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Your April newsletter!
Welcome to the West Craven Insurance April Newsletter. This month, we provide some helpful advice to keep you updated with the latest industry changes.
In particular, we take a look at:
- What is phishing, and why should you stay protected?
- Spring clean your home insurance policy
- Should I add a named driver to my insurance policy?
- Does your HGV have the correct insurance?
We hope you enjoy this month's edition!
‘Inexpensive’ ways to protect your home as winter approaches
HEATING your home in the winter is a necessity for most Britons as temperatures are predicted to plummet over the next few weeks. But is your boiler up to it? Here's how to prepare and protect your system and avoid costly repair jobs.
Click here to read ‘Inexpensive’ ways to protect your home as winter approaches.
How workplace safety will evolve this year
Many firms are asking staff to return to work in the office. We are no longer required to self-isolate with Covid and there is no obligation for staff to tell employers if they test positive. So what does this mean for workplace safety in 2022?
Infection prevention
Many employers are experiencing an increased expectation from their workforce to keep staff safe and well. Employers should continue to prioritise infection prevention and control, where possible increasing ventilation, reducing contact between employees and keeping the workplace clean.
Remote working obligations
Now that businesses of all types have adapted to remote working, many have embraced it. Some have even altered recruitment policies to widen the pool of talent and actively recruited people on remote-working contracts.
In the rush to shift to remote working in 2020, a large number of employers may not have taken the time to complete home-based working risk assessments. Now that remote working is here to stay, it is important that risk managers take seriously the health and safety responsibilities of people working at home. From electrical equipment to posture, employers have a legal duty to take appropriate measures to ensure their staff have a safe working environment outside of the workplace.
Mental Health
Employers across the country are placing mental health and wellbeing high up on their agenda, offering training to line managers and appointing roles such as a mental health first aider. In 2021, The Health & Safety Executive’s annual report on workplace health and safety statistics, showed 451,000 people suffering from a new case of work-related stress, depression, or anxiety. That was a 30% year-on-year increase and we expect that figure to rise again.
Some employees will not feel comfortable returning to pre-pandemic working patterns. They may need help managing a phased return to the workplace, along with psychological support around coping with anxious thoughts.
For others, the last two years working from home may have taken a toll on their mental health. Employees working from home are more likely to feel isolated compared to those in a workplace, sometimes resulting in anxiety, depression and a significant lack of motivation. Employers should be reassuring employees that they can ask for help and receive support if they need it.
Disputes linked to safety concerns
Risk managers need to be aware of the potential for unrelated disputes to play out in a workplace safety context. An employee with a grievance about terms of employment, a flexible working request or even a performance-related issue, could latch onto workplace safety as a justification for a certain course of action.
It is more important than ever for risk managers to work in partnership with Human Resources departments as well as individual line managers, ensuring processes are well-documented and paper trail management is scrupulous.
Now is a great time to ensure your insurance policies cover you for all the risks to which you may be exposed. To discuss any aspect of your company’s insurance policy portfolio, get in touch.
Have you sufficiently prepared your car for the spring season?
As the warmer weather sets in, days become longer and the evening skies are brighter, we know spring has arrived.
Throughout the winter, we’re all guilty of neglecting our cars’ needs. After all, spending time out in the cold, snowy weather, checking fluid levels, testing brakes and cleaning from top to bottom is not everyone’s cup of tea.
So, why not treat your car to its very own spring clean this month? Here are three things you can get started with.
Do you need new wipers?
The snow, rain, and icy weather that we encounter throughout the winter can mean that you need new wipers by the time spring arrives. If you notice your windscreen is streaky or still dirty after you have cleaned it, this may be a tell-tale sign that now is the time to invest in some new wipers.
Have you tested your brakes recently?
Signs that show your brakes may be wearing include squeaking or grinding noises when applying pressure to the brake pedal. Brakes can be professionally tested and fixed during a routine service, ensuring you, your family and your car are all safe!
Did you know that leaving your car dirty can cause damage?
