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Thread: Business insurance or Commercial Insurance?

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    Platinum Member SilverNodashi's Avatar
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    Business insurance or Commercial Insurance?

    Hi,

    Can someone, preferably with insurance background, please shed some light on the topic?

    I have been advised by a broker that our current business insurance is incorrectly specified. My current insurance company (one of the big ones) cannot verify this for me, as they don't seem know even know what is what.

    We do installations and repairs for clients. A panel van is used to drive staff, tools and sometimes equipment to site - all which is insured for business usage. I also have goods in transit insurance for the equipment / spares which we sometimes pickup for the client as needed. This is under separate cover from the van

    NOW I'm told, should this car get involved in an accident, with goods in transit, that the van WON'T be covered under insurance.

    No profit is made from the van, to transport of people or tranportation of goods. i.e. it's not a taxi, nor a courier van. It's purely a van for self use. It's a panel van though since carrying personal on the back of a bakkie is dangerous and illegal. And the tools inside is safer than inside a perspex canopy.

    The insurance premiums for commercial use would increase by about 70%!

    Can anyone please confirm what the exact purpose / nature of commercial insurnance would be?

    I know it's for taxi's, courier / freight companies, etc, who make money from the transportation directly - but we don't.

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    Site Caretaker Dave A's Avatar
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    For clarity:

    1. Your question relates to the vehicle insurance portion of the policy only?

    2. Who owns the vehicle?

    3. Who drives the vehicle?

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    Platinum Member SilverNodashi's Avatar
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    Quote Originally Posted by Dave A View Post
    For clarity:

    1. Your question relates to the vehicle insurance portion of the policy only?
    Yes, sorry, I should have mentioned: This relates to the vehicle only.

    Quote Originally Posted by Dave A View Post

    2. Who owns the vehicle?
    Long story: It's owned by another business I own, and is rented (without profit - purely to cover bond + insurance) to this business

    Quote Originally Posted by Dave A View Post

    3. Who drives the vehicle?
    At this stage, only myself.

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