The overall cost of the fleet insurance, is very dependent on the type of vehicle, the driving history of all named drivers, the insured amount of the vehicles, the type of business and the location of the business. Many of these things are out of the businesses control, but one thing the business should take into account is the drivers that they will list on their policy. Many of these things are out of the businesses control, but one thing the business should take into account is the drivers that they will list on their policy. By having all drivers over the age of 25 and making sure all drivers have a clean driving licence, this will help in reducing the overall cost of the fleet insurance policy. Another important factor that the insurer will use to assess the liability of the policy is what the vehicles are used for and the estimated mileage of the vehicles for each year. If the business uses their vehicle to carry goods that the business owns such as tools, carriage of own goods will need to be added to the policy, if customers goods are carried in the vehicles as will be the case with a courier company then goods in transit cover would need to be added to the insurance coverage.
With businesses that have large fleets of vehicles that may change throughout the life of the policy then it may be pertinent to consider getting an any vehicle policy. These are generally more expensive than policies where each vehicle is listed, but does offer the protection the liver business purchases a new vehicle and forgets to notify the broker that there is a new vehicle on the fleet, it will still be covered by the insurance policy. As with any vehicle policies, there are any driver policies available, once again these are generally more expensive than policies where each driver is named and their driving history is declared at policy inception. These policies can be very useful where there is a high turnover of staff, which is often the case with taxi businesses and courier businesses. Whatever type of policy decide to get, make sure its right for your business. It is important to keep your insurance broker up to date with any changes that you have made to your vehicles or your drivers if you do not have the any vehicle or any driver -type policy.
It can be a difficult task to choose which specific motor trader insurance policy you might need for your particular needs. To help you distinguish between the possible variants and to help you get the most out of your investment, listed below are the different types of coverage that you can choose for your business.
Third Party Only This type of policy provides coverage for any damages that can occur to another partys vehicle due to an accidental collision. This makes this policy useful even for regular vehicle owners who will likely drive their cars on public roadways and make themselves vulnerable to accidents. Some of the businesses that can benefit from this type of policy are those that are engaged in vehicle repair or restoration, vehicle fitting, valets, and vehicle buying or selling.
Road Risk Cover This type of policy insures only the person whose name is stipulated in the contract, regardless of the type of vehicle he is driving. This means that as long as the vehicle is being driven in relation to your motor trade business, you will be able to enjoy insurance coverage. However, since this policy does not insure the actual vehicle, you will need to be particularly cautious with your driving if you will be using a vehicle outside of work.
Liability Cover There are three types of liability that you can purchase depending on the type of coverage that you need. The first type of liability insurance is a public liability policy. This policy covers you and your business in case a customer injures themselves within the premises of your facility or due to the services that you have rendered. This policy can save you from incurring any unnecessary expenses and eventually jeopardizing your business in case an injured customer decides to file a case in court. Another type of liability insurance is a product liability policy. If your motor trade business is engaged in vehicle fittings, this type of policy could be particularly helpful since it can provide you with coverage in case you fit a faulty part onto a customers vehicle. Instead of having to shoulder the customers complaints, this policy enables your insurer to sue the actual manufacturer of the faulty part and provide you with compensation. The last liability cover is the employers liability. As the name implies, this type of policy insures the employer in case one of his employees injures themselves or dies while he is on duty or while he is working at the business site. For any employer, this is a legal requirement that they must comply with in order to keep their business running.
Combined Cover Combined motor trade insurance policies provide coverage for the business premises, vehicles, equipment, contents, tools, machinery, and liabilities. In a nutshell, it combines liability cover and road risk cover with the addition of providing full coverage for the trader regardless of whether they operate their businesses in an actual shop or from their homes. In case of damage, this type of traders insurance policy also provides protection and coverage to the actual building that you are operating your business from.
Any business owner should be protected by some form of traders insurance. Examine your risks and choose the insurance package that covers these risks.