With gritted roads and melting ice, your car can get particularly dirty during the winter. Now that spring has arrived, why not get your cleaning products out and make your car look new? Leaving dirt on your car can lead to micro-scratches and rusting paintwork – not something any car owner wants!
Is your car insurance policy up for renewal soon? Our knowledgeable experts are here to ensure you take out a sufficient policy that covers all your needs. Get in touch today to find out more.
How workplace safety will evolve this year
Many firms are asking staff to return to work in the office. We are no longer required to self-isolate with Covid and there is no obligation for staff to tell employers if they test positive. So what does this mean for workplace safety in 2022?
Infection prevention
Many employers are experiencing an increased expectation from their workforce to keep staff safe and well. Employers should continue to prioritise infection prevention and control, where possible increasing ventilation, reducing contact between employees and keeping the workplace clean.
Remote working obligations
Now that businesses of all types have adapted to remote working, many have embraced it. Some have even altered recruitment policies to widen the pool of talent and actively recruited people on remote-working contracts.
In the rush to shift to remote working in 2020, a large number of employers may not have taken the time to complete home-based working risk assessments. Now that remote working is here to stay, it is important that risk managers take seriously the health and safety responsibilities of people working at home. From electrical equipment to posture, employers have a legal duty to take appropriate measures to ensure their staff have a safe working environment outside of the workplace.
Mental Health
Employers across the country are placing mental health and wellbeing high up on their agenda, offering training to line managers and appointing roles such as a mental health first aider. In 2021, The Health & Safety Executive’s annual report on workplace health and safety statistics, showed 451,000 people suffering from a new case of work-related stress, depression, or anxiety. That was a 30% year-on-year increase and we expect that figure to rise again.
Some employees will not feel comfortable returning to pre-pandemic working patterns. They may need help managing a phased return to the workplace, along with psychological support around coping with anxious thoughts.
For others, the last two years working from home may have taken a toll on their mental health. Employees working from home are more likely to feel isolated compared to those in a workplace, sometimes resulting in anxiety, depression and a significant lack of motivation. Employers should be reassuring employees that they can ask for help and receive support if they need it.
Disputes linked to safety concerns
Risk managers need to be aware of the potential for unrelated disputes to play out in a workplace safety context. An employee with a grievance about terms of employment, a flexible working request or even a performance-related issue, could latch onto workplace safety as a justification for a certain course of action.
It is more important than ever for risk managers to work in partnership with Human Resources departments as well as individual line managers, ensuring processes are well-documented and paper trail management is scrupulous.
Now is a great time to ensure your insurance policies cover you for all the risks to which you may be exposed. To discuss any aspect of your company’s insurance policy portfolio, get in touch.
Modern eco-homes: How much could it save you in the future?
The tides are changing for UK homes, and rather than relying on fossil fuels, millennials are transitioning to a more renewable way of living. With the cost of energy soaring to new heights in the midst of a climate crisis, homeowners are becoming more switched-on and opting for better insulation, high-emission boilers, and eco-friendly alternatives.
Since 85% of homes are still heated by carbon-heavy natural gas, the switch to renewable energy is heavily awaited by many. According to the Committee on Climate Change (CCC)*, the UK will not meet its climate change targets unless it eliminates most greenhouse gas emissions from homes, which currently account for around 14% of the UK's emissions.
In an effort to resolve this problem, some people are creating their very own eco-homes. This involves fitting low-carbon technology solutions to properties to make them eco-friendlier and more cost-efficient.
How much can you save with an eco-home?
Giving your home a complete green revamp is no cheap task, but when it comes to installing low-carbon energy-saving appliances around the house, you will eventually make your money back in savings on energy bills and the increased value of your home – while also doing your bit to help the planet.
According to data from TheEcoExperts*, by installing energy efficient appliances such as solar panels, roof insulation and double glazing, homeowners could save £1,863 each year – or £37,260 over 20 years.*
What’s more, using these low-carbon appliances could reduce your carbon footprint by 123.2 tonnes of CO2 over the next 20 years.*
How much can low-carbon technology increase your property’s value?
