Could you imagine any tradesman or business in the building trades coping without the ubiquitous van – whether it’s use for transporting you and your employees to the sites on which you are working, collecting materials and supplies, or even used for transporting your customers’ goods, that van is likely to be indispensable.
To call it a multi-purpose vehicle is probably a gross understatement – your van is likely to act at various times as your office, your storage space and the lifeline you need to make your living. You need it to be on the road constantly, you need it to be ready for action at any time and you need it to be fully protected.
So, if you treasure your Transit, getting the right business van insurance is essential. It’s essential because the law requires that you have it – and like any good, responsible business, you want to stay on the right side of the law. But insurance is also essential for protecting one of the central assets of your entire business from loss or damage – repairing or replacing a van at the cost of the business is something you may wish to avoid.
Keeping it on the road is quite literally one of the ways to keep the wheels of your business turning.
The importance of business van insurance underlined
The law imposes stiff penalties if you are the keeper of a vehicle that does not have the legal minimum of third party insurance. If that vehicle is being driven whilst uninsured, the penalties are even stiffer.
What level of cover do I need?
Meeting the legal minimum may keep you the right side of the law, but is going to do little to protect your van against a whole range of other risks. Third party, fire and theft, offers a further level of protection, of course, comprehensive cover may be needed to safeguard such an important business asset.
It is also worth remembering that although it might seem logical for lower levels of motor insurance to cost less in terms of the premiums you need to pay, comprehensive insurance provides much greater cover.
There are a number of other considerations you might want to keep in mind when arranging your business van insurance:
- You may be able to reduce the amount you pay in insurance premiums by sharing a greater degree of the risk with your insurer – the conventional way of doing so is to agree to an additional, voluntary excess on top of any compulsory excess the insurer may impose
- It you choose this route, however, remember that any subsequent claim is going to cost you more in terms of the total excess you need to contribute
No claims discount
- Insurers reward careful drivers and owners of business vans with a no claims discount
- The amount of your no claims discount may considerably reduce the cost of your premiums, so make sure that you enjoy the discount to which you are entitled – remembering to claim it even when switching from one motor insurer to another
- When arranging insurance for your van, it is important to make clear that the vehicle is for business use
- If the vehicle is insured for domestic use, your insurer is entitled to reject any claim that is subsequently made for loss or damage that occurs when you are using the van for your business
- Depending on the nature of your business and the number of employees you might want to be able to drive the van, it is worth considering naming each driver on the insurance policy – premiums are typically reduced by your doing so
Reviewing your van insurance
- Motor insurance tends to be one of those necessities where it is tempting simply to renew the same policy year in and year out
- Reviewing your insurance needs at least once a year, however, might help to ensure that you are still getting the cover you need – at the most competitive rate.
All in all, therefore, it is important to get your business van insurance right – and here at constructaquote.com, we can help you to do just that. Why not contact us today to see how we can help with your business insurance needs?