Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
CATHY WOOD ARK GARBAGE ARK Funds Heading for 90% STOCK CRASH! - 22nd Jan 22
Gold Is the Belle of the Ball. Will Its Dance Turn Bearish? - 22nd Jan 22
Best Neighborhoods to Buy Real Estate in San Diego - 22nd Jan 22
Stock Market January PANIC AI Tech Stocks Buying Opp - Trend Forecast 2022 - 21st Jan 21
How to Get Rich in the MetaVerse - 20th Jan 21
Should you Buy Payment Disruptor Stocks in 2022? - 20th Jan 21
2022 the Year of Smart devices, Electric Vehicles, and AI Startups - 20th Jan 21
Oil Markets More Animated by Geopolitics, Supply, and Demand - 20th Jan 21
WARNING - AI STOCK MARKET CRASH / BEAR SWITCH TRIGGERED! - 19th Jan 22
Fake It Till You Make It: Will Silver’s Motto Work on Gold? - 19th Jan 22
Crude Oil Smashing Stocks - 19th Jan 22
US Stagflation: The Global Risk of 2022 - 19th Jan 22
Stock Market Trend Forecast Early 2022 - Tech Growth Value Stocks Rotation - 18th Jan 22
Stock Market Sentiment Speaks: Are We Setting Up For A 'Mini-Crash'? - 18th Jan 22
Mobile Sports Betting is on a rise: Here’s why - 18th Jan 22
Exponential AI Stocks Mega-trend - 17th Jan 22
THE NEXT BITCOIN - 17th Jan 22
Gold Price Predictions for 2022 - 17th Jan 22
How Do Debt Relief Services Work To Reduce The Amount You Owe? - 17th Jan 22
RIVIAN IPO Illustrates We are in the Mother of all Stock Market Bubbles - 16th Jan 22
All Market Eyes on Copper - 16th Jan 22
The US Dollar Had a Slip-Up, but Gold Turned a Blind Eye to It - 16th Jan 22
A Stock Market Top for the Ages - 16th Jan 22
FREETRADE - Stock Investing Platform, the Good, Bad and Ugly Review, Free Shares, Cancelled Orders - 15th Jan 22
WD 14tb My Book External Drive Unboxing, Testing and Benchmark Performance Amazon Buy Review - 15th Jan 22
Toyland Ferris Wheel Birthday Fun at Gulliver's Rother Valley UK Theme Park 2022 - 15th Jan 22
What You Should Know About a TailoredPay High Risk Merchant Account - 15th Jan 22
Best Metaverse Tech Stocks Investing for 2022 and Beyond - 14th Jan 22
Gold Price Lagging Inflation - 14th Jan 22
Get Your Startup Idea Up And Running With These 7 Tips - 14th Jan 22
What Happens When Your Flight Gets Cancelled in the UK? - 14th Jan 22
How to Profit from 2022’s Biggest Trend Reversal - 11th Jan 22
Stock Market Sentiment Speaks: Are We Ready To Drop To 4400SPX? - 11th Jan 22
What's the Role of an Affiliate Marketer? - 11th Jan 22
Essential Things To Know Before You Set Up A Limited Liability Company - 11th Jan 22
NVIDIA THE KING OF THE METAVERSE! - 10th Jan 22
Fiscal and Monetary Cliffs Have Arrived - 10th Jan 22
The Meteoric Rise of Investing in Trading Cards - 10th Jan 22
IBM The REAL Quantum Metaverse STOCK! - 9th Jan 22
WARNING Failing NVME2 M2 SSD Drives Can Prevent Systems From Booting - Corsair MP600 - 9th Jan 22
The Fed’s inflated cake and a ‘quant’ of history - 9th Jan 22
NVME M2 SSD FAILURE WARNING Signs - Corsair MP600 1tb Drive - 9th Jan 22
Meadowhall Sheffield Christmas Lights 2021 Shopping - Before the Switch on - 9th Jan 22
How Does Insurance Work In Europe? Find Out Here - 9th Jan 22
MATTERPORT (MTTR) - DIGITIZING THE REAL WORLD - METAVERSE INVESTING 2022 - 7th Jan 22
Effect of Deflation On The Gold Price - 7th Jan 22
Stock Market 2022 Requires Different Strategies For Traders/Investors - 7th Jan 22
Old Man Winter Will Stimulate Natural Gas and Heating Oil Demand - 7th Jan 22
Is The Lazy Stock Market Bull Strategy Worth Considering? - 7th Jan 22
METAVERSE - NEW LIFE FOR SONY AGEING GAMING GIANT? - 6th Jan 2022
What Elliott Waves Show for Asia Pacific Stock and Financial Markets 2022 - 6th Jan 2022
Why You Should Register Your Company - 6th Jan 2022
4 Ways to Invest in Silver for 2022 - 6th Jan 2022
UNITY (U) - Metaverse Stock Analysis Investing for 2022 and Beyond - 5th Jan 2022
Stock Market Staving Off Risk-Off - 5th Jan 2022
Gold and Silver Still Hungover After New Year’s Eve - 5th Jan 2022
S&P 500 In an Uncharted Territory, But Is Sky the Limit? - 5th Jan 2022

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Do I Need Business Van Insurance?

