Setting up in business is inevitably loaded with obstacles, the only way around which is to whip out the wallet and pay up. When it comes to insurances there is often a temptation to skimp and get away with the bare essentials – we have all done it. Looking back over time you see hundreds of insurance policies that you never called into play so it was money wasted right? Wrong. We got lucky. In reality the insurance policies we have are worth their weight in gold. Think about how much worse it would be to be thousands of pounds in debt because you had no insurance versus a year’s worth of premiums that might go by the by unused.
Extra items that are offered along with a main truck insurance policy are the biggest source of false economy. We will have a look at some of the main ones and explain why they are worth the money and something you should seriously consider.
Straightforward and as it sounds. We have breakdown on our domestic vehicles so why would you not have it on your truck? All too often a mate in the business will tell you not to worry, he knows a guy who is happy to come out – he swears he is loads cheaper than breakdown. Brilliant no monthly premiums and cheap assistance. However, it also means he doesn’t have to come out or he could be busy when you breakdown at the side of the motorway with an important deadline looming. No premiums equals no contract. Think again about relying on mates in the trade.
- Accident and sickness cover.
We have all heard the stories of accident and sickness cover refusing to pay out – so it can’t be worth the money. It is proven and guaranteed that these companies do pay out – they are regulated by financial bodies and fully accountable to the Ombudsman. If you are a one man band and you are unable to work you need to have something in place to replace your earnings. Be honest in the medical questions, find out exactly what you are paying for and it is pretty likely should you need to claim they will pay out.
- Loss of use cover.
A serious mechanical fault hits at the same point as a cash flow crisis – the truck is out of action, it isn’t an insurance claim issue – but you are facing a few weeks grounded with nothing to drive. Customers are complaining – contracts are in danger. Loss of use cover can help cover this.
- Continental Medical Expenses Insurance.
If driving sees you taking in the sights of Europe or beyond then you definitely shouldn’t skimp on this one. The NHS belongs in the UK. You cannot access it if you aren’t here when taken ill. Take note of holiday makers horror stories of being taken ill abroad – they are not lying. The cost of getting medically transported from Europe to home should the need arise is between 10-15K for that alone.
All of the extras are worth considering. As with any insurance there will be levels of cover so feel free to customise yourself a package but whatever you do, don’t leave yourself uncovered.