Any business that uses a lorry (or fleet of lorries) for distribution will need to find the right type of protection in order to optimise protection and minimise price. Insurance brokers have the contacts and skill to negotiate for the cheapest quotes with no sacrifice in indemnity, on behalf of trucking companies.
Firstly, all vehicles that travel on public roads are mandatorily required to be insured by law, at least for third-party liability. The two standard forms of truck insurance are as follows:
Fully comprehensive - This covers the truck(s) for all damage or injury sustained as a result of an accident involving the truck(s). It covers all parties involved in the accident.
Liability Coverage - This covers only the third-parties involved in an accident with the truck(s). Quotes for liability coverage are usually much cheaper than those for fully comprehensive insurance.
Note: If a business does not own the trucks entirely and is lending vehicles instead - they must have fully comprehensive insurance.
It is up to the business owner to determine which of the two options is best suited to their needs and budget. However, a lot of insurance applicants can struggle or be caught out when it comes to the optional extras insurers include in certain packages:
- Umbrella package for fleets - Most insurers will offer their fleet quote as one standard quote to cover all vehicles. This is usually a discounted price but may be buffered up initially to cover trucks of different ages and values.
- Singular truck insurance for fleets - Some insurers will cover the individual trucks within a fleet separately though they may still offer a discount for acquiring the business of the whole fleet.
- Roadside assistance - This product will provide help for stranded drivers and broken down vehicles. On-site repairs and towing is included to minimise productivity which would otherwise be halted should a breakdown occur. Though roadside assistance can be acquired through other sources than the insurer, it may be a good idea to opt for this product as part of a package to encourage a potential discount.
- Goods in Transit - This product is available to all types of transporter but when it comes to trucks, the goods are likely to be heavy and potentially more expensive. The product covers goods up to a certain value but can include several different clauses to be aware of within the contract.
There are many more unique products which different insurers like to up-sell to applicants and it's a lot to take in, especially when starting up a new trucking venture. Insurance brokers specialise in negotiating with insurance firms to skew package deals to suit the needs and budget of the client.
Certain products can cover legal costs and even down-time profit loss but such additions may not be necessary for different businesses. Without the assistance of a qualified lorry insurance broker, businesses could end up paying inflated premiums for a package full of products they may never need.
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