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Under the Road Traffic Act, motor insurance is compulsory for all vehicles that use a public highway. Cars, vans, minibuses, lorries and special types of vehicle such as forklift trucks all require motor insurance. While this is usually taken out on a fully comprehensive basis by law a vehicle must be covered at a minimum cover for injury to third parties.
The Tool of Trade extension includes within a Motor policy cover for those items which are used as an essential part of business activity. For example a lorry must be insured as a motor vehicle, but a lorry that is designed to transform into a crane when stationary is then classed as a tool of the trade and requires this extension.
Any company operating a vehicle on a public highway must make sure that its vehicles are properly insured. In addition those vehicles that are driven in areas where the public have access must also be insured. This can include forklift trucks where they are driven in a yard with public access. Cover can be on a third party only, third party injury, third party fire and theft or a comprehensive basis. While the type of cover you require may depend on your contractual obligations, the majority of vehicles are covered on a comprehensive basis.
Having a Motor policy that covers all vehicles owned or operating by your employees while on company business provides you with the peace of mind that you are protected against any motor-related claims.