Who Requires Car Business Insurance?
Who Requires Car Business Insurance?
Who Requires Car Business Insurance?There are many types of car insurance policies to pick and choose from. If you're looking for the most cost-effective option, third party insurance would be your best option. If you're looking for something with a bit more cover, you can go for third party insurance with fire and theft cover and finally, for the individual who wants to be able to sit back and rest assured that he/she is adequately covered, comprehensive car insurance is the best policy.
Those are the 3 most important types of car insurance policies, but it is vital that you take special precaution if you utilize your vehicle for business reasons. Then something labelled car business insurance or commercial insurance comes into play.
What is car business insurance and who needs it?
There are basically 2 primary ways in which you can utilize your car or truck for business reasons. The first way is simply travelling to meet up with a customer at their workplaces. Even though you are using your personal vehicle for this, you are in fact traveling for business purposes and need to take out a car business insurance policy. Many insurance firms offer this as an add-on to existing policies and it is not always necessary to purchase a stand-alone policy to cover you for business use.
If however, your car is used for business purposes the majority of the time (one example is if you run a courier service) you will need a different type of car business insurance, termed commercial insurance. This will then also protect your commercial assets (the goods you transport) in the event of loss or damages following a crash.
There's not usually a considerable difference in monthly payments between a business insurance policy and a commercial insurance plan for your car. However, the more drivers you nominate for a particular policy, the higher your premiums would be. This is simply because an increased number of drivers creates an elevated risk on the road as the insurance carrier are in effect covering 5 or 10 different individuals (of course depending on the number of nominated drivers per car).
If you are not sure if you need car business insurance, get hold of your local insurance provider or insurance broker without further delay!
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