The next wave of first-time buyers will undoubtedly be seeking out greener houses that cost less to run. Eco-friendly features can increase a property’s Energy Performance Certificate (EPC) rating, and from April 2025, the government will enforce the requirement for all domestic tenancies to reach an energy efficiency rating of ‘C’ as a new minimum.
Alongside this, energy bills are set to continue rising, and the global focus on tackling climate change is likely to strengthen in the upcoming years. These two factors will dictate the impact that high EPC ratings have on house prices in the future.
Which products will save you money in an eco-home?
Solar panels
Solar panels are essential for any eco-home, as not only do they work effectively on their own, but they can also help power other low-carbon appliances such as heat pumps. According to The Energy Saving Trust, the average solar PV system costs around £4,800 and can save on average £530 annually* - that’s roughly £10,600 over 20 years.
Double glazing
Double glazing is becoming a must for most home-hunters, as its money-saving and eco-friendly benefits are ideal for keeping warm over the winter months.
The price will depend on the style and size of the window, as will the material of the frame. According to the Energy Saving Trust, swapping out single-glazed windows for A-rated double-glazed windows could save you £145 per year*.
Roof insulation
It’s widely estimated that a quarter of a home’s heat is lost through its roof; therefore, insulating this part of your property is vital if you want to save on energy bills.
Plus, roof insulation is much cheaper than many other home improvements – it typically costs around £530 for the average three-bedroom house.
Savings will depend on the type of property you live in – whether it’s a detached house, a bungalow, or a flat – but you can expect to save between £150 - £380 a year. This means you could earn your money back in savings within one or two years, and as a bonus, you could cut your carbon footprint by up to 11.6 tonnes of CO2 over 20 years.**
Summary
Eco-homes are still a growing trend, but with today’s fast-changing climate, it’s likely they’ll start to appear more frequently across the UK in the next decade.
If you’re thinking of creating your own eco-home, now is the perfect time to invest. The earlier you can start making lifelong savings and reducing your lifelong carbon footprint, the better. Even just taking green baby steps towards making your home eco-friendlier can make all the difference in the long run – you’ll slash your bills, help the planet, and keep your home cosy and warm over the winter.
To learn more, please contact us.
Energy Saving Trust*
The Eco Experts**
Should you let your car insurance automatically renew?
Letting your car insurance renew automatically may sound like an attractive option as you won’t need to put in any extra work, and you might be happy with the plan you’re on right now. However, this is one of the most expensive mistakes to make, as deciding not to seek out a better deal means your insurer can take advantage of your indifference and subsequently, hike up your premiums.
Without shopping around first, you could be missing out on endlessly cheaper deals on your car insurance, and there are countless other ways to drive that cost down even further. Here are our top tips:
Consider a telematics policy
Telematics car insurance bases your fees on real data about your driving behaviours, which can be recorded either through a black box fitted to the vehicle or a mobile phone app. As long as you’re a safe and careful driver, this is a great option for any age group, as telematics insurance can offer much lower premiums.
Limit your mileage
By limiting the number of miles you drive each year, insurers will see you as a lower risk, which will qualify you for cheaper insurance.
It’s pinnacle that you provide an accurate estimate of your mileage when getting a quote, as your policy becomes invalid if you’re dishonest.
Improve security
Consider installing security devices such as alarms, immobilisers, and locking wheel nuts.
You should always get a quote on how much your insurance would cost after these upgrades first, so you can weigh up whether the cost of these measures is worth the savings.
Increase your voluntary excess
Opt for a higher voluntary excess when you take out your policy, as it will lower the price of your insurance.
However, if you make a claim, you will have to pay the excess towards the cost of repairing or replacing your car, so make sure you are able to afford the excess just in case you do end up having to pay it.
Pay annually
A lump sum may seem daunting but paying monthly is a loan which comes with interest. This is why paying upfront is a substantially cheaper option if you have the funds to do so, and you won’t end up spending anything on borrowing.
