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How does lorry insurance work and protect me?

Date Added: November 18, 2011 10:08:54 AM
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How does lorry insurance work and protect me?

Large vehicles such as lorries are very expensive to purchase and the risks imposed from loss is very high to the lorry owners and the owning companies. In order to reduce risk of loss to manageable levels, it is vital that insurance is used to protect the lorry, the driver and contents being carried.

The roads and motorways contain many hazards while driving. The safety record of drivers and the general public is not particularly very high. The losses which can be incurred are substantially high and there also are risks to the reputation of the company. The loss of reputation is also classed as a major risk. Having insurance will protect the business against claims and losses.

Insurance is needed to protect against:

•    Accidental damage
•    Fire
•    Theft of the lorry and its contents

It is recommended that a specialist insurance broker is consulted for various levels of cover and premiums. Lorry insurance will involve thinking about optional insurance as well:

•    Breakdown insurance
•    Contents insurance
•    Employer’s liability insurance
•    Goods insurance
•    Legal liability insurance
•    Public liability insurance

Comparison websites may not be the right place to ensure your business liabilities and the best way to obtain lorry insurance is through your own business insurance broker or a specialist insurance broker.

Adjust the excess to see if the premiums result in any additional savings.

Read the lorry insurance term and conditions carefully and store the documents in an easy to find place.
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