Your Guide To Insurance For Business Van

A business van or a commercial van is more than just a vehicle. It's an important part of your business or, in some cases, your whole business! Insuring your business van is therefore essential to financially protect it against potential risks and liabilities.

Unfortunately, searching for the right insurance can be a lot of hassle. But it is all the same important and necessary.

What is commercial van insurance?

Commercial van insurance is an insurance policy specially designed to protect vehicles used for business purposes. It provides coverage for vans and similar vehicles that are owned or used by organisations to transport goods, equipment, or personnel as part of their operations.

What are the types of business van insurance covers?

There are three types of commercial van insurance policies, you should choose one for yourself, depending on what you use it for:

Haulage:

• This covers large loads being transported over long distances.
• Your items in transit will also be covered by this type of coverage.
• The haulage insurance is only applicable to one destination.
• Haulage is generally applicable when you cover long distances for a single delivery.

Courier:

• It is generally called 'carriage of goods for hire and reward'.
• It covers delivering other people's goods and receiving payment for them.
• It provides additional coverage for the things you transport.
• It covers local delivery.
• It's generally for transporting goods to multiple destinations, like fast food or catalogue couriers.

Carriage of own goods:

• You will need this coverage if you use your van to get to work.
• You can additionally get a cover for your tools or goods too.
• The insurer would need to know what goods you carry in your van for them to be covered.
• This is typically useful if you use your van to carry business-related goods, for example, if you're a self-employed artist, florist, etc.

Choosing the wrong insurance will leave you unprotected in the event of an accident, therefore it is crucial to consider getting van insurance!

What does commercial van insurance cover?

Your insurance plan is unique to your needs. Therefore, the exact details depend on your policy level and type, but commercial van insurance usually includes:

Liability Coverage: This covers third-party injury and property damage. It protects the business owner from potential legal claims and financial loss resulting from accidents.

Collision Coverage: This covers any damages to the insured van in case of road accidents or collisions with other vehicles.

Cargo Coverage: If the van is used to transport goods, cargo coverage protects the value of the goods being carried. In case of theft, damage, or loss during transportation, one can approach the insurance company.

Medical Payments Coverage: This covers medical expenses for injuries suffered by the driver, and the passengers in an accident, regardless of fault.

Legal coverage: This covers the legal fees if you make a claim or have a claim made against you in association with your van.

Comprehensive Coverage: This covers damages to the insured van caused by events other than collisions, such as theft, vandalism, fire, or natural disasters.

Additional coverage: These are optional extras that you can choose like breakdown cover, courtesy vans, windscreen cover, etc.

What information do I need for commercial van insurance?

Some details are required by the insurance provider to offer you an insurance plan suited to your budget and needs. To obtain commercial van insurance, you'll need to provide the following information:

1. Details about your van:

• Make and model of the van
• Registration number
• Intended usage of the van (business purposes)

2. Your information:

• Full name
• Date of birth, etc.

3. Your driving history:

• Driving licence details
• Any past accidents or traffic violations

4. Additional drivers (if applicable):

• Details of any other drivers you want to add to the policy

5. Desired coverage:

• Specify the level of coverage you need (liability, comprehensive, collision, etc.)
• Start date for the insurance policy
• Choose whether you want to pay premiums annually or monthly

What are the levels of business van insurance?

There are three levels of business van insurance that you can choose from, third-party only, third-party, fire, and theft, and comprehensive.

Third-party only (TPO)

• It's a legal requirement to drive a vehicle.
• It only covers injuries or damage to third parties.
• It's the most basic type of coverage and doesn't protect you or your van.

Third-party, fire, and theft (TPFT)

• This will include third-party damages.
• Apart from the TPO coverage, you'll have protection against vehicle theft and fire damage to the vehicle.
• Commercial goods or other belongings aren't usually covered.

Comprehensive

• This is the highest level of protection.
• It has TPFT coverage included. So it protects against third-party damages, fire, and theft.
• It covers your medical expenses and legal expenses in case of any motor accidents.

Planning to get business van insurance?

It is important to identify your own needs and situations for business van insurance. It is equally important to look for multiple deals across the market before finalising. It is a lot of hassle yet very essential.

Visit Paddy Compare and find your best insurance deal! You just have to enter your information and let Paddy Compare compare all the deals in the market for you. Simply follow these steps: