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Designed to protect a business that is involved in vehicle recovery activities, recovery insurance is a type of motor trade insurance that can shield your business if something goes wrong unexpectedly. This might include financial loss or claims made against you, including liability claims.
You will probably need to take out recovery insurance if you own a recovery truck or run a business that recovers broken down vehicles. You can either insure a single recovery truck or cover it under a more extensive combined motor trade policy, which covers both the vehicle and your business premises together.
The quotes you receive for recovery truck insurance will largely depend on the risks involved. In some instances, covering your business using a recovery policy can be expensive, but you are guaranteed to find the most competitive deals from trusted insurance firms by comparing quotes using Utility Saving Expert.
Usually taking the form of a combined bundle of insurance, recovery truck insurance will be tailored to reflect the specific needs of your business.
Cover that can be included in your recovery insurance bundle:
It can be challenged to decide how much insurance your business will need, and how extensively you should add coverage within your recovery insurance bundle.
The extent of insurance you take out will depend on how your business operates. Your policy will need to appropriately and accurately match your business activities.
If you and your employees regularly drive vehicles that belong to your customers, you will need road risk insurance at a minimum. However, you'll need to choose whether to take out third-party only, third party, fire and theft, or fully comprehensive cover.
For businesses that employ staff, it's necessary for you to take out employers' liability insurance to cover you for at least £5 million. This is a legal requirement, whereas taking out public liability insurance is an optional extra.
You'll also need to consider the value of the items you'd like to insure, including your premises and the tools and equipment that are essential to running your business. The sum you are insured for will need to reflect this.
Building an insurance policy for your vehicle recovery trade is personal to you and your business. You don't want to overpay for what you get, so it's important to only choose what you need. On the other hand, you don't want to get caught out by taking too many risks or invalidate your insurance by being inaccurate.
It's best to be transparent and completely honest about how your business runs so that you can create tailored insurance coverage that reflects your business needs.
Due to the fact that a vehicle recovery business will require a tailored package of insurance coverage, there can be a great deal of variation from business to business. One recovery insurance bundle might look very different from another, depending on what the trader needs.
Because of the range of options that make up recovery truck insurance coverage, it's difficult to provide an average price for this type of motor trade insurance and it would be unhelpful to estimate costs when there is so much variation.
Additionally, a range of risk factors can influence the cost of insurance quotes, similar to other types of car insurance. Insurance firms will take risk factors into account when calculating the quotes and premiums they offer your vehicle recovery business. Some of these will be generalised, others may be unique to your trade.
Factors that insurance providers will consider include:
Given the nature of the motor trade industry, accidents are more likely to happen. This can increase the premiums that you are offered by insurance providers, which can make them costly.
However, there are some relatively simple ways to push down your insurance quotes and reduce your premiums.
You may be able to lower the cost of insurance by:
Finally, the best way to guarantee lower quotes is to compare deals online from a number of suppliers. Use Utility Saving Expert's online comparison tool for free now.