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Choosing the right motor insurance will help keep your business on the road. Alastair Torbet, sales and marketing director for ECIC, explains how to get the best-value van insurance – and the right cover
id you know that a major source of business insurance claims is van accidents? Probably not. And why would you? You have far more pressing things to concern yourself with. Running your
business for a start. These are uncertain times, and the construction, building services and engineering industries have been hard hit. But the fact of the matter is, there are three key elements
to your business that are vital in keeping it running: the team; the tools; and the transport. If any of your vehicles were involved in an accident, the chances are this would significantly disrupt your business, and therefore your livelihood and that of your employees. This is what insurance is for, isn’t it? To pay for any damage
and get you back on the road PDQ. Well of course it is. But it’s a fact that not all insurance is created equal. And choosing the wrong motor insurance for your fleet could be the difference between survival and failure of your business. You’ll be relieved to read that the purpose of this article is
not to add to your stress. Rather, it is to provide guidance and advice on how you can ensure that you get the best cover for your needs, so that it is one less thing to worry about.
62 ECA Today Winter 2010
Making the right choices So first things first. Times are tough, money is tight – the best thing to do is shop around and find the cheapest quote right? WRONG! As with most things in life, you often get what you pay for. And cheaper insurance premiums are, more often than not, a false economy. Insurance companies are in business, too, and premiums are well calculated based on the amount of cover given and the level of risk involved. For premiums to be cut, cover generally has to be cut. And this could be very bad news for you if you need to make a claim. Imagine the scenario. One of your vehicles is involved
in a collision and is badly damaged. The insurer takes it away to repair it. It is going to take a couple of weeks. This would be fine if your policy provides a courtesy vehicle, but if the only criteria you bought on was price, the chances are a courtesy car would be one of the ‘luxuries’ that was removed from your cover. The message we give clients at ECIC (Electrical
Contractors’ Insurance Company) is simple. Focus first on getting the right protection for your fleet. Items for consideration include: n Level of cover – The three types of motor cover are: comprehensive; third party, fire and theft; and third party only. Naturally, the latter is the cheapest, but will not provide the cover you need for your business; and
n Optional covers – Such as windscreen cover, breakdown cover, courtesy cars and legal expenses insurance. Each one of these will provide benefits that you’ll be extremely grateful for in the event of a claim.
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