For many people who are renewing their personal car insurance the main consideration is the overall premium being charged. If you have a van that you are reliant on for business, however, it is essential to make sure that you have the right cover to provide you with the protection that you need to operate.
It is always a good idea to compare the features of different insurance policies. A comparison site such as Money Super Market can be a helpful tool in doing this.
Types of Business Van Insurance
There are three main types of business van insurance: third party only, third party, fire and theft and comprehensive. Under a third-party only policy you are only covered for injury or damage caused to other parties. With third party fire and theft you are also covered if your van is damaged by fire or stolen, while with comprehensive cover any damage to your own van is also covered.
It is important to make sure that your insurance covers your business activities, so make sure you check what is covered and excluded under a policy before buying. Some policies do not cover goods in transit, damage caused by cooking equipment or hazardous materials. You may need to buy specialist cover if you are carrying out these activities.
There are a number of factors that can result in higher premiums. Opting for an ‘any driver’ policy tends to be more expensive than insuring for named drivers only. Young drivers can also attract much higher premiums and excesses, as those under 25 are statistically more likely to be involved in accidents.
There are also a number of ways that you can make savings on your business van insurance. If you are able to park your van in a secure place overnight, such as a garage or secure yard, then you will receive a premium reduction.
You can also pay a lower premium if you opt to take a higher excess. Be warned, however, that you will need to pay for more of the repair costs to your vehicle if you are involved in an accident. It is important, therefore, to ensure that your business can fund this cost before committing to it.
Many insurers offer additional cover that you can purchase as an add-on to a business van insurance policy. Breakdown cover can be useful as it helps minimise the impact if your van is essential for your business to operate.
Legal-expenses cover can also be beneficial to businesses. This can help with recovering any uninsured losses, such as injury or direct financial costs if you are involved in an accident and it is not your fault.
When it comes to business-van insurance it is essential to get it right. It is not just about the premium but about ensuring that you have the appropriate protection for the business that you are operating. By comparing different policies you can help to ensure that the insurance that you purchase reflects your business’s needs.