If you’re just starting out in the transport business – or thinking about doing so – you really need to have a good long think about your insurance needs and options.
First – do your research. Do as much research into your insurance as you would in considering new car offers, or choice of truck/s.
There simply is no ‘one size fits all’ insurance approach. In practice, everyone’s insurance needs are different.
A good insurer will speak to you in detail about your business needs and potential liabilities. Any insurer who doesn’t do so should be treated with a little healthy cynicism.
Truck insurance is a more complicated and specialised field than car insurance. Before making its recommendations, the insurance company needs to understand your business to then ascertain your specific needs.
The cover you’ll need depends on many different factors including your own circumstances, the type of transport work you do or are planning to do, the type(s) of vehicle(s) you operate, the nature of the goods you’ll be carrying and whether you are a sole trader or employ other drivers.
As an overall guide you are likely to need basic vehicle insurance which includes trailer cover if necessary, goods in transit insurance, public liability insurance, employers’ liability insurance (if you employ anyone), and legal expenses cover.
You may also be well advised to think about accident and sickness cover, vehicle breakdown cover, specialist insurance for hybrid vehicles, insurance for loss of use and continental medical expenses cover if you need to drive overseas.
As you can see, it’s potentially a complex business and it’s often best to put all the insurance under one roof with a truck and lorry insurance specialist who fully understands your unique needs. No two sets of insurance requirements for transport companies are the same.