Commercial Insurance UK: Product Innovations For Sustained Business

2007-03-08 10:33:40

( Insurance )



Companies in the commercial insurance uk business have considerably increased its product offerings to businesses. Insurers have designed and redesigned products to meet businesses’ specific needs such that there are insurance product lines for home-based businesses, shops, salon, offices, clinics and hospitals, auto and van rental companies, etc.

This will enable client companies to pay only for what they need given the rising cost of commercial insurance uk.

One of the major product lines of commercial insurance uk is commercial vehicle insurance which includes commercial auto insurance, commercial van insurance and truck insurance.

Commercial vehicle insurance covers vehicles ranging from taxi and car fleets, small vans and up to large trucks. Insurers offer two types of auto insurance covers, the “third party fire and theft” and the comprehensive insurance.

The “third party fire and theft’ insurance protects against the risk of the vehicle being stolen or destroyed in a fire.

The “third party fire and theft” is also covered under the comprehensive insurance policy which is also called as “all risk” policy. It covers any damage to your car, even those damages caused by other motorists while your car is parked.

On top of these two, insurers also offer additional covers such as for legal services option, cover for vehicle breakdown, emergency van replacement, cover for accessories and spare parts, windscreen damage not covered by comprehensive insurance, foreign use, etc.

The cost of commercial vehicle insurance has considerably increased because of rising claims. This may have contributed to the shrinking of the market for this type of insurance, prompting big industry players to merge in order to reduce operating cost and be able to push up profits in the long term.

Thus, given the high cost of premiums, it is definitely to a business’ advantage to shop around for the best deal. For one, some insurers do not limit the number of vehicles covered per policy. Others give a higher discount for “no claims” than the industry while there are insurance companies which give the extra covers like replacement vehicle for free provided client patronizes the insurer’s approved repairers.

So, go online and search. The few bucks saved every year can add up substantially if you are talking about a10-year insurance policy.


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