Whether you have a small or a large business, if you have vans or other vehicles, you must have some commercial vehicle insurance coverage. This covers your liability in the case of an accident involving your employees or vehicles. Whether simply property damage, injury, or death, this coverage can cover some of the expenses, whether it is to your employee or to a third party involved in the accident.
The typical auto insurance policy does not protect you against the risk you undertake with business usage of a vehicle. This could mean a great financial cost to you if there is an accident involving your vehicle or employee. Whether property is damaged or someone is injured, commercial vehicle insurance can cover a portion of the costs to keep you in good financial shape.
Your insurance agency will present you with a variety of commercial vehicle coverage options. It is important to look at your options and determine what type of coverage and the amount of coverage that you truly need, and that meets your budget the best. Here are a few choices:
- Commercial vehicle insurance covers for liability in both an injury or in property damage. This is for accidents that include your commercial vehicle.
- Property liability insurance covers your risk if an accident occurs due to one of your business vehicles.
- No fault insurance will cover a portion of the cost of medical expenses to treat the business vehicle’s driver and any passengers, no matter what is at fault in the accident.
- Uninsured motorist coverage takes care of property damage and bodily injury costs in the case of the at-fault driver not having coverage. In addition, it can cover medical costs in the case of a hit and run accident as well.
- Comprehensive insurance will pay for the repairs to your vehicles that are caused from anything other an accident.
- Collision insurance coverage will cover repair or replacement costs from damage caused by anything other than an accident with another vehicle, such as a tree or pole falling.
The right commercial vehicle insurance can go a long way to reducing your financial risk and keeping your business safe.