The commercial vehicle insurance industry is a fascinating one. There are so many different types of cover available for business owners to purchase, and each type has its benefits and disadvantages.
In this blog, here we have mentioned 11 types of commercial vehicle insurance coverage that you may not have considered before!
In this article
A non-fault claim is when one party to an accident investigation finds that they are not at fault for the accident, this means that even though the business was involved in the accident. There were no mitigating circumstances, such as another car hitting your vehicle because the driver ran a red light; the business is still able to claim the insurance company of the other party. Non-fault claims are often seen as being more advantageous to businesses as it removes any liability on their part, meaning that even if they are deemed to be at fault for the accident, the business will not have to pay any damages that are awarded.
Third-party, fire, and theft
The third-party fire and theft policy is a standard commercial vehicle insurance policy that covers all damage to the vehicle caused by accidents with other vehicles or by the vehicle being stolen. However, some policies will also cover damage to the vehicle caused by fire if not due to a collision with another vehicle. This insurance will also cover damage to any other property damaged as a result of vehicle collision and theft of the vehicle.
This commercial vehicle insurance covers all damage caused by accidents between vehicles. Still, it does not cover any damage to your vehicle, even if it is due to an accident with another party or fire. This type of insurance is often seen as being more affordable than the third-party fire and theft policy.
Public liability insurance is a type of insurance that covers any legal expenses and compensation that may be awarded as a result of an accident in which your business was involved. This type of policy is essential for businesses that offer any public service as it protects them from any claims that may be made by a third party following an accident.
The employer’s liability policy is the same as public liability insurance. However, this type of insurance covers you for your employees and not members of the general public. This means that if one of your employees suffers an accident or injury at work, the insurance company will pay out any compensation that is awarded.
Motor trade insurance
Motor trade insurance is a type of policy designed for businesses that operate in the motor trade industry. This type of policy covers all damage to vehicles that are being used for business purposes and also provides liability insurance for any damage caused to the property of a third party. This policy is essential for businesses such as Garages, Car Repairers Taxi Drivers, etc.
Breakdown cover is a type of insurance that covers you if your vehicle develops a mechanical defect or breaks down when you are on business. Some breakdown policies will cover you for any journeys, while others only cover you if the engine fails and not if the vehicle breaks down due to a flat tire.
Comprehensive insurance is a specific type of motor trade insurance designed for the motor trade industry and covers you for all damage to your vehicle, including fire caused by accident. This policy also includes breakdown cover, which means that your vehicle will be covered if it breaks down, as well as any damage done to other property if your vehicle is involved in an accident with another person.
Business users insurance
Business users insurance is a type of insurance that, as the name suggests, is designed for businesses and covers all damage to your vehicle and any other property that may be damaged by your business vehicle. This policy also includes cover for accidents between vehicles, along with breakdown cover. Comprehensive insurance is a more comprehensive policy that offers the same level of coverage as the business users’ insurance but includes coverage for fire and theft.
Van insurance is a type of commercial vehicle insurance that covers all damage to your van, regardless of who is at fault for the accident. This policy also includes a breakdown cover, which means that your van will be covered if it breaks down while you are on business.
Fleet insurance is a type of commercial vehicle insurance that covers all damage to your vehicles, as well as any legal expenses and compensation that may be awarded as a result of an accident. This policy is perfect for businesses that operate multiple vehicles, as it covers all damage to each vehicle when they are being used for business.
In brief, there are a number of different types of commercial vehicle insurance that are available, and it is essential that you select the policy that is right for your business. Speak to an insurance broker today to find out more about the different policies and to get a competitive quote.