There are several types of vehicles covered under the Commercial Vehicle Insurance such as lorries, vans, commercial cars, trucks, buses, trailers and more. Lorries that are allowed to transport both passengers and goods belong to a unique category with specific regulations and require a different type of Commercial Lorry Insurance.
Unsure of what is the most suitable Commercial Lorry Insurance for your company? Lian Hong’s experienced team promises to make it a hassle-free process by providing the best customer service and competitive quotations from leading insurance companies in Singapore. From understanding your specific needs to insurance renewal, our goal is to be your One-Stop Insurance Agency!
What Are Some Common Liabilities Covered In Commercial Lorry Insurance?
Under the Work Injury Compensation Act (WICA), employers must maintain insurance for employees involved in manual work as well as non-manual workers earning SGD$1,600 or less a month. This insurance is a way to indemnify against claims under WICA.
The Advantages of Work Injury Compensation Insurance
What Are Some Common Liabilities Covered In Commercial Lorry Insurance
The right kind of coverage depends on the fleet size and the unique requirements of each business. Comprehensive coverage insurance plans obviously mean higher premiums but offer greater peace of mind.
- Damage to third-parties’ property
- Death or bodily injury to other parties
- Fire damage to your vehicle
- Theft/Breaking in of your vehicle
- Accidental damage to your vehicle, motor accessories & spare parts
- Legal Costs
What Are Some Inclusions That You Can Opt For
- Windscreen damage
- Accident-related towing service
- Personal accident benefits & medical expenses
- Overseas coverage in Malaysia
- Wear and Tear
What Is Not Covered In Commercial Lorry Insurance
- Death or injury by a vehicle used for illegal business such as Hire and Reward
- Non-accidental damages
- A driver under influence of alcohol or illegal drugs
- A driver without a valid driving license
- Loss of income
Of course, the above are just some typical examples and each commercial lorry insurance policy includes different types of coverage. The insurance you decide on should ideally cover the company’s losses and protect employees’ well-being. It is also important to note that commercial lorry insurance needs to be reevaluated and renewed yearly because of changing factors that will affect the premium you pay.
We can offer sound advice and also provide competitive and customised commercial lorry insurance solutions for effortless comparison. Give Lian Hong’s friendly team a call at +65 6769 4850 now!