Why Do I Need Commercial Van Insurance?
Owning and driving a van for your business means taking on many risks to yourself and others. When a traffic accident happens, damage, injuries, loss or all of these factors may be inflicted upon you and others. Damage and loss of your property may also occur. Fire, theft, vandalism and natural disasters are other possible risks.
Commercial van insurance is a contract between you and the insurer, specifying each party’s rights and obligations. Essentially your insurer promises to provide specific coverage for you in return for your payment of premium.
Commercial van insurance is designed to protect yourself and others against these risks. It provides financial cover and can also offer other services (eg. A hire van if your van is under repair from accident damage when the need arises.)
In the UK you must, by law, insure your legal liability for injury to others and damage to their property arising from the use of your commercial van on the road. This is known as third party insurance. In addition to this basic level of cover policies typically include fire and theft cover.
How Often Do Accidents Happen?
There are over 1/4 of a million road traffic accidents and 300, 000 road related casualties in the UK every year. It is estimated that between 25 and 33% of serious and fatal road accidents involved a victim that was ‘at work’ at the time.
According to a recent police survey over 47,000 light goods vans are stolen from British businesses each year (as of 2019). It is estimated that this equates to £152 million in lost assets independent of any additional costs such as increased premiums, loss of earnings and alternative transport expenses.
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