Build up your no-claims bonus discount
Insurers reward drivers who are claim-free by discounting their premiums for cheaper insurance. So, keep driving safely and responsibly and you will see the benefits year-on-year.
Park with care
If you have a driveway or a garage, make sure you keep your car parked there overnight.
This will drastically lower your chances of your car being stolen or vandalised, and insurers may lower premiums as you’ll be seen as less of a risk.
Avoid modifications
Modifications of all kinds — whether they’re upgrades to styling, audio, or performance — could result in a large hike in the price of your insurance.
This is because features such as alloy wheels, body kits, and performance upgrades can make your car substantially more attractive to thieves, and your insurer will see your vehicle as a higher risk. Modified cars also tend to be more expensive to repair due to their expensive parts.
To find out more, please contact us.
Over half a million uninsured cars seized since 2018
Around 65,000 cars taken off drivers so far in 2022. More than 129,500 cars seized during 2020 pandemic. “Don’t take the risk” warns AA Insurance MD. More than half a million (542,370) uninsured cars have been seized since 2018 according to information collated by AA Insurance.
A Freedom of Information request to all 46 police forces across the UK discovered that so far this year 64,682 cars have been taken away from drivers for not having insurance. Despite the lockdowns and restricted travel throughout 2020, it saw the most uninsured vehicles seized with more than 129,652 cars taken off the road.
The Metropolitan Police took the most cars off the road with 62,900. West Midlands came second with 44,056 taken away and West Yorkshire completing the top three with 33,829 cars seized. More than 33,000 drivers in Scotland had their cars seized, compared to 22,700 Welsh drivers and 9,360 drivers in Northern Ireland. Kent Police did not respond to the request, while Cheshire Police advised that their systems could not easily determine how many cars had been seized for driving without insurance.
AA Insurance estimates there are approximately one million uninsured drivers on the road each year, however as the cost of living crisis deepens some drivers may be lured into driving without insurance. Gus Park, managing director for AA Insurance Services, said: “Every driver is worried about being involved in a collision, but worse still is the other party being uninsured. “With approximately a million uninsured drivers on the road each year, we believe it is right to protect our members with our Uninsured Driver Promise. This gives peace of mind to our customers should they be involved in a crash with an uninsured driver.
“Sadly, we know that when times are hard some people try to cut their costs, and one area people are tempted to chance it, is cutting out their motor insurance. However, these figures show that forces across the country are on the lookout and will take uninsured car away. “Don’t take the risk. Not only is there the chance of having your car seized, but the criminal and financial hardship is not worth the gamble.”
Should you let your home insurance renew automatically
Renewing your house insurance is essential. Without it, the costs of repairs can run into millions. It’s comforting to know that if somehow you forget to renew your policy; your house insurance will renew automatically. That’s right - you don’t have to do anything, and your home and its possessions will remain insured!
However, the catch is you could end up paying a lot more for the same level of cover by not shopping around. Whatever method you use; comparison sites, direct quotes or you’re married to an insurance broker, the truth is, while it’s not always the case, you will most likely end up paying over the odds.
Here are a few tips when renewing your home insurance:
It’s not always too late to change your mind
If your insurance automatically renews and you know it has cost you more money, remember the cooling-off period of at least 14 days. Sometimes longer, depending on terms, this will give you time before you must pay an expensive cancellation fee.
Shop around
A month before your policy expires shop around. Make good use of comparison websites, you are more than likely to find a better deal.
Haggle
If or when you find a better deal and your policy has not yet expired, ask your current insurance broker if they can match or at least improve on price. You might just be surprised at the answer! This is a proven method of driving down your insurance costs but beware you might not get the desired reduction in price.
Check the details
Always discuss and check the finer details of your policy. For example, your contents insurance policy may not always include bicycles stored in your shed, even if you have a contents insurance policy for your shed, as part of your home insurance policy. Don’t be afraid to ask lots of question of the broker to find out exactly what natural occurring events are insured. Flooding for example may not be covered.
