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Is van business insurance necessary?

Van business insurance is necessary for any business owner who uses vans to serve their customers. Not only is it legally required, but the wise businessperson will consider it an investment against liability and damages in case of an accident. There are a number of places to purchase this type of insurance, and it need not be expensive.

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Finding Van Business Insurance

car insurance optionsAsking other business owners for a reference is one place to start. There’s nothing that carries quite as much weight as a referral from a satisfied customer. Buying business insurance from your existing insurance agent, whether it’s for one delivery van or a whole fleet, is another way. But if time is short, shopping around on the internet is convenient.

Many insurance agents will provide a quote from their own website. Other websites are designed to give quotes from multiple insurers. Usually, to get insurance the company is required to have a fleet of at least half a dozen or so vehicles. However, businesses can still buy insurance for smaller fleets of less than five vehicles. When shopping around, there are some things to remember.

  1. As a general rule of thumb, the big personal insurance companies are also the most popular providers of commercial insurance. It’s easy to get quotes online from the larger, high-profile insurers.
  2. On the other hand, bigger doesn’t always translate into better. Smaller insurers can sometimes undercut the larger companies with lower rates and personalized attention to each customer’s insurance needs. That’s why it’s a good idea to ask around and check with other business associates.

The Types of Insurance Available

There is more than one type of business insurance. The insurance policy needs to be tailored to fit the needs of the specific business, so it will change from company to company. For example, a policy for a delivery company with a fleet of 25 vans that drive a radius of 25 miles to pick up and deliver packages will be different than a policy for a small florist or caterer.

There are three major types of vehicle coverage for businesses.

  • Collision Coverage insures against the cost of repairs in an accident involving a collision. This is the most basic with the lowest premiums.
  • Comprehensive Insurance protects against the expenses incurred from theft, vandalism, natural disasters and weather-related events.
  • Underinsured and Uninsured Motorist Coverage, just like it sounds, protects the business owner in case of an accident in which the other driver has insufficient or no insurance.

Depending on the type of business, van fleet insurance can be customized and features like liability, medical payments or rental vehicle coverage can be added. The smart business owner with a full fleet of vehicles can purchase one reduced-price policy to cover more than one van. That would cost less than buying an individual policy for each vehicle. This strategy is similar to buying auto insurance for your personal vehicles. Follow these tips when looking to purchase van business insurance.

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Saving Money When Purchasing Insurance

van business insurance

Insurance companies offer a variety of discounts to businesses looking to ensure their vehicles. In addition to multi-vehicle discounts, there are other cost-saving measures as well. You might want to look into a discount business insurance plan.

  1. Insurers offer businesses multi-policy discounts when they buy equipment and property insurance in addition to fleet van insurance. For convenience, these different types of policies can be combined into a single umbrella policy requiring only one monthly or quarterly payment.
  2. Employees can make or break a company, and businesses can save money by only hiring drivers with clean driving records. Insurance companies put drivers with past moving violations in a higher risk category and they are more expensive to insure.

Get Coverage that Fits

There are some basic tips to follow to ensure what you buy fits your business needs.

  • The importance of giving correct information about a vehicle’s history can’t be emphasized enough. Providing the right details to the agent helps him or her match up your business with the exact type of coverage that you need. No one wants to pay higher premiums than necessary, but not having enough coverage, or the wrong kind, can be a financial disaster to a business if the vehicle is involved in an accident.
  • Comparing prices online is also a good move. Not all insurance companies are alike. One insurance agency may offer lower monthly or quarterly premiums. Another agency may offer lower deductibles or better discounts. Checking four or five insurers can give you a good idea of price ranges and discounts available to your business.
  • When going over individual types of coverage, remembering to purchase breakdown coverage is wise. Business vans are on the go constantly, and the extra mileage put on them means they are that much more likely to have mechanical problems if not maintained properly. This type of coverage saves money in the long run.
  • Buying insurance on the merchandise being transported is also a good strategy. There will be no advance warning of the florist’s delivery van breaking down and all the fresh flowers wilting, the delivery van being hit by a bus and having some shipments lost or damaged, or the catering truck having a blowout and all the food spoiling. Covering goods in transit can be a financial lifesaver for a business owner.

Stay Legal for Less

So remember the key points to buying van business insurance. Purchasing insurance will keep you on the right side of the law, and choosing the right coverage will provide you with the protection you need. Careful research will also help make a more informed decision when balancing how much insurance to purchase against how much to spend. To compare business insurance enter your ZIP code in our comparison tool.

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