Nearly two in three Australians drive to work, so a business car is an attractive employee perk that more and more companies nationwide are offering. These business cars are also commonly used by C-Suite managers who often have to travel to visit customers and suppliers, attend meetings at other company locations and participate in professional development initiatives out with the office.
The Business Vehicles themselves, and the passengers that they carry are extremely valuable to the company, and protecting them is imperative.
What is Business Car Insurance?
Business Car Insurance protects company vehicles against any financial losses related to owning and operating them.
Business Car Insurance can help your company attract and protect more employees who can participate in professional development initiatives.
Our Insurance Partners
Our systems do the hard work, quickly matching the insurance that best suits your business.
We do all the hard work analysing insurance policies and their covers to match them against your business risks and needs.
Our expertise insuring thousands of businesses means we know the questions to ask you.
We find the right insurance for your needs and because we operate online we have lower costs to pass more savings on to you.
You can access and update your information at any time of the day and night, when it suits you most.
What are the Specific Risks of using Business Cars?
Like any mode of transportation, driving a business vehicle brings with it certain risks that are not applicable to stationary business assets.
Every driver is different and so is their use of their business car, but there are several hazards that all business car owners should be aware of:
- Driver Fatigue: Fatigue is thought to be as serious an issue as alcohol on Australian roads, and is a factor in 20% of fatal crashes. Working long hours or under stressful conditions, or simply not getting enough sleep at night are all factors that can affect the employee’s ability to drive, which can result in accident or injury, as well as serious damage to the car.
- Speeding: Employees using their business car for important meetings or events may be tempted to speed in order to make it to their destination on time. Speed is a factor in around 1 in 5 serious crashes in Australia, representing a significant risk to companies that offer business cars.
- Mobile Phone Use: Busy employees who rely on their mobile phone for business are more likely to answer a call while they are driving. Even the use of a hands-free phone can distract from the control of a vehicle, which leaves the employee more likely to crash their business car.
- Theft & Vandalism: Top of the range company cars are often targeted by thieves and vandals, which can leave the business with a significant bill for replacing or repairing the vehicle.
- Country Driving: Your business car is exposed to greater risk if it is used to travel to more rural locations. Business cars are more likely to be damaged in these areas due to animals on the road, road trains and other vehicles, unsealed roads and breakdowns.
What Are the Key Elements of a Business Car Insurance Policy?
Business Car Insurance does more than covering you in the event of an accident. Most policies today come with a range of extra coverages and services that can make them valuable to the company, even if its drivers never have an accident. Taking the risk of driving without insurance is not only illegal, but it can also have far-reaching impact on your business’ financial standing.
Depending on your circumstances, a Business Vehicle policy may cover:
- Damage to The Vehicle: Covering loss or damage to the vehicle as a result of collision, extreme weather (flood, hail, storms, cyclones), fire, malicious act, theft or attempted theft.
- Damage to 3rd Party Property: Protecting you for any legal liability for damage to other people’s property caused by a business car.
- Personal Property: Covering an employee’s personal property that is inside a fleet vehicle, and is damaged during or after an event.
- Emergency Repairs: Protecting your business for emergency repairs to make the business car roadworthy until you can lodge an insurance claim.
- Replacement Vehicle: After a total loss, your insurance may cover the cost of a replacement.
- Theft of Vehicle Keys: Protecting you against costs incurred for replacing and recoding vehicle keys and locks.
- Towing and Storage: Covering the cost of towing and storage for the business car after an accident or theft.
Who Needs Business Car Insurance?
Any business car that is used to drive to several different offices or work sites should be covered with Business Vehicle Insurance. Whether a colleague regularly takes your car to visit clients or an employee drives hundreds of miles a week for business purposes; a Business Car policy will protect the company’s vehicles and their drivers on the road.
How PSC Direct works for you
As specialist small business insurance brokers, PSC Direct uses our considerable experience to provide multiple quotes for you. Combining our expertise insuring thousands of other similar businesses with our detailed database of insurers and insurance products; we’re best placed to advise you on the right insurance for your business.
We have strong relationships with the leading underwriting agencies and insurance companies. We can source the most appropriate business insurance policy for you, covering you for what you really need, at the right price.
We can help sole practitioners, small, medium and large businesses protect the businesses you are growing and ensure your assets are covered in the event that disaster strikes.
With our strong relationships to a broad range of highly-rated insurers we are able to advise you on business insurance, professional indemnity insurance, and professional indemnity insurance specifically tailored to meet the risk exposure of your business.
We can also provide advice on a range of additional insurance policies and cover that can affect your business and make sure you have the right insurance at the right price.
72% of Australian businesses fail after experiencing a major loss.
The right business insurance will ensure you are not one of them.
While good insurance covers you for most things – Professional Indemnity, Professional Liability and Property, great insurance covers you for the specific risks that your business faces. We understand that every business is unique and you need a policy that addresses the specifics. We make sure that when you have a claim that’s out of the ordinary and complicated, you’re covered.