Remember your excess
Check your voluntary excess thoroughly, different items and contents have different levels of excess. Equally, if there are items, for whatever reason, which are less likely to get stolen, damaged or do not hold much value to you, reduce the cost of your policy by paying a higher excess on these items.
Tailor your policy to suit your requirements
Almost anything can be insured so don’t be afraid to get a quote, if it exists chances are you can insure it.
Pay monthly
If you want to spread the cost of your insurance, pay monthly, but you will pay interest. A 0% credit card can give you a little more time to pay without paying what can be a substantially high interest rate.
Pay upfront
It might mean more money leaving your account on the day, but you will not pay interest on spreading the cost and if you find the right deal, you may find there is no need to finance the payments.
Consider multi-cover insurance
Bundling your house and car insurance can be cheaper than using two different brokers. However, it’s not guaranteed. It’s worth noting that if you do take this route just because you make a claim for your vehicle it does not mean an automatic hike in the price of your house insurance.
There are lots of options so set aside some time to examine them thoroughly, it could save you a lot of money.
What is phishing, and why should you stay protected?
What is phishing?
Phishing is a cybercrime that can cause untold damage to large and small businesses and individuals with the click of a mouse or the touch of a button. Often synonymous with emails and dodgy links designed to lure you into providing sensitive information such as passwords or bank details, there is more to phishing than you might realise!
Different types of phishing
Spear phishing
This is targeted phishing, when cyber attackers go after specific departments or employees of multiple businesses and individuals. Using their skills to create websites, links, or emails that seem relevant to you, hackers try to hook you in with the aim of getting your sensitive information.
Whaling phishing
This is a phishing strategy aiming to lure CEOs, senior management, or business owners.
Smishing – SMS hacking
Becoming increasingly popular, hackers use text messages, again luring you with a link and most likely pretending to be a legitimate organisation such as a bank or government institution.
Vishing
The clue is in the name; this form of phishing makes good use of phones. The hacker calls you directly, aiming to trick you by claiming to know certain information, which may create the impression they are part of a genuine company or organisation.
Search engine phishing
Also known as SEO poisoning, this is the kind of search optimisation you can do without. Appearing at the top of the ranks, the hacker's site draws you in, prompting you to click away all your sensitive or private information. Giveaway signs that the site is dodgy could include typos or content that is too good to be true. So always hover before you click.
Email phishing
Still the most popular choice for hackers, here are some common traits you may be familiar with!
Eye-catching offers
Claiming you have won a prize or a great product, these lines are designed to grab your attention.
Hyperlinks
Always hover over links and take a good look before clicking. Trust yourself; if it looks like something does not seem right, then don’t click.
Attachments
Don’t fall for an old hacker’s favourite; if it does not look right or you don’t recognise it, don’t click on it.
Urgency
Urgent crises, appeals, or issues relating to your business that need your immediate attention are designed to get you to act quickly without thinking.
The damage
If your business is hacked and data breaches occur, the damage can be devastating. From ruining a company’s reputation to lawsuits, loss of revenue, and bankruptcy. Cybercrime is on the rise, and hackers are constantly evolving. Cyber extortion, using malware occurs when hackers steal your data, encrypt your files, and hold them for ransom, demanding large sums of money from you before they return them.
Phishing Insurance
Whether you are a huge multinational, a private contractor, a small business, or a private individual, the risk is the same. And the consequences can be devastating or, worse yet, destroy a business completely. No matter how many preventative measures you put in place, the risk of a cyberattack and, more specifically, phishing, remains constant. While cyber security software and training your team to know what to look out for will help, the risk remains. All businesses and individuals use technology in some form today; even if you don’t conduct a lot of business online, that does not mean you are immune from the perils of a cyberattack.
Businesses and individuals are unique, and often a tailored policy is the key to meeting your requirements. From third-party liability to investigatory losses to legal costs due to cyber extortion and more, the only way to guarantee your business’s survival if or when such an event occurs is to insure against it.
Get in touch to see how we can help protect your future against cyberattacks.
