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Commercial Motor Insurance

The Insurance Every Business Owners Needs to Know About

Brief Summary: MarineCommercial Motor Insurance is essential for businesses that rely on vehicles for their day-to-day operations. This insurance helps protect the company's vehicles, as well as potentially covering third-party damages, ensuring that the business can continue to run smoothly in the event of an accident or other vehicular incident.

What is Typically Covered:

  • Vehicle Damage: Covers repair or replacement costs if your business vehicles are damaged in an accident or by vandalism, theft, fire, or weather events.

  • Third-Party Liability: Protects your business against the financial consequences if your vehicles cause injury to others or damage to their property.

  • Theft: Provides coverage if your commercial vehicle is stolen.

  • Windscreen and Glass Cover: Covers the cost of repairing or replacing the vehicle's windscreen or windows without affecting your no-claims bonus.

  • Legal Costs: Covers legal fees associated with a claim involving your commercial vehicle.

  • Downtime Coverage: Compensation for loss of income when your commercial vehicle is off the road due to an insured event.

What is Not Typically Covered:

  • Normal Wear and Tear: The expected deterioration of the vehicle over time is not covered.

  • Damage from Unapproved Use: Damage resulting from the use of the vehicle for purposes not covered by the policy.

  • Intentional Damage: Any damage intentionally caused by the policyholder or authorized drivers.

  • Mechanical or Electrical Breakdown: Issues related to the vehicle's mechanical or electrical systems are typically not covered unless specifically stated in the policy.

  • Driving Without a Valid License: Incidents that occur when the driver does not have a valid driving license or is in breach of the license conditions.

  • Use Beyond Geographical Limits: Claims that arise when the vehicle is used outside the geographical area covered by the insurance policy.

  • What is Business Insurance?
    Business insurance is a broad term for various policies designed to protect businesses from financial losses due to unforeseen events such as property damage, liability claims, employee-related risks, and more. It's a safeguard that helps ensure the continuity and stability of your business operations
  • Why Does My Business Need Insurance
    Insurance is essential for any business as it provides financial protection against common risks that could otherwise result in significant financial hardship or even the closure of your business. It covers everything from property damage and liability to employee dishonesty and electronic equipment breakdown.
  • How Much Does Business Insurance Cost?
    The cost of business insurance varies widely based on factors such as the size of your business, the industry you're in, the types of coverage you need, and your claims history. To get an accurate quote, it's best to speak with an insurance broker who can assess your specific needs.
  • How Do I know What type of Insurance My Business Needs?
    Determining the right type of insurance for your business depends on various factors, including the nature of your business, the risks associated with your industry, and your business's specific needs. An insurance broker can help you assess your risks and recommend the appropriate coverages.
  • Can I Customise My Business Insurance Package?
    Yes, business insurance packages are highly customizable. You can choose to include or exclude specific coverages based on your business's unique risks and requirements. An insurance broker can assist you in building a tailored insurance package that fits your business.
  • What Happens if I Don't Have Business Insurance?
    Operating without business insurance exposes you to significant risks. If an unforeseen event occurs, such as a lawsuit or property damage, you would have to pay out of pocket for any losses or damages. This could have a severe impact on your business's finances and could even lead to bankruptcy.
  • How Often Should I Review my Business Insurance?
    It's recommended to review your business insurance coverage at least annually or whenever there are significant changes to your business, such as expansion, offering new products or services, or purchasing new equipment. Regular reviews ensure that your coverage remains adequate as your business evolves.
Business Insurance Contact

If you would like more information on Professional Indemnity Insurance please fill out the below contact form or call Warren direct on 0422 131 401

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