WHEN starting your own company you can find yourself drowning in a sea of confusing insurance options. How do you find the best deal for your needs, and what are you legally required to obtain?
Sadly preferential treatment, in popular opinion, is often given to larger corporations; leaving smaller companies searching to find a valuable deal that isn’t too costly. What some new business owners don’t know, however, is that owning ten vehicles or more makes you eligible for fleet insurance; which could turn the tables when it comes to obtaining quality protection.
There are three types of cover in particular worth considering; motor fleet, usage based and commercial auto insurance. Not all of these are legal requirements, however they are certainly worth looking into.
Motor Fleet Insurance:
Motor fleet insurance is the equivalent to third party insurance for commercial fleets, covering you in the event of an accident causing damage to your vehicle, any property involved and if injuries are sustained.
Usage Based Insurance:
This could be an effective way to decrease the amount you have to pay, based on the way your staff operate their vehicles. We have all heard of black boxes used by individual drivers, but now the same process is utilised for commercial fleets. Through analysis of a variety of statistics such as; acceleration speed, mileage, the day and time the vehicle is utilised and the area your fleet operates in and creates a unique insurance plan from this information. Of course, this is a bit of a gamble, as things could go wrong if one of your employees drives recklessly when in possession of the black box.
Commercial Auto Insurance:
This is not a legal requirement, however it is definitely worth considering. This will protect your employees and and goods that are carried by your commercial vehicles. It also covers your staff in the even that a claim is made against them (or you) relating to theft or damage on the part of your company or employees.
Whatever type of cover you decide to invest in, it is important that you choose a reliable company. Panda Insurance offer personalised quotes, which could be the best option for smaller businesses just starting out.