Low Cost Public Liability Insurance

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WESTLAKE VILLAGE, CA–(Marketwire – May 5, 2010) – First California Financial Group, Inc. ( NASDAQ : FCAL ), the holding company of First California Bank, today reported financial results for the first quarter ended March 31, 2010, reflecting improved operational and asset quality trends.

Courier Insurance: Direct or Indirect Cost?

It is obvious that courier insurance is very important for courier businesses, offering protection against unwanted accidents and losses that might occur during a courier business’s operation. The cost of getting a proper courier insurance policy might be relatively high – although there are ways you can reduce them to a certain point – and it has became one of the major cost factors of a courier business. Recently, some courier companies began to charge their customers directly for courier insurance fees. This has started a debate among courier business experts on whether courier insurance fees should be considered a direct cost (charged directly to customers as part of shipping and handling cost) or indirect cost (considered an overhead cost paid by the courier company itself). There are several points of view to justify both theories, and both views are good for business. However, you can also combine these two interpretations and reduce your share of courier insurance fees at the same time.

It is clear that there are three types of courier insurance: vehicle insurance, goods-in-transit insurance and public liability insurance. Which are direct and indirect costs? Let us go through this one step at a time. Vehicle insurance is definitely an indirect cost. It is a cost that must be paid by your courier company in order to protect your assets. You can add this to your overhead cost, which will eventually be part of cost factors considered when determining the true cost of delivery. Goods-in-transit insurance fees are direct costs for sure. Some courier companies offer insurance as an optional service to their customers, allowing them to choose to insure or not to insure their delivered goods when they sign the delivery papers. This way, your customers are paying goods-in-transit insurance fees directly, and you will not have to spend a thing. Of course, public liability insurance is an indirect cost as well, since it is protecting your interests. You can choose to add it as part of your overhead costs of delivery, or simply put it as part of your company’s overall operating cost.

Knowing how to handle your courier insurance costs is important because it will affect your delivery cost and of course, the amount your customers have to pay to have their goods delivered. A courier business is one of the most competitive business fields these days, and having comprehensive and safe shipping services at affordable prices are crucial to your courier business’s success against competitions. By sorting your courier insurance costs properly, and adding them carefully to your overhead costs, you will be able to get the best possible cost combination and eventually produce lower delivery costs. Therefore, you can offer your customers high quality shipping services at low – or at least affordable – prices. Your customers will also have the liberty of having their goods shipped with or without insurance, increasing both your credibility and customers’ satisfaction at the same time.

Aside from the given costs scheme, there are several other combinations you can utilise to manage your courier insurance costs. All you have to do is assess your business as well as your customers properly, to get the best possible scheme of managing your courier insurance costs.

Public Liability Insurance Explained

Public Liability Insurance – Policy Extras

As most people will know Public Liability Insurance is where the Insurance policy will protect the Insured for any third party property damage or third party injury that they may be liable for throughout the course of their work, however there are also some add-ons that you can get which increases the cover that you receive, and below I will explain what extras you can have and what it would cover you for.

The first extra is Employers Liability Insurance and this one is legally compulsory if you should take on any employees and its uses are very simple. Employers Liability Insurance will cover the employer for any case where they are held liable for any bodily injury that may occur on their employees through something that they have asked them to do, for example if the tools that the employer had provided had malfunctioned then they would be held liable for the employees injuries and compensation would have to be paid, which is where the insurance comes in.

On some trades you can also add Tools cover which is pretty self explanatory and will cover the insured’s tools for any loss or damage that occurs to them throughout the course of their work. This damage would have to be traceable to an occurrence of something that has happened to damage them and therefore damage by things such as wear and tear and rust would not be covered, nor would any mechanical, electronic or electrical item would be covered if it just broke down and was not damaged by anyone or anything.

Another Policy Extra that you can get added on to your Public Liability Insurance Policy is goods in transit cover, which basically means that the insurance will cover you in respect of any loss or damage to any goods (as long as they are relevant to the work that you are doing) whilst they are inside the vehicle or being loaded on or off the vehicle and will pay up to £2000 for any one occurrence that may happen.

Public Liability Insurance is generally a small premium for the year and obviously any of the above extras would increase the premium; however they would also increase the cover that you were getting. Many people however do not know about the extras that you can have on your policy and therefore are unaware that things that they wish could be covered can by most insurers.

I am going to Germany next week and I am thinking of renting a Porsche 911 Turbo but?

received this offer form a rental company. I cant understand it, can someone explain to me?

Payment 2 Credit Cards (Visa, Amex, Master)

Liability: Loss and Theft Deductible (LTD) € 56.000,-
Damage Deductible (DD) € 56.000,-
Daily fee to reduce LTD € 18,-
Daily fee to redice DD € 120,-
Reduced Deductible LTDDR € 14.000,- (only valid on public streets)
Transport: Pick up and drop off at Frankfurt € 800,-
Daily Rental Fee € 1.400,-
The total amount of € 5.414,- is including VAT, GPS, 900 km, Pick-up and Drop off in Frankfurt, the reduced deductible and the rental fee for 3 days.

Does this mean that I have to deposit 14000 Euros as insurance to get the car?

To further answer, the other answer has good info… however…. i’ve put a bit more info in the areas.

Payment 2 Credit Cards (Visa, Amex, Master)

Liability: Loss and Theft Deductible (LTD) € 56.000,-
(As other poster suggested, this is if it gets stolen, etc) deductible just as if you would with your insurance co.

Damage Deductible (DD) € 56.000,-
(Damage done to the car, if damaged, this is what you would pay, you will want to check their fine print as to WHAT is considered damage, IE clutch damage, tranny damage, physical damage to the body, etc)

Daily fee to reduce LTD € 18,-
(Pay this as an extra per day and it reduced what the deductible WOULD be….)

Daily fee to redice DD € 120,-
(Pay this as an extra per day to reduce what this deductible would be…)

Reduced Deductible LTDDR € 14.000,- (only valid on public streets)
(if you paid the above per day fees, this is what the total deductible would be rather than the above deductibles, big deduction, so they assume you’ll pay the extra fees per day, also likely means if you take her off roading and go do something bad or damage it by going off the public roads you’re fully responsible for any damage since it’s not intended to go there per their contract *double check the fine print*)

Transport: Pick up and drop off at Frankfurt € 800,-
(Transport fee)

Daily Rental Fee € 1.400,-
(Your daily cost of renting the vehicle)

The total amount of € 5.414,- is including VAT, GPS, 900 km, Pick-up and Drop off in Frankfurt, the reduced deductible and the rental fee for 3 days.
(Your total cost for the options)

The deductible is if something happens. It didn’t specify it as a deposit. However, you will want to check with them and see what they WILL charge as a deposit, because if there is one to be paid, it’ll be charged to your card before you get the keys. If it’s a nice 911 Turbo (such as a 996 or 997) it’ll be far from cheap, so likely you’ll have a hefty deposit so you don’t come back with a mangled 911.