June8

The Importance of Commercial Vehicle Insurance

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Why commercial vehicle insurance is important for your business

Business Vehicles, Business Coverage, Commercial Vehicle Insurance, Insurance Information Institute

If you think being frugal about commercial insurance vehicle is wise, think again.

In an article from Entrepreneur.com, Insurance Information Institute Vice President Loretta Worters says that “business vehicles are often targets” of unscrupulous drivers looking to harass unsuspecting people on the road.

“We’ve seen accidents where a physician was targeted because he had ‘MD’ license plates, and people assumed he was rich,” said Worters.

According to Worters, “the biggest oversight” among business owners is assuming that “a personal insurance policy covers liability in an accident that occurs while using the vehicle for business.”

The bad news is, more often than not, personal insurance policies explicitly exclude coverage for commercially-used vehicles. Getting commercial vehicle policies are as equally important as your fleet vehicles are to your business.

When getting business vehicle coverage, Worters advises the following:

  1. Ensure that any potential driver or passenger is covered. Business coverage may cost more than a policy on a personal vehicle.
  2. Check the driving record of anyone who may drive the vehicle.
  3. If your business deals with transporting goods, make sure that your policy covers all liability associated with your cargo.
  4. If your commercial vehicles frequent areas where there’s a high incidence of crimes, it would be best to accommodate coverage for theft.

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