What is Commercial Motor Insurance
Commercial Motor insurance is designed to provide coverage for individual vehicles used for business purposes. This type of insurance covers a range of vehicles, including cars, trucks, vans, utes, and other specialised vehicles that are integral to the operations of a business.
The primary goal of commercial motor insurance is to protect businesses from financial losses that can arise from incidents such as accidents, theft, and damage to vehicles, ensuring that their operations are not significantly disrupted.
Who Needs Commercial Motor Insurance
Commercial Motor insurance is ideal for small business or sole traders with a small number of vehicles. For businesses with a larger fleet of vehicles, a Motor Fleet policy [link to Motor Fleet page] may be more suitable. Commercial Motor policies differ from Private Motor policies in a number of ways. Commercial motor policies often have higher coverage limits, motor fleet options which cover multiple vehicles under the one policy, and additional protections relevant to the business’ operations. The key differences lie in the purpose, coverage scope, risk assessment, and policy options.
What is Covered By Commercial Motor Insurance?
Commercial Motor policies generally cover the following:
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- Comprehensive insurance
- Fire, theft and third-party property damage
- Additional benefits may include:
- tools and equipment carried in the vehicle
- rental vehicles
- downtime costs
