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Commercial vehicle insurance is essential to ensure the smooth running of your business.
Recent research found that 35% of British drivers wrongly believe they can drive any vehicle they desire and receive the same level of protection, so long as they hold a fully comprehensive insurance policy. But this is not always the case and failure to realise this can result in a hefty fine or prosecution.
That’s why we’ve shared our top tips on insurance to help commercial vehicle operators avoid such pitfalls...
Know your insurance certificates
Generally, there are two types of certificates of motor insurance:
- Specified Certificate - identifies the vehicle by the registration number
- Blanket Certificate – commonly issued for fleets
It’s crucial that you’re aware of the class of use associated with each type of insurance for your commercial vehicle – otherwise you could find yourself in a scenario where your cover is not valid. For example, the insurance may cover social, domestic and pleasure driving, but exclude hire and rewards.
Get the right policy
In order to get the correct fleet insurance policy you need to consider the usage of your vehicles. For example, if you run a taxi fleet you will need either public or private hire insurance.
Other specific insurance policies:
- Carriage of own goods: to cover tradesman’s tools or company products being transported
- Haulage insurance: needed for businesses offering long distance hire and reward services
- Courier van insurance: for local multi-drops of hire and reward services
Any vehicle cover
To receive maximum protection, and especially if you operate a large fleet, it’s worth making sure that the insurance you buy covers any one of your commercial vehicles. This way, even in the event that your policy is not updated for a vehicle and you are involved in an accident, you’ll still be protected.
Any driver policy
A specialist insurance broker will be able to provide you with a true any driver policy, whereby each of your vehicles can be driven by any of your drivers – invaluable when you have a large fleet and drivers who may be under the age of 25.
Public liability insurance
A public liability claim against your business has the potential to shut you down for good. It’s critical, therefore, that you have the insurance to protect you and your drivers against injury and damage claims as a result of negligence.
Using 3G vehicle cameras
Installing vehicle cameras is reducing insurance premiums by as much as 55%, according to Industry Today. Paving the way is Intelligent Telematics, who’s IT1000 3G Vehicle Camera is a leading industry device, used by specialist commercial insurance broker, First Insurance Solutions. They’ve found that the devices “lower claim frequency, better defend fraudulent claims and improve driving styles”.
A London-based fleet operator, Best Catering have also seen success with the IT1000 3G camera who were hit by rising high frequency claims across their 30 fleets. Over a three-month-period, forty claims were made against the operator. Since the installation of the cameras in January 2016, however, only 6 claims have been made – each of which are being challenged by video data.
Managing a fleet of vehicles can be very expensive for a business and one of the expenses that sometimes seems harder to control is the cost of motor fleet insurance.
One way you can help reduce business costs is to take a closer look at different methods of vehicle acquisition. Help weigh up the pros and cons for your small business with our free eBook: 
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