Spring clean your home insurance policy
So many changes occur in spring, including the contents of your home. So it’s not all about wildlife and flowers. Perhaps you have moved home recently or made some small or large renovations. What’s more, you don’t want to pay too much for your policy. The chances are you have acquired more belongings over the course of the year, and you want the right cover.
You don’t want to overpay or underinsure
It’s an easy mistake to make; you have a busy life and forget to inform your insurance company of any changes in your home or its contents. Perhaps you have extended the kitchen and removed a wall. Chances are, this has increased the value of your home, so it’s important to inform your insurance company, because the rebuilding costs of an improved home will have increased.
Personal and precious belongings
As each month passes, you gather more stuff. From a new TV, precious jewellery, or maybe gifts at Christmas. Perhaps you treated yourself to a new tablet, laptop, or a collectable souvenir during a holiday. It’s important to tally the value of these things. You may find that the combined value of these items is much higher than you thought!
Security
While it’s not a guarantee of a lower premium, improving your home's security could reduce the cost of your premium. From the new security cameras, you got fitted to, an updated alarm.
Buildings insurance
Don’t forget to renew your buildings insurance policy. It’s easy to confuse it with home insurance. Perhaps you have added an extension, in which case you need to contact your buildings and home contents insurance provider.
Changes in lifestyle
Interestingly, changes in your lifestyle can affect your home insurance premium. For example, if you retire you may reduce the cost of your premium. Your profession also plays a part in the price you pay. Certain lifestyle choices can make a difference; for example, if you no longer smoke, this can also help reduce your home insurance costs.
New products
There is always a range of new products or add-ons available. From legal expense, home emergency, locks and keys to perhaps lesser-known travel and baggage insurance as part of your home insurance policy.
Talk to your insurance provider
The important thing to remember above all else is to communicate with your insurance broker. Each home is unique, and everyone’s requirements and budgets differ. Sometimes getting the right guidance makes a world of difference when it comes to tailoring your policy. It’s about meeting your needs while saving you premium costs and the potentially daunting and devastating costs of damage to your most valuable and precious assets.
In summary
Dig out your paperwork and check what you are insured for. Don’t rush this process, and make sure you have adequate cover. The likelihood is that you have a lot more possessions than you realise. Explore all the options. Add-ons may add a little more to your premium, but they could save you thousands in the event of a claim.
Renewing your home insurance? Want a better price with more cover for all your home insurance needs?
Get in touch today.
Should I add a named driver to my insurance policy?
When trying to decide whether you should add a named driver to your policy, the first question you should ask yourself is, "How safe a driver are they?" For many younger drivers, this is a great way to get a big discount on their car insurance costs, but you don’t want your premium to increase if they need to make a claim! What is a named driver? A named driver is another driver you add to your policy so that they are covered by your policy in the event of a claim, which means they can drive your car! What insurance coverage does a named driver have? When you add a named driver to your policy, they will get the same coverage as you do. So if you have taken out a comprehensive policy, the named driver will also be insured as fully comprehensive. Will adding a named driver affect my no-claims bonus? Just because you add a named driver to your policy does not mean you will lose your no-claims bonus. However, any claims made on the policy will most likely affect your no-claims bonus. So if your named driver has an accident, kiss good-bye to your bonus for a while! Typically, named drivers can’t build up a no-claims bonus of their own until they get their own policy. How much does adding a named driver cost? Your insurance company, as part of calculating your premium when adding a named driver, will consider many factors, including:
- The age of the driver.
- Their employment details and marital status.
- Your relationship to the policy holder, for example adding your daughter, son, or partner to your policy.
- Whether the driver has a fully valid or provisional license, and how long have they had it?
- Any disabilities or conditions that the DVLA may be aware of.
- Previous claims and convictions in their driving history.
