If you’re newly self-employed, saving money on your start-up costs is going to be high on the agenda. Since you can’t avoid getting Self Employed Van insurance, getting a good deal is the next best thing. You’ll also want peace of mind knowing that your business and your livelihood is protected should the worst happen. Use Vancompare.com to quickly compare quotes in minutes, helping keep your business overheads lower.
In short, yes. If you are going to be driving a Van as part of your daily business activities, you’re going to need an insurance policy that specifically covers you on a commercial level. This type of policy is going to be somewhat different from any personal insurance you may have and can get a little complex depending on what type of business you conduct.
If you are using your Van for business but not under a self-employed or business policy, you won’t be protected in the event you have an accident, or the Van is stolen. You also won’t be covered for any loss, damage or theft of your tools or any goods you’re delivering. Furthermore, you may be liable for costs if you cause damage to a third-party vehicle or injure someone with your Van.
The type of Van insurance you need when self-employed will largely depend on what your business activities entail. There are big differences in the types of Van insurance you’ll need for different business classes of use.
It’s a good idea to make sure that you are covered for any public liability. For instance, if the goods you are carrying fall out and damage someone’s property or if you injure a member of the public whilst conducting your business, you will need to have a policy in place that will support you financially in the event of any claim against you.
Value added tax (VAT) isn’t usually added to commercial insurance policies. Instead you will see an Insurance Premium Tax (IPT) which will be summarised in your quotation breakdown. Insurance premium tax is calculated at 12% which is lower than the current rate of VAT at 20%.
Saving money on your Self-employed Van insurance policy is important, especially considering all the other costs a small business has to endure. There are a few things you can do to help keep your insurance costs low. For more information, we’ve prepared a handy guide on how to lower the cost of Van insurance.
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