Which insurance type provides compensation for all damaged parties by your business vehicle?

Fully Comprehensive Insurance is designed to provide extensive coverage, which includes compensation for all parties involved in an accident where the insured vehicle is at fault. This means that not only are damages to your own vehicle covered, but also compensation is provided for damages to third parties, including their vehicles and any personal injuries.

This type of insurance goes beyond basic requirements and offers a more robust safety net, making it suitable for businesses that rely on vehicles for operations. It typically covers accidents, theft, vandalism, and potentially even damages caused by natural events.

In contrast, other types of insurance such as Third Party Insurance only cover damages inflicted on other parties, while fully comprehensive policies cover both own damages and those to others. Third Party Fire and Theft offers coverage for fire damage and theft, but does not extend to all damage caused to third parties. Public Liability Insurance, meanwhile, covers claims made by the public for injuries or damages incurred due to the business’s activities, rather than relating specifically to vehicle-related incidents.