Companies / Insurance May 05, 2020 - 01:21 PM GMT

By: Submissions

Companies

A commercial van is the beating heart of many small businesses. In some cases, losing access to a van could mean that operations would be interrupted, if not halted entirely. Picture a custom carpentry business that is left without a cargo van. It couldn’t reasonably ask customers to pick up their furniture and third-party transport would put a huge dent on profits.

Insuring your van is required, as it’s a registered vehicle the same as any other. However, that doesn’t mean that standard coverage is adequate for a commercial van. Instead, you’re going to need business van insurance.


The Basics of Business Van Insurance

Commercial vehicle insurance isn’t the same as the standard insurance that’s used for private vehicles. While private vehicles can still be used for business activities with the right insurance, commercial vehicle insurance is designed to cover vans that are exclusively used for commercial purposes. Owning a vehicle that isn’t insured is illegal unless it’s been officially declared off the road with a statutory notice. Even if you rarely use your van, therefore, you’ll need to insure it.

In most respects, commercial van insurance is similar to standard insurance with a few exceptions. Standard private insurance covers up to 10 million pounds of damage to third-party property, while commercial motor insurance only covers five million.

You’ll find that you need commercial vehicle insurance if:

  • You use a van as part of your daily business activities, such as transporting goods or people for a fee.
  • You conduct any type of service with your vehicle such as building or plumbing.
  • You use the van to commute to and from work, even if it isn’t otherwise used in the course of business.

Types of Van Insurance

Commercial vans can be used for a multitude of purposes, each of whichwill have a corresponding type of insurance. The difference is, principally, that some insurers cover certain uses and others don’t. Broadly speaking, they fall into three main types:

  • Carrying goods for hire, also known as haulage. This type of van insurance covers you for transporting goods over any distance. Delivery trucks, for instance, fall into this category.
  • Hire and reward policies cover business vans used to transport people or goods that you don’t own, for payment. They're typically reserved for single-job uses such as furniture removal.
  • Own goods transport is covered by a different policy. It covers commercial vans used to transport goods that belong to you, such as tools or goods that haven’t been sold and are being returned.

What’s the Right Level of Cover for Me?

The answer to this question is largely up to the type of business that you use your van for. Generally, you can get as much coverage as you think is necessary but there is a legal minimum as with other vehicle insurance policies.

Third-party insurance is mandated by law. It’s the lowest level of insurance needed to drive the van and it covers damage or harm done to other people or property if you’re found to be at fault. It won’t, however, cover damages to your van.

Third-party, fire, and theft insurance is the next step up.As its name implies, it covers everything included inthe previous level along with theft of the vehicle and fire damage. Theft of non-business items inside the vehicle is also covered.

Comprehensive insurance is the highest degree of coverage and covers any damage to the van and other people or property.

The level of insurance won’t always be completely up to you to decide. Certain premises – such as airports or other high-risk facilities – will require a certain level of coverage to allow vans to enter. In that case, you’ll need to comply or not do business with them.

Should I Choose Add-ons?

While getting add-ons in many cases isn’t wise when purchasing insurance, it’s important to consider them thoroughly in the case of commercial vans. Some add-ons may be crucial in continuing the regular course of business after an incident. For that reason, they’re well worth paying for. Here are some examples:

  • Courtesy van – a temporary replacement vehicle while a claim is sorted and you get your van repaired or replaced can be instrumental in avoiding profit loss.
  • Use abroad – if you use your van to conduct business outside of the country, it needs to be specially insured.
  • Tools in transit – depending on your profession, you could be looking at serious financial loss if tools get damaged or stolen from your van. Quality hand tools can cost hundreds or thousands of pounds and covering them might be a smart investment.

Get It Right for Peace of Mind

Buying commercial van insurance isn’t a choice, but it’s up to you what type you’ll buy and how much coverage you need. Every business wants to cut costs, but, with business van insurance, if you are not careful, you could end up driving illegally! Visit us today at InsuranceInspect Services

By S N Chatterjee

Copyright 2020 © S N Chatterjee - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in