Commercial Vehicle Insurance Quotes

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What is a no claims bonus?

If you do not make a claim during your period of insurance cover, you are entitled to a discount on your annual premium, which increases until you have been claim-free for four or more years, at which point you may protect it.

A Protected No Claim Bonus will be unaffected by any claims you make. However, many insurers reserve the right to alter your premium following a claim or a motoring conviction.

If you remain claim free and have earned the maximum No Claim Bonus you may also be entitled to a loyalty discount on your premium. (However, you may lose this if you make a claim).

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What is a green card and when do I need one?

Your Certificate of Vehicle Insurance and the policy to which it relates is sufficient proof that you are insured to drive your car in member countries of the European Union. The Czech and Slovak Federal Republic, Hungary, Iceland, Norway and Switzerland are also covered. However, from time to time, participating countries may require a Green Card and this is available from your insurer on request.

You will need a Green Card for all countries outside those listed above. Contact your insurer well in advance of your departure for further details. You may be charged for this service

How do insurance companies work?

Insurance companies collect premiums from many policyholders so that they can pay out on those which have a claim. The size of claims vary from around £100 for a windscreen to hundreds of pounds for a small dent right up to literally millions of pounds for serious injuries – payouts of over a million for people who have been severely disabled are becoming increasingly common.

Why has my premium gone up?

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Insurance premiums have been rising for the last year or so because insurance companies are losing money on car insurance. They underestimated how much they would be paying out in claims and so are having to put premiums up to cover what they think the future cost of claims is likely to be. It is not easy for insurers to estimate how much premium they will need to cover claims because the premiums are set now for claims they will be paying out over the next seven years or so – this is how long it takes serious injury cases to get to court. The size of injury awards in seven years’ time is very unpredictable especially if the law changes during that time.

In addition to collecting premiums, insurance companies make money from investments. They invest the share of the premium left after paying the expenses of running the business and their marketing cost. Over the past four years most insurance companies have lost money on car insurance even after adding back investment income.

Business Insurance Coverage

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All businesses need business insurance to protect them from the unfortunate losses or damages that arise in the normal course of a business. In every business, there are risk factors involved that are very difficult to eliminate. No business can run without putting something on the line.

Businesses normally insure against the most obvious dangers, such as fire or flood. However, there is one more danger than isn’t paid much attention to, and that is the danger of criminal activities. Reports suggest that crimes are on an all time high. Residents are not the only ones miffed by the criminals who cause millions of dollars worth of loss of every year.

What-You-Should-Look-For-When-Reviewing-Business-Insurance-QuotesIt has to be understood that a standard business insurance policy does not cover commercial crimes. One must buy a commercial crime insurance to guard the business against crimes.

Some of the most common types of crimes that commercial crime insurance guards businesses from are:

  • Computer fraud
  • Employee theft
  • Counterfeit paper currency or money order frauds
  • Robbery or burglary inside the premises
  • Robbery or burglary outside the premises, directly related to the business

All such frauds are very common and difficult to shield against without a good insurance policy. It is believed that employee theft alone causes a loss of more than $50 million annually in the US. It is important to shield the business against such unfortunate events.

There are two basic forms of commercial crime insurance. They are:

Discovery Form

It covers all kinds of losses to the business, caused by the specified criminal activities, which are discovered or identified during the policy period, even if the loss occurred before the policy actually came into play.

Loss Sustained Form

It covers losses that arise only during the policy duration up to 12 months after the expiry period.

Both these insurance policies have their advantages and disadvantages. The discovery form aids greatly as in most of the cases, it takes the business months to years to find out or identify the crime. Since, this policy covers crimes that were committed even before the policy was bought; it offers greater security to business.

Whereas, loss sustained form has its advantages too. It covers losses that might arise even after the expiry of the policy (for up to 12 months), which means the business is secure for an extended period of time. However, if business fails to identify a crime within the specified period, even if it occurred during that period, the policy will not be useable.

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In some cases, the insurance company might be willing to draw up a personalized commercial crime insurance plan for you. It is highly advisable to discuss all the issues in detail before signing on the dotted lines. It’s better to have your questions answered in advance to avoid any kind of problems in future.

No matter what kind of a business you run, it is always open to criminal activities. If you are into merchandising or manufacturing, your goods may be stolen. It is not always easy to file a complaint and retrieve the lost goods, which results in profit falling as the expense increases.

Get business insurance for your business today and secure yourself against all kind of criminal activities that can happen to any business.

Where To Get Business Insurance

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Given below is all that you need to know about business insurance. The article answers questions about business insurance that will help you understand what business insurance is all about.What?

Running a business is not very easy. There are several contingencies and risks involved that can cause huge damages to the business. Business insurance covers all such risks and keeps the business in a healthy state by reimbursing for the loss. There are several kinds of business insurance policies, such as:

They all are different, but hold equal importance and protect businesses against losses. Why?

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No business ever wants to incur losses, but they cannot totally be eliminated. Businesses try to minimize the risks and dangers involved, but they cannot totally eradicate them. To secure businesses against such losses, they need to get insured. The insurance companies indemnify the business against losses.

Some issues that businesses have to face include:

  • Court Cases
  • Fall in Production
  • Theft and Other Employee Issues
  • Fires and Other Disasters

Where?

Business insurance companies are in every state. You must buy it from a company operating in your state as insurance policies and rules differ state-to-state. You can search for a good company online by searching on your favorite search engine, such as Google. Our recommendation would be Youi.

When?

You should plan the insurance at the initial stage of your business. It is very important to have the business insured since the beginning as that is the most crucial time. The business is weakest at the initial stage and needs strong ground to stand on.

However, as the business grows, you will be required to protect it better. With a growth in business, the complexities and risks also grow, which require a better insurance policy to protect the business properly.

Who?

Everyone who runs a business needs business insurance to keep the business safe. Be it a small-enterprise, a big corporation, sole-proprietorship or partnership; all businesses need to be insured against risks that are associated with operating the business. Click here.

The policy you choose depends on the kind of business you have. There are also individual policies that you can buy for your own self. However, in most of the cases, companies buy insurance policies for their employees.

How?

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You can get business insurance from any insurance company. However, you must pay attention to several factors when choosing the company. The services, limitations, costs and the company’s reliability are the factors that you must keep in mind when choosing the insurance company.

You can get the quotes from several companies and compare them to reach a decision. The premium you will have to pay also makes a difference. It depends on the company, the policy you are buying and the kind of business you have. Every business insurance company has its own terms and guidelines that you must be well aware of. If you don’t get anything, make it a habit to speak to the company to clear things.