What is Motor Vehicle Insurance For Business?

Motor vehicle insurance for businesses helps cover the financial costs incurred due to accidental damage or theft in regards to company vehicles. It may be also referred to as corporate car insurance, company vehicle insurance, business vehicle insurance, and more.

Business motor vehicle insurance is essentially car insurance for business vehicles and can include those such as trucks, trailers, cars, and more. If you happen to be using your personal car for business, your personal car insurance might not adequately protect you from situations such as theft or damage to your car when used for business.

There are a range of different motor insurance policies for businesses. The one you select should properly protect you and your employees from unexpected situations that would involve damages to your company motor vehicles as well as property and even people. Each policy and insurance coverage varies, so we recommend getting in touch with our leading team of insurance risk advisers at Adroit today to find suitable business vehicle insurance for your business.

Types of Commercial Motor Vehicle Insurance

There are 3 main types or levels of commercial motor vehicle insurance plans, however each can be tailored and vary from one policy provider to another. It’s important to have an expert insurance risk adviser to take you through the key differences, and help you identify what you should be looking for in commercial company vehicle insurance cover for your business.

The 3 main types of commercial or business motor vehicle insurance includes full comprehensive insurance, third party property damage insurance, and third party fire & theft insurance.

Full Comprehensive Insurance

Full comprehensive insurance is the most high level of commercial motor vehicle insurance covers, which provides financial assistance when your vehicle gets damaged from fire, theft or other causes of accidental damages. Plus, it can cover you for property damage as well as injuries caused to third parties such as pedestrians.

  • Loss or damages to your vehicle
  • Damage to third parties which your company vehicle was involved in
  • Vehicle replacements if needed
  • Hiring cars including emergency car hire
  • Damages to additional accessories included in your company motor vehicle
  • Towing your damaged vehicle
  • Loss or damage for sign writing such as advertising or other branded material that are permanent areas of your vehicle

Third Party Property Damage Insurance

Third party property damage insurance only covers the costs of damages to third party vehicles and properties that your business vehicle has been responsible for or involved in.

An important thing to note is that this cover does not include or cover the costs of damages incurred on your vehicle. Instead, it focuses on the costs for damages to third parties’ vehicles and properties.

  • Costs incurred from being in an accident in your business motor vehicle with an uninsured motorist or third party, given that you are not at fault in this situation
  • Also, some policies may also provide you a certain level of cover for the costs of emergency services as well as legal costs

Third Party Fire & Theft Insurance

Adroit partners with you to champion your cause and ensure your business is truly ready to take on tomorrow with confidence

  • Loss or damage to your vehicle in the event of fire, explosions, lightning, as well as your car being stolen
  • Damages to third party property
  • Being involved in an accident with an uninsured motorist or third party where they’re at fault for the accident
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Frequently Asked Questions

It doesn’t matter how many vehicles your company is in possession of, or what kind of vehicles they are. From a corporate car to a fleet of trucks – all vehicles can cause damage to others, and that damage could end up costing you. Damage to your own vehicles, legal fees in the event of an accident, as well as the need to hire replacement vehicles could burn a deep hole in the pockets of your business.

Any business that owns or operates vehicles that are used on public roads will benefit from business car insurance or company car insurance. This includes any employee who uses their personal car or a company vehicle for business purposes.

Without the proper level of motor vehicle insurance set in place for you and your employees, the financial costs and fines could surmount to hundreds of thousands, if not millions of dollars depending on the severity of your accident situation. It’s best to be safe and get the right car insurance for business to avoid the headaches and stresses later on.

Whilst we work with our clients on risk management strategies and to produce insight into claims trends, you may not be able to stop accidents from ever happening. The best you can do is get the right insurance solution to make sure you’re covered if it does, and our experts can help.