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When Do You Need Commercial Auto Insurance?

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There is a big difference between a commercial auto insurance policy and a personal auto policy. They are not interchangeable. You need commercial auto insurance if you are driving your car for any business pursuits. Regardless of the size of your business, you should buy liability auto coverage. This is a legal requirement that you must comply with, especially if you have a fleet of vehicles.

Various Types of Commercial Auto Insurance

Different insurance companies promote several types of commercial auto insurance packages. You may want to look into the various options to determine the plan that would meet your needs. For example, if your business has a number of vehicles to deliver goods, you can either get fleet insurance coverage or buy the per vehicle commercial auto insurance. It is more cost-effective to buy fleet insurance if you have several vehicles for business use. Needless to say, your only choice is the per vehicle policy if you only have one business vehicle.

The Exclusions Provisions of Auto Insurance

Commercial auto insurance also has exclusion policies, just like with personal car insurance. Make it a point to read and understand the exclusion provisions included in your commercial auto insurance policy. If need be, consult with an insurance professional so he can explain the details to you. This is important so you’d know your company’s position when it comes to dealing with liability claims in case your business vehicle is involved in an accident.

Provisions on Special Coverage

Just because you have a basic commercial policy doesn’t mean you’ve completely protected your business. There are certain situations or arrangements of vehicular use that must be specifically covered in your policy to have full protection. For instance, if your account executives use their own cars in making sales calls, you need a non-owned commercial auto insurance policy. This also applies if you rent the vehicles used in your business operations.

It is necessary to know the rightful owner of the vehicle you lease, such as cargo trucks, so they can be duly covered by your commercial auto insurance. This means that you must have on file the complete name of the vehicle owner, as registered, to avoid complications on technicalities when it is time to file a claim against your insurer.

How You Can Avoid Paying High Premiums

Commercial auto insurance is more expensive than personal car insurance, and it becomes more costly if you have several vehicles. While your premiums will spare you of financial consequences if anything unfortunate happens, you can take steps to bring down your insurance premium. One way is by hiring only professional drivers with excellent driving history. Another way is to install safety devices on each vehicle used in your business, as well as anti-theft gadgets. These items would make your vehicles safer and could result into reductions in your premium payments.

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