Making the Most of Commercial Vehicle Insurance

Know what coverage you need from commercial vehicle insurance providers before you shop around

Making the most of commercial vehicle insurance requires covering yourself and your business properly. You work too hard to have a lawsuit ruin your business. For many, your business travel can take you through other states. Keeping yourself on the right side of the law can be tricky with the different state insurance laws.

In addition to keeping you legal, providers of commercial vehicle insurance offer your business protection from other types of losses. For example, you can opt for coverages such as comprehensive and collision, which repair or replace your vehicle in the event of a loss.

Consider other ways to better cover you business by doing the following:

1. Know what types of coverage you need from commercial auto insurers.

2. Get an insurance quote on a commercial vehicle designed for your industry.

3. Look to your commercial auto insurer for an umbrella policy.

Know how much commercial auto insurance the law requires

By knowing how much insurance you're required to have, this information can help you determine how much and what kinds of coverage you should have. For example, if the liability requirements in your state are low, such as 10/20/10, you should strongly consider getting uninsured and underinsured motorist coverage to help protect yourself and your employees. This can also help keep you legal if you operate in more than one state.
Try: 

The Insurance Information Institute lists all the states and their compulsory requirements. There are also updates on the website as states make adjustments to their coverage requirements. A questionnaire on MSN Money evaluates your business situation and offers suggestions for appropriate coverage for your business vehicles.

Get commercial vehicle insurance quotes from insurance specialists

Some insurance companies specialize in giving commercial auto insurance quotes for specific industries. These companies make recommendations according to the industry. For example, over-the-road truck drivers have different needs compared to local delivery drivers.
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Look into insurance tailored to your line of business through Progressive Insurance. Farmers Insurance allows you to specify your line of business and shows you types of coverage you should consider for your business.

Consider a personal umbrella to supplement your business vehicle insurance

You might find it advantageous to supplement the commercial insurance for your vehicle with an umbrella policy. This insurance protects your business from additional needs that typical auto insurance policies don't cover, such as slander and libel, and provide higher coverage amounts in the event of a lawsuit.
Try: 

Look to ezumbrella from Preferred Concepts for business umbrella policies from $5 million to $25 million. Safeco explains the basic coverage required for your policies and offers a place to request an online quote.

• Your commercial vehicle insurance quote may require PIP (personal injury protection) or no-fault insurance. As the name implies, this type of insurance is primary no matter who is at fault in an accident, paying the medical expenses for individuals in your vehicle.

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