Owning a business comes with many responsibilities. One of the most important things the owner of any company can do is to protect their assets with the right business insurance coverage. Although many people think of business property and their contents when it comes to commercial assets, vehicles that are used by a business owner or their employees for business purposes should also be insured with a commercial auto insurance policy.
Getting the right insurance coverage is important to protect your vehicles
Vehicles specifically used for work purposes should be insured with commercial auto insurance policies. This applies to both regular cars and what you might typically think of as a “commercial” vehicles such as a large truck or a service van.
Trailers pulled behind vehicles
Liability coverage on the vehicle towing the trailer does not always extend to cover the trailer. Trailers do need to have comprehensive and collision coverage written separately from other vehicles
Keep your commercial auto driver records current to avoid a claim denial
A key part of getting the right insurance policy is ensuring that the individuals who drive your business vehicles are also covered. It’s extremely important to make sure your driver lists are kept current by always notifying your agent of any new drivers.
Don’t forget to protect your vehicle contents
It’s important to remember that business auto insurance generally doesn’t cover tools, equipment, aftermarket accessories or anything else that is not factory installed and a permanent part of the vehicle. As a business owner, you need to ensure that your valuable tools and equipment are covered separately from your vehicle to protect them from theft and vandalism.
An insurance professional can help you select the right business auto insurance policy
In general, the insurance coverages are the same as personal auto insurance, but there are important exceptions. Some states require significantly higher liability limits on vehicles used as taxis than those required on other vehicles. There may also be different rules for commercial vehicles that cross state lines for business purposes. An insurance professional can identify special considerations that apply to your unique situation and help you select the appropriate insurance policy.
Contact Kemner Iott Benz today!
If you’re using commercial vehicles business purposes, but you don’t have the proper insurance for them, don’t wait until you experience a significant loss due to lack of coverage. Protect your assets—and your drivers—talk to one of our insurance professionals today about your business insurance needs.
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