When you are a business owner, you will need the same type of insurance coverage for your business vehicle, or fleet of vehicles, that you do for your personal car. This includes purchasing medical, comprehensive, collision and liability coverage. This is often referred to as personal injury protection. You will also likely need to purchase coverage in case your work vehicle is involved in an accident with an under insured or uninsured motorist.
When you discover that you do need Commercial Vehicle Insurance, there are certain things that you have to keep in mind. For example, if the business is the actual owner of the vehicle, it is essential that the business’s name appears as the principle insured name on your policy, not your name. This will help to avoid any type of confusion if you have to file a damage claim or if one is filed against you.
If you need Commercial Vehicle Insurance, you should act right away. You will also have to think about the type of driving that is going to be done by the vehicles. Good insurance agents will request all this information to ensure that you get the right type of coverage. They will ask for information such as what employees are going to be driving the vehicle and if they will ever use their personal vehicles for business matters.
Even though the primary coverage will be the same, business auto policies are different than personal auto policies in a number of technical manners. Be sure that you talk to your insurance agent about this to ensure you understand all the options and differences that are present. In most cases, if you have an umbrella liability policy personally, there will be an exclusion for any business-related liability. This means you need to ensure you are adequately protected.
When it comes to auto insurance for your commercial vehicles, you really cannot afford to take chances. Talk with your insurance agent to find out the type of coverage that you need to purchase. This will ensure you are protected if an accident ever does take place with a business vehicle.
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