Are commercial vehicle insurance requirements making you scratch your head? If so, you need to look into what is needed to ensure your business drivers and vehicles are compliable on the road.
1. Classifications Should Be Carefully Considered
When it comes to commercial vehicle insurance, it’s important you carefully consider the classifications particular vehicles fall under. Take vans, for instance. Here are the three you need to consider for a regular commercial van:
- Carriage of own goods: this insurance covers your personal belongings and the tools for your job.
- Carriage of goods for hire or reward: this covers your personal belongings and tools you need for work. It’s ideal for businesses who have drivers that commute between jobs throughout the day, such as a window cleaners or mobile valet services.
- Haulage: this insurance classification is required if you are paid by a third party to make single or multi drop loads.
2. Safety Features Can Bring Costs Down
Having a rear sensor from brigade electronics or a dashboard cam can help bring your insurance costs down. So, consider installing them on your vehicles, and be sure to inform insurers of these features when applying for commercial vehicle insurance.
3. Comprehensive Cover Is The Best Option
It’s a good idea as a business to go for the fully comprehensive cover on your insurance. This will ensure you are protected in the event of an accident or theft. Third party is the minimum requirement for businesses, but only covers you for damage or injury to another person or their property. It’s best to have peace of mind when it comes to your commercial vehicle insurance instead of worrying about the repercussions if only the other party are protected.
4. Everyone Who Drives Your Vehicles Needs To Be Covered
If multiple people are using vehicles, it’s important you choose an insurance that covers everyone. If your drivers operate a number of vehicles, it might be worth insuring every vehicle for any driver, but note that this can increase the premium required. Some insurance providers offer discount on multiple vehicles, so if you have more than one it’s worth investigating multi-vehicle policies.
5. Insurance Is Required Even If Vehicles Don’t Go Out Often
Whether your commercial vehicle is on the road every day or has been sat outside your business premises for a couple of months, it still needs insuring. If you know you aren’t going to use your vehicle for a while it might be worth declaring it with a SORN (statutory off road notice).
6. The Type Of Goods You Transport Will Affect Your Insurance
There are numerous regulations when it comes to the goods you transport, but it’s important when arranging insurance that you declare what you are transporting on the roads as it can affect the insurance you require.
As a business, it’s important you look into everything potentially required when it comes to commercial vehicle insurance. You don’t want to be struggle with legalities and fees because you didn’t comply with the rules that apply to your fleet!