Company Car Insurance
Your business must carry company car insurance on every vehicle it owns. UK law requires it. At its benchmark level, company car insurance protects your enterprise and your finances against claims by third parties when your employee, driving a company car, is at fault in an accident. The policy will pay for damages or bodily injury when your employee is at fault.
Carrying reliable insurance on each company vehicle is paramount: Buying inexpensive car cover does no good if the company cannot or will not reimburse for covered expenses because it doesn’t have the financial assets or because it was not authorised to sell insurance in the UK by the Financial Services Authority. Ensure the policy you choose to protect your company vehicles is authorised, is trustworthy and is financially sound.
Insuring your Business Vehicles
Whether your company owns one or two vehicles are a large fleet of autos, comprehensive auto mobile insurance is often the least expensive in the long run. Since appearance of your vehicles make a statement about your company, a business card on wheels, for example, how it looks to the general public creates an indelible impression about how the business is run. Only comprehensive company car insurance provides protection for your own vehicles in case of an accident, and it protects your vehicles, regardless of who is at fault. It carries the same third-party benefits as the foundational minimum cover required by UK law. It also provides the same fire, theft and in-vehicle property benefits as the intermediate policy type, third-party fire and theft. It also adds the important feature of covering repair or replacement expenses on your own company car. Mirrors, glass assemblies and windscreens are covered against chips, breaks and destruction.
Commercial car insurance also extends from just company-owned vehicles to employees’ personal vehicles used for business purposes. If your employee drives to drop off bulk mail for postal service delivery, for example, you must cover that private vehicle for that trip. Because the employee is acting as agent of your business, your business is, in essence, contracting use of that private vehicle for a specific purpose. Therefore, the law does require you to cover it as if you owned that vehicle, and that cover protects your company if the driver is at fault in an accident while on that errand.
Fleet insurance for your company auto mobiles may require an adjusted policy for added protection against employee injury while they are at work. This employer’s liability cover protects the business and is also required by law when you hire non-family members. If your company’s sole employees are family, you are exempt from employer’s liability cover requirements.
Liability to the public is not mandated by law, but when your business operations centre around or involve intensive contact with the public, purchasing public liability cover can be the wiser course of action. Your office staff may have little contact, but your truck drivers or your taxi drivers do. Should your cab driver assist a passenger from a building to the taxi, and the passenger fall, your company may be liable for damages. If the driver damages luggage, your company is liable. Protect your interests against these costly potential events.
Wise financial management of your insurance budget may make insuring all your vehicles on the same policy a cheaper and more responsible action than purchasing individual policies for each auto. Cheap multi-car insurance for fleet operations can cut costs significantly whilst maintaining the high level of protection your fleet needs. Smart financial management means periodically searching for even cheaper alternatives than your current policy. Should you find cheaper company car insurance for one or one hundred vehicles from a rival carrier, you might receive the same price from your current carrier if you mention you’re switching for a better price. If they do offer the drop in premiums, and you stay with that provider, you can maintain your safe driving history and your no claims discounts, adding even more savings to the cheap auto insurance deal.
Specialist Corporate Car Insurance
Commercial or company car insurance provides a flexible and versatile platform of protection for all sorts of business vehicles. Find base insurance plans that offer feature alternatives or additional amounts of cover under individual categories within the insurance policy. For instance, you may want to increase your liability maximum whilst you reduce your theft coverage amount as your vehicles age. If your business involves product or goods delivery instead of passenger transportation, purchasing a goods-in-transit option is an excellent choice to protect you against loss, damage or theft of those goods, for your company is responsible for every item transported from shipping point to delivery point. Travel over distances present additional potential difficulties: Obtaining additional cover to protect your employees while travelling in your company vehicle adds that financial protection as well.
Breakdown cover can be vitally important in company car operations. If any of your company auto mobiles break down and need repair away from your authorised maintenance facility, breakdown cover will have help en route in minutes. Tow service enables transportation of the vehicle to a location you authorise, whether it is to your depot or the nearest repair shop. In certain circumstances, you may be entitled to a courtesy vehicle whilst your own auto is being repaired.
Tailor your insurance plan options with our free online tool, then compare company car insurance rates from several trusted commercial insurance providers in your area. Adjust plan benefits to evaluate impact on your premium quotes, then opt for the best-fitting coverage for your needs for all your company cars for the best insurance deal you can find.