Business van insurance provides financial support to repair or replace a vehicle used for commercial purposes if it is damaged or stolen.
It is different to private van insurance, which only covers claims if the vehicle is used for personal reasons or commuting to and from a place of business. Tradesman’s van insurance covers claims should a vehicle be damaged or stolen while on the job.
Business van insurance is applicable to anyone who uses a vehicle under 3.5 tonnes for work purposes, including travelling to and transporting tools, business equipment, or goods that are required for a project. Policies usually apply to:
There are two forms of tradesman’s van insurance that have different coverage:
This type of policy provides coverage should a third party (another driver) make a claim for damages. It also provides cover should your vehicle be damaged by fire, or stolen.
This type of policy covers third party, fire, and theft, but also includes any claims you may make for injury to yourself or damage to your own vehicle in an accident.
It is a legal requirement for tradesmen to have third party, fire, and theft level van insurance if they use a vehicle for commercial purposes, even only used occasionally.
It is not mandatory to have comprehensive cover in place, although many tradesmen do prefer to have the peace of mind that comes with having enhanced coverage.
Every tradesman that relies on a light vehicle for work requires tradesman’s van insurance. Consider that, according to the RAC, an average of 30 work vans are stolen in the UK each day, and more than one third of businesses have experienced a van theft. It’s clear that tradesmen need to be proactive in protecting their livelihoods.
Tradesman’s van insurance is essential for ensuring that, should the worst happen, you can get back on your feet quickly and avoid losing out on opportunities. And with specialist policies, you may be able to benefit from additional support in challenging situations, too, such as hotel cover if you are unable to travel home from a job.
Costs for tradesman’s van insurance will vary between providers, and the type of coverage required. Basic third party, fire, and theft policies will usually be the cheapest option, although they do not offer as much protection as comprehensive policies.
The average cost of commercial van insurance in the UK has been rising. In 2021, premiums were reported to be 37.4% higher on average than in 2014. However, there are a number of ways to keep the cost of tradesman’s van insurance to a minimum:
Build Safe is a trading name of London Belgravia Brokers Ltd, Registration Number: 9069586 . Trading address is St Magnus House, 3 Lower Thames St., London EC3R 6HD. London Belgravia Brokers Ltd is an appointed representative of Ten Insurance Services Ltd, which is authorised and regulated by the Financial Conduct Authority.
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