Commercial Motor Insurance
For many self-employed tradespeople and business owners, their vehicles are one of the most critical assets in their business.
Not only are they the only way to get to clients and job sites, but they also carry your important tools, machinery, equipment, and stock.
For many people, the loss or damage of their commercial vehicles could have a serious impact on their livelihood.
But before you consider taking out the cheapest vehicle insurance products, take a moment to consider what exactly you need to protect.
There are a surprising number of covers available that are not automatically included in most insurance policies.
What Is Commercial Motor Insurance?
Commercial motor insurance is a type of policy that aims to cover a vehicle and specific contents of the vehicle in the event of damage or theft.
The cover can be set up to pay for costs that arise from having to repair or replace your vehicle, which in many cases, can be a substantial amount of money.
Here are some typical types of vehicles:
– 4 wheel drives
– Trailers with a capacity of up to 5 tonnes
Insurance for small trucks and other commercial vehicles is generally structured in a similar way to private vehicle insurance and comes down to 3 types of cover:
1 – Fully Comprehensive: Designed to protect you from financial losses resulting from loss or damage to your own vehicle as well as third parties.
2 – Third Party: This will only cover the damage caused to others by an accident that may have been your fault.
3 – Third Party, Fire, and Theft: In addition to covering third party damage, this would also cover your own vehicle for theft and fire, but not damage due to an accident that was your fault.
What Risks Does Commercial Motor Insurance Cover?
Many business owners only account for insurance cover that is similar to their private motor policy. But you also have some great additional covers available as optional extras.
1 – Sign Writing
If you have created and applied signwriting to your truck or van to better advertise your services, then that is not something automatically covered for replacement if it’s damaged as a result of an accident.
Any damage or replacement costs due to an accident could come out of your pocket, and bills could run into the thousands of dollars if it isn’t carefully valued and covered by your policy wording.
2 – Tools Of Trade
This is a critical cover to check on all commercial vehicle insurance products. The more expensive and business critical your tools and machinery are, the more serious your potential losses are if they are damaged in an accident or stolen.
But we’ve often found that some clients mistakenly believed they are fully covered under their existing policy. And because there are many ways you can insure your tools and equipment, we’ll always find the best product to suit your needs.
3 – Legal Liability Cover
This is an important cover as it would protect you by paying legal expenses as a result of claims arising from situations where the use of your vehicle damages someone else’s property. It’s important to understand that this is separate from compulsory third party cover to further protect your financial interests.
4 – Windscreen Cover
The most common claims associated with commercial motor vehicle insurance are the result of damage to windscreens. And the more you’re on the road, the more likely this is going to happen to you.
With the right policy choice, you can make sure that your windscreen excess is minimal or waived.
5 – Hire Car Cover
This is a common optional extra that you shouldn’t underestimate. If you’re involved in an accident, it could end up meaning that your business vehicle is off the road for days or even weeks.
Having the right policy could end up saving you a fortune in rental costs to make sure that you can still do your job.
6 – Driver Risk Mitigation Plan
If you’re a business owner with multiple vehicles and employees, then it’s important to have a company-wide risk mitigation plan in place.
This would involve having a full driver safety and health history on file as well as an incident and accident management logbook.
You could significantly reduce the claim processing time by making sure that all of the most important details are gathered at the scene of the accident.
If you have any concerns that your current commercial vehicle or truck insurance doesn’t fully protect your financial interests, then contact our team at Aspire Insurance today on 1300 886 781.
You’ll receive a full policy review and a no-obligation quote for policies that provide the best possible protection.
Partner With Aspire Insurance
We have helped hundreds of businesspeople and tradies secure the right policies, but our service goes a lot further to ensure long-lasting relationships with all our clients.
24/7 Client Support
Claims situations are stressful and can distract you from running your business effectively. With our 24/7 client support service, you’ll have the help you need when you need it the most.
Tailored Vehicle Insurance Policies
We take a careful look at your business operations and assets to fully assess all your risk exposure. As a result, you’ll be taking out a policy that better suits your personal needs without leaving you unnecessarily exposed to losses.
Annual Renewal Assessment
You need to keep a careful eye on your business insurance policies, especially if your business grows or you invest in new assets. That’s why we always look at fully reviewing your best covers and premiums on an annual basis.
You will always deal with an insurance representative face to face and never with any automated or online systems. That way, you can be certain that all your questions and concerns are fully addressed before you make a policy decision.
Call Us Today
If you’d like to discuss your commercial motor insurance requirements and options with one of our insurance representatives, then contact us today on 1300 886 781.
We’ll provide you with a full policy review and advice on how to maximize your financial protections. The advice is free, and you’ll receive a no-obligation premium quote as well.