Heavy Motor/Fleet Insurance
Accidents and theft are an unfortunate reality for any transport company. The added stress of the financial implications of a serious event taking place can become overwhelming.
And when you have employees and their families depending on your business running smoothly, then you have to carefully plan and assess your heavy motor insurance needs.
The problem that many individuals and fleet owners encounter is that they aren’t fully aware of all the extra protections that certain insurance products offer. As a result, you could be exposing yourself to unnecessary risks.
And here’s why.
What Is Heavy Motor Insurance?
Heavy motor insurance is a policy that covers individuals and fleet owners from the financial losses that would be associated with the theft and damage of their vehicles.
Here are some examples of the types of vehicles that would fall into this category:
– Tilt Tray Trucks
– Dump Trucks
– 2- 5 Tonne Vehicles
– Over 5 Tonne Trucks
– Over 10 Tonne Trucks
– Goods Carrying Trucks
The obvious concern for an owner is the immediate impact of serious damage or theft of an asset. But what many people underestimate is how their business would remain operational should a critical vehicle be out of action for several days or even weeks.
Most policies can be set up to cover 4 main sections:
Section 1: Commercial motor insurance covers the loss or damage to your vehicle as well as third party claims due to an accident.
Section 2: Public and product liability to cover compensation costs for personal or property damage through events other than traffic accidents.
Section 3: Carrier insurance to cover loss or damage to the goods you carry.
Section 4: Business interruption to cover the loss of income while your vehicle is non-operational due to an insured event.
If you’re unsure whether your current policy covers all of these key sections, then talk to one of our brokers at Aspire Insurance on 1300 886781.
We’ll provide you with a free review along with recommendations for maximizing your insurance cover.
What Are The Most Common Risks?
While assessing all heavy motor insurance policies for clients, we always make sure that they cover the following risks.
1 – Removal Of Load
If your truck is involved in a serious accident while carrying a valuable or time-sensitive load, then you could be faced with covering the costs of clean up or removal of the load. This could become a crippling expense for your business, depending on the type and value of your cargo.
2 – Carriers Insurance
You are legally liable for any loss or damage to the cargo you’re transporting. But the important thing to look out for from a policy wording perspective is that you’re also covered for the loading and unloading of the goods.
This is often an optional extra on truck insurance products, while at the same time being one of the most common claims situations.
3 – Public And Products Liability
Many truck and fleet owners believe that their commercial motor insurance fully covers them for all third party liabilities.
But there are many claims situations that don’t involve traffic accidents that could still result in personal or property damage to third parties that wouldn’t be covered by your standard insurance for trucks.
4 – Downtime And Business Interruption
Your business cash flow can be seriously disrupted if one or more of your vehicles is off the road for days or even weeks. Such cash flow interruptions could have serious impacts on your business.
That’s why we always advise that our clients take out an optional business interruption cover so that they can focus on getting the vehicles back on the road rather than worry about how long they can make payroll and loan payments.
5 – Driver Risk Mitigation Plan
This is particularly important for large fleet owners where claims have to be processed as quickly as possible. We always encourage owners to have a risk mitigation plan in place, which involves having a full driving and medical history of all employees.
It will also involve having an accident and incident log book in every vehicle. This way, your drivers would be able to ensure they have the details of all parties involved and a declaration of events to make the claim processing more efficient.
By having such an incidence management plan in place for any type of accident, you can ensure that claims are lodged with the necessary accident reports as fast as possible.
At Aspire Insurance, we have successfully helped hundreds of clients make the right policy choices to fully protect their assets and business continuity.
Contact us today on 1300 886781 for no-obligation advice and policy quotes.
Reduce Your Risk Exposure With Aspire Insurance
Partnering with Aspire Insurance can significantly reduce your risk exposure, and you’ll also gain access to a service package that you won’t find with other brokers.
24/7 Client Support
Accidents or theft situations are stressful things to have to deal with, especially if personal injuries or valuable assets are concerned. That’s why we offer a 24/7 support service to all our clients so that you can get immediate advice in any claims situation.
Tailored Policy Recommendations
We take a careful look at all your vehicles and business operations to ensure we fully understand what types of risks you might be exposed to. That allows us to tailor our policy recommendations so that your risk exposure is kept to a minimum.
Full Policy Review At Annual Renewal
You will receive a full policy review at each anniversary date. This will ensure that you can take advantage of new products and more competitive quotes available.
Face To Face Advice
You will always have personal contact with an Aspire Insurance broker rather than having to deal with automated quoting systems. This will give you the confidence that your needs are fully understood and assessed.
Contact Us Today
If your heavy motor insurance is due for renewal or you have concerns about whether it’s providing you with the right protection, then contact our team on 1300 886781.
We’ll discuss all your requirements and available options through an in-person meeting, and you will receive free advice as well as a no-obligation quote.
It’s the safest way for you to ensure that all your business interests are fully protected so that you can work on running your business rather than worrying about how it might be affected as a result of an accident.