The right type of commercial automobile insurance is essential for any retail transport business. Trucks can be expensive, and if they get damaged in an accident, the consequences could cost you a lot of money. It is why it’s crucial to know what to look for when shopping for commercial insurance for your vehicle.
The following are the most important criteria when looking for commercial car insurance:
What Are the Scenarios That Require an Insurance Policy for Commercial Vehicles?
You need commercial auto insurance if:
- A company owns vehicles and uses them for business functions, for example, delivering goods or transporting equipment to tools.
- You have to move costly items such as tools in your vehicle regularly. It is especially true for people who must get transported for work, like running a taxi or limo service.
- Your car gets specially made to provide maintenance or construction services. For instance, if you own a Jeep that you use only for personal reasons, you’re not required to have commercial insurance for your vehicle. However, if you use your car to transport materials to work sites, you need an insurance policy for commercial vehicles.
No matter if you only have one vehicle or an entire fleet, it is essential to have commercial auto insurance if your company moves products.
What Are the Terms Covered by an Insurance Policy for Commercial Vehicles?
We will assist you in modifying the commercial auto insurance plan to offer your business the proper level of security. Here are the most frequently-used items that get covered by commercial auto insurance:
- Third-Party Liability: Third-party liability is an essential element that is a significant part of commercial insurance. It shields your company and driver if they are found “at fault” when an incident damages persons or property. The cost of an accident could be very costly, which is why third-party liability is essential.
- Collision Coverage: This type of commercial auto insurance protects against physical damages to a vehicle and its belongings.
- Comprehensive Coverage: This type of commercial vehicle insurance protects against accidents like fire, theft, or vandalism.
- Motorists Who Are Not Insured: You or the driver who caused the collision is “at fault” but lacks adequate insurance if you or a staff member are involved. This insurance will cover the costs resulting from the incident.
What’s a Business Fleet’s Policy?
Another factor to consider when looking at commercial insurance for your vehicle is whether the insurance company you choose to use offers a commercial fleet insurance policy. If you have a policy for commercial fleets, your insurance will cover all the vehicles you own for your business.
There are two primary advantages of having commercial fleet policies:
- You could qualify for a group reduction on a commercial vehicle insurance policy.
- It is easy to add or remove vehicles from your insurance instead of buying an entirely new policy when you purchase an additional car.
There are usually several vehicles that must be in place to qualify as a business fleet insurance policy. Therefore, it is essential to verify what this amount is with your insurance provider.
A Commercial Auto Insurance Policy Is Essential for Your Company
A serious accident could end your trucking company if you do not have the appropriate business auto insurance. It would help if you bought an insurance policy for your commercial auto that will provide your business and you with the security required to continue operating.
We’re here for all of your insurance requirements in Ottawa. Call Commercial Insurance Ottawa at (613) 454-5640 or email info@commercialinsuranceottawa.com to learn more about commercial car insurance.