This new offering aims to meet the specific needs of small business owners, contractors, and those managing fleets of light goods vehicles such as vans, lorries and trucks. Credit: PanuShot/Shutterstock.

Budget Direct Insurance has expanded its portfolio in Singapore with the introduction of its Commercial Vehicle Insurance product, tailored for businesses and tradespeople.  

This new offering aims to meet the specific needs of small business owners, contractors, and those managing fleets of light goods vehicles such as vans, lorries, and trucks. 

Since its establishment in Singapore in 2016, Budget Direct Insurance has been providing solutions including car, motorcycle and travel insurance.  

The company later broadened its services to encompass higher-risk car insurance policies. 

Budget Direct Insurance CEO Simon Birch said: “We are thrilled to expand our range of products with the introduction of Commercial Vehicle Insurance. Businesses rely on their vehicles as critical assets, and our goal is to provide them with affordable, reliable protection while maintaining the high standards our customers have come to expect.” 

The product is designed to provide coverage for third-party liabilities, accidents and theft, ensuring that businesses can operate without disruption.  

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Tradespeople including plumbers and electricians who depend on their vehicles for work come under the policy. 

Customers can customise their insurance coverage according to their operational needs, with the option to add features such as 24-hour roadside assistance for breakdown support and the no claim discount (NCD) protector, which allows policyholders to maintain their 20% NCD even after a claim.  

The Any Workshop option is another feature, allowing clients to choose their preferred repair shop. 

Budget Direct Insurance is regulated by the Monetary Authority of Singapore, with its policies underwritten by Auto & General Insurance (Singapore).