Commercial Vehicle Insurance Misconceptions
When it comes to insuring the vehicles your company uses there are many misconceptions. Unfortunately, many of these can result in financial losses if you don’t have the appropriate cover for your vehicles. Let’s look at some of the most common misconceptions.
Personal insurance is cheaper and just as good.
Actually, most personal policies will only provide you with cover to and from work, not additional business miles. Let’s say that you hop in your company car to take a product to a client and you are involved in a road accident. Without the right cover your insurance company could inform you that you were not covered for commercial purposes and therefore you are not covered.
By investing wisely in a commercial vehicle insurance policy, you will not have to rely on your limited personal car insurance cover. You are better off paying the extra money for commercial vehicle insurance than finding out too late that your old personal policy will not cover you.
Small business owners don’t need commercial vehicle insurance.
This is quite a common misconception. The best rule of thumb is to remember that if the vehicle is going to be used for work, you are going to need to have a commercial policy. Personal insurance policies simply are not enough to provide cover in a commercial setting. Even if you are the only employee and you only have one vehicle that is used for company purposes, you are going to need to purchase commercial vehicle insurance.
Commercial vehicle insurance is way too expensive and has too many options I don’t need.
While it may cost a little more than a personal policy, commercial insurance provides you with a greater level of cover. If you combine this cover with your other business insurance, you could actually end up making a saving. Aon could help you craft the most appropriate insurance policy that includes cover not only for day to day business operations but also company vehicles; tailoring each to the individual needs of your company.
If you have a question about commercial vehicle insurance or if you are not sure if it is right for your business needs, give us a call at 0845 602 1039 to get more information on this type of cover. Your vehicles and your company are too valuable to entrust to a policy that is not made for your individual needs.
Terms and conditions apply, please refer to the policy.
