Resources for Commercial Vehicle Insurance

Insuring a work vehicle is another important aspect of your business - you need liability coverage to protect you and your business from bodily injury, property damage, and harm to others. Commercial vehicle insurance provides protection for medical costs associated with injury of the drivers involved as well as passengers.

Whether you own a large fleet of trucks or just use your personal car for business purposes, you will likely need to invest in some sort of commercial vehicle insurance to keep your company safe in the event of an accident, theft, or other damages.

Don’t forget to take a look at our workers compensation insurance vendors, as well.

Do You Need Commercial Auto Insurance?

Even if you drive your own car for business purposes, it's important that you are adequately insured. If you own a sole proprietorship, a personal automobile policy may be enough to cover your vehicle. However, inadequate coverage can put you and your business at risk. When it comes insuring vehicles for your business, there isn’t usually a yes-or-no answer.

• How often do you drive your car for business? If you only use your car occasionally for business, your personal policy may be adequate. If you use it frequently for business purposes, consider a business upgrade on your personal policy.

• Who is driving your car or your fleet? If your vehicles are being driven by someone other than yourself, a commercial auto policy is necessary.

• Do employees drive their own cars for your business as well? If so, you may want to add a supplemental coverage rider to protect your company specifically from damage costs.

Getting the Right Coverage for the Best Price

A number of different factors come into play when determining how high your insurance costs will be. Obviously, the more vehicles you have to cover, the higher your overall expense will be, but the rate per vehicle may actually be less the more cars you cover. Some cars also cost less than others to insure. Employing drivers with clean records can help reduce your costs as well.

• When hiring potential drivers, be sure to execute a background check, acquire a driving record from the DMV, and ask if they have a CDL (commercial driver’s license).

• Commercial automobile policies cover physical damage to the car, but not its contents. Be sure to get additional coverage if you are transporting valuable materials.

• Collision insurance covers repair expenses for damages acquired in a collision-specific accident. Comprehensive insurance covers the cost of all damages due to theft, vandalism, and extreme weather conditions- which is important considering 25% of speeding-related large truck fatalities are due to adverse weather conditions.

Shop Around for Multiple Quotes

Commercial auto insurance can get expensive when you are insuring a large fleet of vehicles. It is always a good idea to speak with a professional insurance agent when determining your coverage needs.

The agent who currently handles your business insurance can sometimes offer discounts of up to 20% if you purchase multiple insurance policies from the same agent. Here are some other ways to get the best deal on your commercial auto policy.

• Get multiple quotes for free online before you settle with a provider.

• Choosing a higher deductible will reduce your premium, but it will put make you pay more in the event your drive4rs do get into an accident.

• Don't downplay your car usage for business when discussing your car insurance needs with your agent just to get the best rate. It is more important that you have adequate coverage in the event of an accident, because you could end up paying a lot more in the long run.

There are several different online resources can help you learn about the terminology, compare different types of coverage, and get the best premium. Be sure that your business, vehicles, and drivers are covered in the event of an auto accident or damage.

If you’re looking for commercial vehicle insurance, you may also want to consider liability insurance and auto loans.