How much is consequential loss cover with royal mail
Consequential loss cover is not a standard cover provided by Royal Mail, but rather a type of insurance that can be added to your postal services as an optional extra.
Royal Mail's standard insurance policy, known as Royal Mail Insurance, covers loss or damage to items sent through their services, but it does not cover consequential losses, such as:
- Loss of profit or revenue
- Loss of business or goodwill
- Loss of reputation or reputation damage
- Loss of data or information
- Loss of intellectual property
To get consequential loss cover, you would need to purchase a separate insurance policy that specifically covers these types of losses. The cost of this type of insurance will depend on various factors, including:
- The value of the items being sent
- The type of items being sent (e.g. high-value or sensitive items)
- The destination of the items
- The level of coverage required
Some examples of consequential loss insurance policies that may be available for Royal Mail services include:
- Royal Mail's own Consequential Loss Insurance policy, which can be added to their standard insurance policy for an additional fee.
- Third-party insurance policies, such as those offered by specialist insurance brokers or online insurance providers.
- Industry-specific insurance policies, such as those designed for businesses that rely heavily on postal services (e.g. e-commerce companies).
The cost of consequential loss insurance can vary widely depending on the provider and the specific policy. As a rough estimate, you might expect to pay an additional 1-5% of the value of the items being sent for consequential loss cover.
For example, if you were sending a package worth £1,000, you might expect to pay an additional £10-£50 for consequential loss cover, depending on the provider and the policy terms.
It's worth noting that consequential loss insurance is not always necessary, and you should carefully consider whether it's worth the additional cost. If you're unsure, it's a good idea to consult with a insurance broker or financial advisor to determine the best course of action for your specific business needs.