Any business owner knows that you need insurance coverage for your commercial vehicles. But how do you know you are getting the right coverage for your company’s needs? Here are some helpful tips on commercial vehicle coverage that could save you time and money.

 

First you need to be able to define what types of vehicles you are using and for what purpose. The most common types of commercial vehicles are defined as light commercial and include most types of vans as well as pickup trucks. Small, medium and large vans, as well as pickup trucks used for the purpose of transporting materials, goods and workers usually fall into this category. The vehicles you use and their purpose for your business will determine what coverage you need, so be sure you have that specific information before getting a quote.

What’s the difference between commercial and personal vehicle coverage?

Coverage for your commercial vehicle is very similar to the insurance you need for your personal vehicle. However, there are a few added risks associated with commercial vehicles such as: added weight of loaded vehicle, size and nature of load, modifications of vehicle for commercial purposes, and ownership of contents i.e. property belonging to you or your customer. Added risks also include potential health and safety hazards to your employees and other workers. Commercial vehicle coverage is specially designed to cover these added risks so it is very important that you have it.

What are my legal responsibilities?

Commercial vehicle insurance not only protects you in case of accident, theft or injury, it also fulfills your legal requirement to have the coverage. Legally, you must have the appropriate liability insurance to cover your company and its assets. Public liability protects you from claims of negligence resulting in injury to a member of the public or damage to property. Although this type of insurance is not legally required, many clients insist on it. Employer liability protects you and your company from claims of negligence from your employees, such as injury to a worker. Some insurance providers can offer a combined insurance policy covering both public and employer insurance together. Professional Insurance can provide peace of mind by protecting you and your company against financial losses suffered by your clients and others. Although Employer Insurance is the only legally required type of liability coverage, it’s a good idea to do some research and find out how the other types might be a benefit for the security of your business.

How do I know I’m getting the right coverage?

It’s always a good idea to shop around to find what companies provide the type of insurance you need. Looking at several different insurance companies also helps to ensure that you are getting the best price for your coverage.

When comparing coverage and prices, keep in mind what type if insurance you will need. Factors that will determine types of coverage include what type and how many vehicles need to be covered. Often, you can save money by insuring several vehicles on the same policy. Also, remember to thoroughly examine the policies you are considering. The “Exclusions” section of your policy may not cover certain activities. Look over your policy carefully with your provider to make sure that you are not paying for a policy that doesn’t cover what you may need.

Finding the right insurance coverage is important to you and your business. Make sure you are well informed and prepared so you get the best quote at the best price.

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