There is a question which keeps Leicester’s homeowners up at night, and that is, “Should I hire a painting contractor, or do it myself?”
Guide to Van Insurance for Contractors
Van Insurance is an important insurance policy for any tradesperson. But do you know exactly what it is?
You might be wondering, is a work van different from a standard van? How much will your insurance cost? These are just some of the questions tradespeople have, and we are here to answer them.
What is a work van?
The classification of vehicles can be a tricky area, particularly if you use your van for both professional and personal travel. By law, you must have insurance for any vehicle you own, but for your business vehicle, a typical policy might not be sufficient.
According to HMRC, a commercial vehicle must weigh more than 3.5 tonnes or be able to transport a payload (the portion of the load from which you receive payment, such as cargo or materials) that weighs more than one tonne. This typically comprises pick-up trucks, tractors, vans, lorries, and car-derived vans (CDV).
How can you use your work van?
Vans and other commercial vehicles are typically only used for business. This can impact your insurance and MOT obligations, as well as the tax status of your vehicle. The rules, however, are complex. The status of your vehicle will depend more on how it is built than on what you plan to use it for.
The simplest way to approach this is to consider the type of vehicle you drive and the purposes for which it was designed. There's a high chance that it's not a commercial vehicle if it was intended to be a private vehicle, like a standard car.
What your van can carry is a crucial additional factor. You most likely have a business vehicle if it was designed primarily to transport the driver, one or two passengers, your supplies, and any tools.
If you are unsure which category your van belongs in, get in touch with our team, and they’ll be happy to advise.
What about insurance for your van?
Van Insurance is a unique type of cover that a business or sole trader generally takes out. It is different from the policy you have for your own vehicle due to the fact it intends to safeguard the vehicle you use for work.
It is a valuable piece of cover for any trade business in that it aims to protect your company in reducing any loss you face - taking care of the financial burden of your van being stolen, damaged or broken into.
You can find out everything you need about our Van Insurance here.
Do you actually need Van Insurance?
Unless you have registered and declared a vehicle to be "off-road," you are required by law to carry the correct type of insurance. If your van is used for business purposes, standard insurance (such as the kind you have for your private car) might not be adequate, as mentioned above.
If you use your van for business purposes without having the proper Van Insurance, you might not be covered in the event of an accident or van theft, so it's best to ensure you have adequate cover in place before you drive off the forecourt.
What affects the price of your Van Insurance?
The price Van Insurance, like many other forms of cover, will depend on various factors including:
- Your vehicle size (larger vans, for instance, generally cost more to insure)
- What your business does
- If you want to insure other staff members as drivers
- An idea of the annual mileage and distance you travel for work
- Location the vehicle is kept overnight
- Additional security features your van has.
All of these factors will be taken into consideration when determining your quote for your business Van Insurance, so having all of this information on hand is a great start.
To get an idea of what safety features you can add to your van to increase the security, you can read our blog on protecting your tools and securing your van here.
Why choose Rhino Trade Insurance for your Van Insurance?
We provide affordable trade insurance policies that can be financed with 0% interest monthly payments or an annual payment - it’s your choice. Your needs can be met by our five-star team, who will create a policy that suits your business's every need.
For all the information you require, contact Rhino Trade Insurance at 0116 243 7904 or head to our website and try our amazing quote engine. It will take you less than 60 seconds to get a price!