Insurance: business property and assets

Commercial motor insurance

By law any vehicle used on the road or other public place must be covered by a motor insurance policy. If you, your employees or anyone else working for your business uses a vehicle for work then you should check that:

  • all vehicles owned by your business are covered by appropriate insurance
  • any employees' vehicles used for or in connection with business have their insurance extended to cover use for their employer's business
  • any personal vehicle insurance that you may have also covers business use

You should also make sure that the cover provided by the policy is appropriate as there are different classes of business use. For example, travelling sales people or commercial representatives are considered differently from those making only occasional business trips, or who carry your products or other business assets.

Fleet insurance cover

If you own several vehicles you may be able to get fleet cover that might offer better terms. Your insurance broker will be able to advise you on this.

You need to check the licences of all your drivers and advise your insurers of any motoring convictions. Otherwise, you will not be insured. You will also need to tell insurers of any motoring convictions that happen after insurance is in place.

Find an insurance broker. If you choose to deal directly with an insurer, it's worthwhile checking that they are a member of the Association of British Insurers (ABI).