Reversing collisions are one of the most common claim types experienced by motor fleet customers, despite the fact that only a small proportion of time is spent driving a vehicle in reverse. While these types of claims are often low in value, their high frequency and other hidden costs such as time off the road, claims administration fees and increased premiums can cause these rather small incidents to quickly escalate in cost.
Insurance buying decisions should be made based on the potential impact to the business. Further, these decisions should be isolated, based on the balance sheet impact and those exposures where insurance is being used to manage cash flow.
When it comes to your property – and your money – it pays to be sure. Use this handy list to check how comprehensive is your current insurance coverage.
Being aware of the types of risks a business may face and how to best manage those risks, is a crucial part of running a successful business.
Weighing up price versus value
When it comes to business insurance, weighing up price versus value is a wise move, but it’s not always clear-cut as Rob Villano from OurAuto explains.