There are so many types of insurance available for different sorts of vehicles that it can get a little confusing knowing whether or not you’ve got the right one. As a business owner it’s vital that all of your employees are insured correctly and that all your vehicles have the correct amount of cover, so it’s well worth taking out a commercial vehicle policy.
Here’s a quick guide to getting the right types of insurance for your business vehicles and the drivers:
Company Car Insurance
Business insurance is also essential on any company cars you may own, whether that’s a singular car used by several of your employees for errands or a fleet of company cars which employees use for both personal use and business. Business insurance makes sure that you’re covered against both property damage and liability so is essential to protect your company’s assets.
Don’t forget that when you insure your car, your insurance coverage should also cover the driver. So, be sure to include the driver – your employee – in the insurance clause.
Employee insurance
Many companies request that their employees take out vehicle-related insurance as part of their own policy. This means that they are covered for any type of business errand they make on behalf of the company in their own vehicle. From dropping off an important document at the bank to nipping out for office the sandwiches at lunchtime, it’s important to make sure that employees are covered before they undertake any work errands as your company may be liable if they are involved in an accident.
Here’s a good guide on what you can and can’t when taking insurance that involves your employees using their own or your company cars.
Taxi Insurance
If you run a taxi firm or have a private hire vehicle or public hire vehicle used for the purpose of taxiing, it’s crucial that you have special taxi insurance to cover you. Taxi insurance is vital as the driver you are responsible for the safety of your passengers. It’s also important to get cover for business interruption if being a taxi driver is your main source of income which means if your cab breaks down you’ll be without income.
As long as you have a taxi license your own vehicle can be used as a taxi, if this is the case it’s important to make sure you have the relevant insurance.
More insurance to consider
Here’s more information on vehicle-related insurance:
Conclusion
As a business owner it’s really important to review your company’s insurance policies regularly. As employees’ roles and responsibilities change within the business, keeping up with what their insurance policy is may get missed but it’s vital to check.
Be sure to remind employees of the benefits of taking out business insurance on their own vehicles as an extra precaution.
