Caravan Insurance

The vast majority of self-employed van drivers have no idea what they will do when they eventually call time on their career behind the wheel, a new survey has suggested.

Two out of three business owners have not yet decided on what they will do with their business once they have given up work, the study by Barclays showed - a figure that rose to more than four out of five when it came to sole traders.

Commercial director Stephen Ingledew explained that, with many businessmen relying on the successful disposal of their enterprise for a comfortable retirement, it is therefore important that they make the decision on what to do with it as soon as possible.

Commercial Van Insurance

He warned: "Despite being driven within the business world, there is an alarming apathy amongst business owners, with so many yet to consider the future of their company when they retire.

"Succession planning is a tricky subject, but one that is vital for both the owner of a business and their families."

A report last summer by Norwich Union showed that most van-owners are well-educated entrepreneurs, for whom their vehicle serves as an office and is stocked with a wide variety of stationery and even technology such as laptops.

Around half of all other sole traders are expected to sell on such assets to another owner when they retired, while a quarter will pass theirs on to another member of family.

Breaking news provided by onequote direct - specialists in commercial van insurance.

Previous