subject: What's In The Fine Print Of Your Commercial Van Insurance Policy? [print this page] Companies using commercial vehicles for their business activities, such as to deliver goods or transport people are required to get insurance protection for their vehicles.
In the same way that consumers need to insure their private cars, vans and motorcycles, business owners need to get the right commercial vehicle insurance that will cover emergency repairs, accidents and even physical harm inflicted on people if the vehicle is in an accident.
If you are a business owner who is searching for the best commercial van insurance, think of your insurance requirements as well as your budget. It is important to find the right insurance company, one that will provide the cover you need at the price you can afford.
Here are two of the most common insurance coverages for commercial van owners:
Third Party Liability Insurance:
The third party liability insurance is the least expensive form of commercial vehicle insurance. It covers physical and property damages that you may inflict on other people because of an accident. It will not, however, pay for physical injury you acquired from an accident nor will it pay for fire, theft and flood damage to your own vehicle.
Comprehensive Insurance:
If you often use your vehicle for hauling goods or travelling around Europe, then your needs are more complex than what simple third party insurance can cover. You would be better off purchasing a comprehensive van insurance that will protect your vehicle from theft, fire, and will also handle third party liability in case an accident happens. Some insurance companies will also provide an emergency vehicle replacement so that your business operations will not be delayed nor impeded in case your vehicle is damaged. You can also ask for an additional cover that will honour claims on damages incurred outside the UK.
You can better decide on which one is the best cover for your commercial van by defining what your business needs are. Before you sign any insurance policy, make sure that you read the fine print to understand your insurance cover better and to determine whether the premium cost is congruent with the cover being offered to you.
Find out if you have cover for calamities, like flooding or a fire. It is important to understand the limitations of your insurance cover, so that you may be well prepared to handle other costs that your insurance will not cover during emergency situations. Check also if the insurance holds for other people driving your van, like your staff or a family member.
Finally, find out if you have a 'breakdown' cover, which can actually save your business in case your van is damaged due to an accident. With this additional cover, the insurance company will provide an alternate vehicle while your van is being repaired. You can then use this vehicle for your business, until your van is functional again.
Nowadays, it is no longer that difficult to find the best vehicle insurance providers. You can try visiting some websites where you can ask for online quotes and do comparison shopping for the most affordable insurance. This will save you a lot of hours calling insurers and meeting with their brokers. Besides, getting online quotes can help you compare the benefits of each van insurance policy, before you commit to paying the premium.
by: Tom Jones
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