Whether you're keeping the economy and the country rolling by supplying products and parts to the manufacturing sector, or supplying goods to the retail sector, HGVs are the lifeblood of your business. Heavy Goods Vehicles (HGV) are trucks over 3.5 tonnes, and not having the right insurance could put the brakes on your business with devastating financial consequences.

Every business is different
Perhaps you predominantly deliver your own manufactured goods or supply other companies' parts in the manufacturing chain. Your business needs will differ from those of the next company. If you have multiple vehicles, then fleet insurance is a cost-effective way to go. If your haulage company delivers specialist products overseas, then the type of coverage needed will differ from the needs of those in a regionally based agricultural sector.

Choosing the cover you need
HGV insurance can be complicated, but you want to protect your business while keeping costs low. There is also an element of protection against the unexpected. Consider the following when deciding which policy best suits your business:

• The location, distance, and areas in which your trucks operate; for example, do they operate in the UK, Europe, internationally, or all of the above?
• How many drivers does your business employ?
• The type of goods you supply.
• The quantity and value of the products or goods you transport.
• Tailor your policy and think about additional cover. These could drastically reduce the financial impact on your business.

Levels of cover
The categorisation of HGV insurance is similar to that of car insurance and is broken down into three main categories: third-party only, third-party fire and theft, and comprehensive. But this is where the similarities end!

Additional cover
There are many extra features available that you can add to your HGV policy, from truck breakdown cover and debris recovery to damaged locks. Here are some others that could save your business money.

Legal cover
This can cover against loss of earnings if a driver claims due to injuries, so it’s worth considering; it's not just for expensive legal expenses.

Goods in transit
This is frequently integrated into your policy and can cover goods that are stolen, or damaged while being transported.

Breakdown cover
This is not just a breakdown recovery service! If your truck lets you down and your company fails to deliver, this could lead to large financial costs. HGV breakdown recovery could cover the other costs caused by not delivering.

Personal accident cover
On congested roads, it's easy to have an accident. If your team of drivers is injured, you need to have the right cover in place so that your business recovers as quickly as your team.

Sickness cover
If your drivers become ill and you are left short, then the cost to your business can be significant. Why not insure against it to safeguard your investment?

Money-saving tips

• Hire a driver who has a proven track record.
• Experienced drivers over the age of 25–30 are typically cheaper to insure.
• Fit cameras and GPS tracking devices to limit and monitor speed.
• Limiting the mileage radius in which your drivers operate.
• Increase your voluntary excess.

Conclusion
You want to keep financial threats to your company to a minimum. There are an infinite number of policies that can be tailored to your specific business requirements. It's critical not to rush this process; the last thing you want is to incur a significant financial burden, setting back years of hard work that could have been avoided. For a fraction of the cost, by carefully selecting the right features of your HGV insurance policy, you can save your company thousands.

Do you need a competitive and comprehensive quote for HGV insurance that will protect the future and prosperity of your business?

Get in touch today.