Vehicle insurance is one of the absolute essentials for your business. For a start it’s a legal requirement, but you also need good cover for the protection of staff members and the cargo that may be in the vehicles.
‘Named driver’ policies tend to be cheaper than ‘any driver’ policies and so this is what many small business owners choose as the most effective and cheapest option.
This option may work for most businesses for most of the time, as you usually have the business owner and a couple of people who work full time for the company on the policy. However, it could turn out to be more expensive than an ‘any driver’ policy if you have a number of temporary staff working for you.
Insuring temporary staff as named drivers quickly adds up – for a week or two’s cover – compared to making it possible for anyone to drive the business vehicles, at any point during the year.
Often the difference between a named driver policy and an ‘any driver’ policy is not that great. It makes more sense to do it this way.
It’s still worth taking some time to research this though. Insurers offer a variety of policies and although an ‘any driver’ policy might work out to be the most economic option for your business with one insurance company, it might not be the case with another.
The best idea is to get two quotes from each insurance company and then compare the lot. Remember to also ask how much it would cost to add an extra person to the ‘named driver’ policy for a short period of time.
Other things can affect your insurance premiums – including whether any of your business vehicles is a hybrid car. Some insurers reduce premiums for these eco-friendly cars, while others increase premiums because of the expense of the parts needed to repair hybrids. The make and model of a car can also affect the premium – a Honda CR-V will cost more to insure than a Ford Fiesta, for example, as although the CR-V is a safer vehicle to drive, it can cause more damage to another vehicle in a collision.