Good commercial car insurance is tailor-made for vehicles that are utilized in the operation of a business. This coverage safeguards a business or individual from liability issues and from potentially expensive repair bills should a commercial vehicle be damaged in the function of the business.
This coverage is very helpful for all types of businesses that, in some way, incorporate vehicles for business operations. Some level of this coverage is often required by law, (normally liability), but it is also crucial for business owners who wish to avoid or mitigate many of the legal, medical, or repair expenses that can result from accidents or other loss events that a business owner using vehicles can face. Both large and small businesses can benefit from this kind of coverage. Whether one has a fleet of vans or trucks or just one car for making deliveries, it is important to keep in mind that without coverage, one accident can mean significant losses, sometimes to the extent of bankrupting a business.
A business auto policy is not too different from a standard personal auto policy. As with the usual personal car insurance policy, a company that is acquiring coverage must first determine what policy components they might need and the necessary levels of protection for each.
The following are the kinds of Commercial Car Insurance Coverage:
• Personal Injury
• Bodily Injury (to others)
• Collision (with other vehicles)
• Property Damage
• Damage Due to Loading and Unloading
• Rental Assistance During Repair
• Comprehensive Coverage
• Towing & Roadside Assistance
Keep in mind that the legal mandate for commercial car insurance usually means liability coverage. Liability insurance means a company can more easily take financial responsibility for losses that it is responsible for. Auto lenders, of course, are primarily concerned about protecting their investments, namely the vehicle(s) being covered. Therefore, lenders will require coverage that is far more comprehensive in nature.
Keep in mind that there is a myriad of other options available, from towing assistance, and so much more. Before obtaining this kind of policy protection for commercial vehicles, one needs to grasp the importance of the financial risks that are associated with operating commercial vehicles. Know that many insurance companies can provide multiple discount types to help in saving money on coverage premiums. For instance, a business owner may qualify for a discount if the entire fleet of vehicles are insured under one policy and so on. Additional premium discounts can be had if the business opts for a higher deductible. Talk to an insurance professional for more details.
