There are over 1/4 of a million road traffic accidents and 300, 000 road related casualties in the UK every year. It is estimated that between 25 and 33% of serious and fatal road accidents involved a victim that was 'at work' at the time.

According to a recent police survey over 47,000 light goods vehicles are stolen each year from British businesses each year. It is estimated that this equates to £152 million in lost assets independent of any additional costs such as increased premiums, loss of earnings and alternative transport expenses.

Commercial Vehicle Insurance - How it works

In the UK you must, by law, insure your legal liability for injury to others and damage to their property arising from the use of vehicles on the road. This is known as third party insurance. In addition to this basic level of cover policies typically include fire and theft cover.

Fully comprehensive cover includes cover against damage to your vehicle. Cover is usually unlimited in respect of your liability for injury to other people but may have a limit for damage to their property. Your policy wording will identify all terms, conditions, limits and excesses.

If you are using your personal vehicle for both private and businesses purposes you must inform your insurer. They will want to know details of the goods you transport, the drivers to be covered, the duration of use and various other details. You may be able to simply extend your existing policy to cover occasional business use.

If your vehicle is used predominantly for business purposes, for transporting goods or is actually owned by the company you will probably need a specific commercial vehicle policy. Most businesses opt for fully comprehensive cover and insure for any driver over the age of 25 years.

If you own more than five vehicles, a fleet policy may be arranged. The claims experience of your fleet will provide the main rating factor in assessing the cost of the policy.