6 Reasons why you need truck insurance

07/10/2020

Truck insurance is a legal requirement in the UK if you own a truck or fleet. It’s really important that you get the right level of insurance coverage to ensure that you’re protected against any potential damage.

Commercial vehicle insurance can be crucial in keeping business operations going when something goes wrong. Not only that, but can also help protect business assets, employees and third parties too.

That’s why we’ve put a guide together of 6 reasons why your business benefits from insurance cover for your all your vehicles including heavy haulage trucks and an entire fleet.

1. Protection for your business and assets

From accidents and fire to theft or breakdown issues, even the most careful of business owners may encounter pitfalls which can have a detrimental effect upon business operations, irrespective of whether or not they are to blame.

Your insurance policy enables you to have cover in place so you can recover quickly and get back to business as usual.

If you operate a goods vehicle, goods-in-transit insurance can help to cover the goods within your vehicle whilst on the road. There are different options you can opt for when taking out your insurance policy: Goods-in-transit (GIT) ‘All risk’ cover up to a specified amount, GIT insurance with RHA conditions of carriage or CMR cover for all types of goods, depending on your business and requirements.

This not only covers any potential damage to business but can also help recoup any cost for any damage to the goods inside or loss of sales. This can be crucial in maintaining good relationships with customers as well as covering gross weight of goods lost or damaged goods, depending on which insurance policy you take out.

2. Minimal impact to the business operations

Your insurance policy will enable you to quickly get a replacement vehicle to reduce the impact to your business operations. When you make a successful claim, your insurance provider will release funds that match the value of your vehicle.

This enables you to get back on the road, and keep business running smoothly. Thus, avoiding any further impact down the line. It also ensures your customers are kept happy and your reputation remains intact saving you time, money and stress.

3. Protecting the business owner against costs

A good insurance provider will also recommend liability cover. This will ensure that the business owner is not held liable for the costs of repairing any damage or loss. Lorries have the potential to do a lot of damage in an accident, with risks being multiplied if you have a fleet of vehicles. That could mean an expensive claim, that could massively impact a business owner if liable.

Over 25,000 serious accidents were reported in the UK in 2019. This may result in large claims for personal injuries or vehicle damage which may prove crippling to the survival of your business. Therefore, it is crucial to ensure that you have sufficient insurance in place where the business is liable in the event of a claim rather than the individual.

4. Protecting your business in case of an employee injury or illness

Similarly, employers’ liability insurance can help not only protect the business, but your employees too. Most business in the UK are legally required to have employer’s liability insurance if they have at least 1 employee.

In the truck industry, this is especially imperative, as traffic accidents can easily occur. Employers’ liability insurance enables the business to meet the cost of compensation should and injuries as a result an accident may occur whilst they are on the road.

It also covers any injuries or illness caused as a result of any part of the job, this can help protect against site visits or loading vehicles, particularly for the construction and manufacturing industries, where the risk is higher.

5. Protection in the event of an accident

When an accident occurs, there may also be a third party involved. Motor insurance policies automatically include Third Party Liability so that in the event of an accident if a claim is made against you you’ll be protected for injuries to third parties and damage to third party property.

Similarly, legal protection cover, whilst an add-on is relatively inexpensive which can give you the option of getting legal help if a claim is made against you. It covers free advice and guidance as well as covering any solicitors’ fees.

6. Peace of mind against wider damage to your business

Whilst we touched on this earlier, any accident or incident on the road has the potential to have a massive impact on your business.

From missed deliveries to loss of confidence by clients, the wider implications of vehicle loss upon your business and potentially upon your clients’ businesses can be huge.

Once lost, it can be difficult to build trust back those relationships and could even have a wider impact based on word of mouth.

Having the right insurance policy in place will give you the opportunity to pick your business up quickly and have minimal impact to your reputation. Business owners with fleet or haulage insurance will be reimbursed with the market value of their vehicle allowing them to keep their business up and running, maintaining good client relations and confidence.

If you’re looking for advice on your truck insurance policy, we’re here to help. We have over 35 years’ experience in the industry, ensuring we can find the exact cover you need at competitive prices.

Contact us today for quick, efficient service and support in arranging a truck insurance policy that is right for you.

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