hire and reward insurance, and your policy will need to be a hire and reward policy, but is not exclusively required to be a haulage policy. This is because many combined package policies will cover all the haulage risks without necessarily needing to be termed a haulage policy.

Haulage is the term used for the cost of getting large orders of commercial goods from one location to another. This can be over very large distances, but usually by road or rail and within the national border. Anything going by air, or sea, is termed freight instead. This medium distance transport of large bulk orders of commercial goods is more often than not an aspect of a larger commercial business and is often contracted out to specialist hauliers, such as Road Haulage UK. Most dedicated haulage companies, whatever the size, will take out haulage insurance, as it will more often than not work out to be the most affordable option.

This is however slightly different to hire and reward. The hire and reward policies are designed for any driver that wants to deliver goods or services on the road for payment. There are lots of variations on the hire and reward type of policy, but the defining features are that the wording will specify the use of the vehicle for commercial use carrying goods, personnel or a service to a destination for payment, often being paid on a commission. The haulier policy will differ slightly to the taxi policy, and to the courier policy, although they are all hire and reward policies.

What Is Light Haulage Insurance?

The haulage insurance is generally split into two main categories: light haulage and heavy haulage. A light haulage policy is one that is generally designed for a vehicle weighing 7.5 tonnes or below. This type of vehicle will often make many shorter deliveries in a day than one of the heavier vehicles, and so the risks associated are different, but generally work out to be cheaper.

What Is Local Haulage Insurance?

If your business is operating in a smaller radius than most, you may be eligible for a sizeable saving by opting for the local haulage insurance. These policies cover haulage that’s carried out over smaller mileages, and so posing less risk than your average haulage policy.

Does Haulage Insurance Cover Goods In Transit?

Goods in transit insurance covers the haulier’s load from fire, theft, road accident, malicious damage, and impact. As mentioned above, haulage insurance will cover goods in transit 9 times out of ten, however it’s important to ask for it when making your application, as it’s not a legal requirement and insurance providers will often give you only what you ask for, especially when dealing with a large combined package policy.

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