With insurance costs being a significant expense to operations, the need for specialist experienced advice in handling your insurance requirements is of paramount importance especially when it comes to your commercial vehicle insurance. When operating a fleet of vehicles it is essential that not only the correct cover is place but it is also imperative that the correct level of cover is in place. At Todd and Cue we always ensure that the level of cover is correct for your business operations.
Why do I need Commercial motor insurance?
If you use motor vehicles for your business you are legally obliged to have motor insurance.
If your employees drive company vehicles it is your responsibility to purchase motor insurance for your entire fleet.
If your employees are using their own private vehicles for work purposes you are not obliged to pay for their motor insurance, but you are required to ensure that they have the minimum cover required by law. Your employees should disclose the fact that they are using their personal vehicles for work purposes to their motor insurance provider.
What is commercial motor Insurance
There are three main types of motor insurance:
- third partythe minimum cover required by law. Covers you against costs that arise as a result of injuries to other people and damage to their vehicle
- third party fire and theftcovers everything basic third party polices cover with added protection against your vehicle being stolen or destroyed in a fire
- comprehensivethe highest level of cover available. Protects against:
- injuries to other people and damage to their vehicle
- your vehicle being stolen or destroyed in a fire
- medical expenses and accidental damage
- the cost of replacing your vehicle’s contents
Specialist motor insurance policies are available if motor vehicles form a core part of your business, for example if you run a taxi company or a courier service.
If your core business is buying and selling motor vehicles then you would require a specialist motor trade policy