Car insurance that covers employers stock?

jonports

Like many employers mine has recently decided to withdraw company cars replacing them with an allowance. In order to qualify for the allowance however there are quite a number of conditions on the car I might choose; type, emissions, max age & mileage etc. One such condition is that my insurance policy must cover company owned tools/stock/kit whilst in the car up to a value of £5000. I have spoken to a good number of well-known insurance brokers and whilst they would be happy to insure me/car they only include cover for personal possessions (typically £500-1000).   One broker I spoke with, who was very helpful, basically said this type of cover was generally only available on business policies and as the vehicle would be privately owned and registered and I'm employed I would be ineligible for this type of cover, and further this was standard industry practice.  So my question is this, has any one had this situation before, and if so can you kindly point me in the right direction - very much appreciated. thank you

dacouch

A vehicle policy will not cover this at all, a stand alone policy could be arranged however it would be relatively expensive (I would expect circa £500 a year) and the other problem you will have is as you have been told no one will be interested in covering your employers items.
It's your employers responsibility to cover their own items not there employees

George_Michael

I would be telling the employer that you have been unable to find suitable insurance so unless they are willing to cover any potential loss themselves or find an insurer that will do so (at their cost) you are not going to be able to carry their stock in your personal vehicle.

AdrianC

jonports said:

Like many employers mine has recently decided to withdraw company cars replacing them with an allowance. In order to qualify for the allowance however there are quite a number of conditions on the car I might choose; type, emissions, max age & mileage etc. One such condition is that my insurance policy must cover company owned tools/stock/kit whilst in the car up to a value of £5000. I have spoken to a good number of well-known insurance brokers and whilst they would be happy to insure me/car they only include cover for personal possessions (typically £500-1000).   One broker I spoke with, who was very helpful, basically said this type of cover was generally only available on business policies and as the vehicle would be privately owned and registered and I'm employed I would be ineligible for this type of cover, and further this was standard industry practice.  So my question is this, has any one had this situation before, and if so can you kindly point me in the right direction - very much appreciated. thank you

Yes, I'd have thought most of your colleagues would be in this same situation...

Any of them able to help? Or your HR dept?

MinuteNoodles

jonports said:

 One such condition is that my insurance policy must cover company owned tools/stock/kit whilst in the car up to a value of £5000.

One broker I spoke with, who was very helpful, basically said this type of cover was generally only available on business policies and as the vehicle would be privately owned and registered and I'm employed I would be ineligible for this type of cover, and further this was standard industry practice.  

That concerns me. If you're using your car for business journeys, which carrying company owned tools, stock and kit strongly implies, you need to have business insurance. Private "Social and Domestic and Commuting" insurance does not cover business travel such as travelling to a job, travelling to a customer, travelling to another company office. In fact with most companies the "commuting" part will only cover you to a single place of work so if you have multiple jobs or work for an agency going to different clients every week it won't even cover you for that. 

Goods in transit insurance would cover those items.

Scrapit

MinuteNoodles said:

jonports said:

 One such condition is that my insurance policy must cover company owned tools/stock/kit whilst in the car up to a value of £5000.

One broker I spoke with, who was very helpful, basically said this type of cover was generally only available on business policies and as the vehicle would be privately owned and registered and I'm employed I would be ineligible for this type of cover, and further this was standard industry practice.  

That concerns me. If you're using your car for business journeys, which carrying company owned tools, stock and kit strongly implies, you need to have business insurance. Private "Social and Domestic and Commuting" insurance does not cover business travel such as travelling to a job, travelling to a customer, travelling to another company office. In fact with most companies the "commuting" part will only cover you to a single place of work so if you have multiple jobs or work for an agency going to different clients every week it won't even cover you for that. 

Goods in transit insurance would cover those items.

I travel to multiple sites and so have s, d,p and business. But stock is expressly prohibited. 

MinuteNoodles

Scrapit said:

MinuteNoodles said:

I travel to multiple sites and so have s, d,p and business. But stock is expressly prohibited. 

Carrying stock or carrying goods for hire and reward, aka being paid as a courier or transport company to deliver them? The two are not the same thing.

And whilst in both cases it won't cover you for the stuff you're carrying goods in transit insurance which is a separate policy to cover for the vehicle would do.

sheramber

 On one policy cover for employer's goods  was limited to £500

Scrapit

MinuteNoodles said:

Scrapit said:

MinuteNoodles said:

I travel to multiple sites and so have s, d,p and business. But stock is expressly prohibited. 

Carrying stock or carrying goods for hire and reward, aka being paid as a courier or transport company to deliver them? The two are not the same thing.

And whilst in both cases it won't cover you for the stuff you're carrying goods in transit insurance which is a separate policy to cover for the vehicle would do.

I don't have need to carry stock or goods as part of my work and it is expressly forbidden in my business insurance.