Watch out for Fronting It’s an illegal practice and occurs when the owner of the insured vehicle adds themselves as a named driver to the policy and someone else as the main driver to get a cheaper insurance policy. This can result in your car insurance being invalidated. Temporary car insurance This is very useful if you have friends or relatives visiting and you want to lend them your car; you could add them to your policy. But you don’t want any awkward moments or worry if something should happen. You do not want your hard-earned no-claims bonus to be affected either. Therefore, if you want to lend your car, suggest they take out temporary car insurance. In conclusion If you add a named driver to your car insurance policy often, it can make your premium cheaper. The reason for this is that car insurance companies assume that you will spend less time driving, therefore reducing the chances of you having an accident and making a claim. However, this is not always the case, and if you are adding perhaps a younger driver who has recently passed their test, they may be more likely to have an accident, resulting in a claim, which would cause you to lose your no-claims bonus and most likely result in an increase in your premium. If younger, less experienced divers in your family are looking to get insured, it might be better for them to get their own policy in the first place. This will offer a quicker route to accumulating their own no-claims bonus. The choice is yours, but one thing is for certain: whatever your insurance requirements, there is a huge variety of products that can be tailored to your specific requirements. Get in touch today to see how we can help with all your car insurance needs.
Does your HGV have the correct insurance?
Whether you're keeping the economy and the country rolling by supplying products and parts to the manufacturing sector, or supplying goods to the retail sector, HGVs are the lifeblood of your business. Heavy Goods Vehicles (HGV) are trucks over 3.5 tonnes, and not having the right insurance could put the brakes on your business with devastating financial consequences. Every business is different Perhaps you predominantly deliver your own manufactured goods or supply other companies' parts in the manufacturing chain. Your business needs will differ from those of the next company. If you have multiple vehicles, then fleet insurance is a cost-effective way to go. If your haulage company delivers specialist products overseas, then the type of coverage needed will differ from the needs of those in a regionally based agricultural sector. Choosing the cover you need HGV insurance can be complicated, but you want to protect your business while keeping costs low. There is also an element of protection against the unexpected. Consider the following when deciding which policy best suits your business:
- The location, distance, and areas in which your trucks operate; for example, do they operate in the UK, Europe, internationally, or all of the above?
- How many drivers does your business employ?
- The type of goods you supply.
- The quantity and value of the products or goods you transport.
- Tailor your policy and think about additional cover. These could drastically reduce the financial impact on your business.
Levels of cover The categorisation of HGV insurance is similar to that of car insurance and is broken down into three main categories: third-party only, third-party fire and theft, and comprehensive. But this is where the similarities end! Additional cover There are many extra features available that you can add to your HGV policy, from truck breakdown cover and debris recovery to damaged locks. Here are some others that could save your business money. Legal cover This can cover against loss of earnings if a driver claims due to injuries, so it’s worth considering; it's not just for expensive legal expenses. Goods in transit This is frequently integrated into your policy and can cover goods that are stolen, or damaged while being transported. Breakdown cover This is not just a breakdown recovery service! If your truck lets you down and your company fails to deliver, this could lead to large financial costs. HGV breakdown recovery could cover the other costs caused by not delivering. Personal accident cover On congested roads, it's easy to have an accident. If your team of drivers is injured, you need to have the right cover in place so that your business recovers as quickly as your team. Sickness cover If your drivers become ill and you are left short, then the cost to your business can be significant. Why not insure against it to safeguard your investment? Money-saving tips
- Hire a driver who has a proven track record.
- Experienced drivers over the age of 25–30 are typically cheaper to insure.
- Fit cameras and GPS tracking devices to limit and monitor speed.
- Limiting the mileage radius in which your drivers operate.
- Increase your voluntary excess.
Conclusion You want to keep financial threats to your company to a minimum. There are an infinite number of policies that can be tailored to your specific business requirements. It's critical not to rush this process; the last thing you want is to incur a significant financial burden, setting back years of hard work that could have been avoided. For a fraction of the cost, by carefully selecting the right features of your HGV insurance policy, you can save your company thousands. Do you need a competitive and comprehensive quote for HGV insurance that will protect the future and prosperity of your business?
Get in touch today.
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