A new haulier? What do you need?


A new haulier? What do you need?

If you are new to the haulage business, there are a number of things you may need in preparation for running your business.

On the question of insurance alone, for example, there are a number of considerations you might need to give to safeguarding your business. It might be helpful to review the role played by some of these elements of insurance:

The vehicle or vehicles

  • at the heart of any haulage business, of course, is the vehicle being used – it might be a single lorry or truck, or it might be a whole fleet of them;
  • whatever the scale of the operation, the law requires that every single vehicle has a minimum level of third party insurance;
  • more than that, each person who is going to be driving your lorry or truck needs to be properly insured before doing so – and you face stiff fines and the vehicle being taken off the road if the required motor insurance has not been arranged;
  • such is the central importance of your lorry or truck to a haulage business, and so big is the investment you are likely to have made in purchasing it, that the legal minimum of third party cover is probably not going to suffice – you may want to consider the advantages and safeguards given by comprehensive insurance;
  • in order to keep the wheels of your business turning in the event of breakdowns and other emergencies, you might also want to consider the inclusion of additional elements of cover such as roadside breakdown assistance and windscreen breakage insurance;
  • if your business uses a whole fleet of lorries, trucks and other vehicles, you might want to consider the discounts often typically available by insuring all of them under the same fleet insurance policy;
  • it might rapidly become clear, therefore that there is a wide range of factors you may need to take into account when you compare HGV insurance;
  • here at Isis Insurance we are specialists in helping you do just that – and in advising you on other areas of insurance that might safeguard your business;

Employers’ liability insurance

  • if you employ other people – whether as drivers or in any other capacity – you have a legal obligation in almost every instance to have a minimum of £5 million employers’ liability insurance to cover claims from employees who may be injured, contract illnesses and other health conditions, or have their property damaged whilst at work;

Public liability insurance

  • although this is not a legal requirement, there are good reasons for your arranging indemnity against claims made by customers, visitors to your premises or any member of the public who is injured or has their property damaged in the course of your haulage business;
  • without that cover you might be facing potentially crippling financial demands for compensation, your customers might insist on your having such cover before awarding you any contract, and you may need the financial protection the insurance generally gives in meeting the costs of legal fees and expenses in defending against public liability claims;

Goods in transit insurance

  • depending on the nature of your business and for the avoidance of any doubt with respect to liability for the loss or damage of goods your vehicles may be carrying, you might want to consider the benefits of goods in transit insurance;

Legal expenses insurance

  • there is a wide range of issues which may lead to your needing to defend allegations concerning negligence in your business operations;
  • defences are likely to involve costly legal fees and expenses, which may be covered by purpose designed legal expenses insurance – incorporated into your general HGV insurance policy or arranged on a separate, standalone basis

With respect to insurance for your haulage business alone, therefore, there are many considerations to be kept in mind when starting out. With the advice and guidance of a specialist insurance provider, however, you may have greater peace of mind that your business is adequately insured against the unexpected.