The Importance of Commercial Vehicle Insurance: Protect Your Business and Yourself

 ‍The cost of commercial vehicle insurance can seem intimidating for small businesses. The initial sticker shock is enough to make even the most ambitious entrepreneurs second guess their business plans. After all, who wants to spend thousands of dollars on something so unnecessary? Fortunately, commercial vehicle insurance isn’t as needless as it may seem at first glance. This type of policy protects both you and your business from a variety of perils related to operating a commercial vehicle for profit. Without the right coverage, you and your business can be held liable for damages that could have been covered, which can put you in financial jeopardy. To help you understand the importance of commercial vehicle insurance, this blog post will cover topics like:

Why is Commercial Vehicle Insurance Important?

All insurers are not created equal; in fact, quality varies widely. If you pick the wrong insurance company, you could be stuck with limited coverage, high premiums, and a lot of frustration. If you have a commercial vehicle policy with a quality insurance company, you can expect the following benefits: - Expert claim service - Commercial vehicle insurance claims are handled by experts who understand how to navigate the complex world of insurance. - Comprehensive coverage - Commercial vehicle insurance provides a wide variety of coverage options tailored to fit the needs of commercial drivers. - Convenient payment options - You can typically set up automatic payment from your checking account to make sure you always have the protection you need. - Competitive rates - Unlike with personal auto insurance, commercial vehicle insurance rates are based on your business’s risk, not your personal driving record. 

Liability Protection

Commercial vehicle insurance provides protection against bodily injury and property damage claims that might be brought against you. Without this coverage, you could be held financially responsible for damage done to another person, their property, or even yourself. The liability coverage offered by commercial vehicle insurance will help to cover the cost of repairs, medical bills, and any other damages that occur as a result of the accident. If someone brings a bodily injury lawsuit against you and they win, they can attempt to collect damages in the form of money. Liability coverage helps to pay for those damages you’re found liable for.

Commercial Vehicle Insurance Helps With Employment Practices Liability

The employment practices liability coverage portion of your commercial vehicle insurance policy helps protect your business against claims related to discrimination, wrongful termination, and other employee relations issues. Without this coverage, your business could be liable for any settlements or judgments if you were sued for violating employee rights. If you’re hiring drivers for your commercial vehicle, you should be aware that you’re required to run their driving records. This can be a problem for those with a poor driving record, as even one ticket with a hefty fine can make the difference between getting behind the wheel and having your commercial vehicle insuranceapplication rejected.

Commercial Vehicle Insurance Helps With Bodily Injury and Property Damage Claims

Bodily injury and property damage coverage help to cover the cost of medical bills and repairs to other people’s property. Without commercial vehicle insurance, you could be held financially responsible for these costs. In some cases, bodily injury and property damage coverage can be used to cover your own expenses, such as medical bills after an accident. This coverage can also help pay for legal fees if you need to mount a defense against a claim.

Collision and Smash Repair Coverage

The collision and smash repair coverage in your commercial vehicle insurance policy helps to cover the cost of damage to your vehicle. If an accident occurs, this coverage can help pay for repairs to your vehicle so you don’t have to come out of pocket for the payment. This coverage is important for all commercial vehicle owners, as accident damage to a vehicle is a common occurrence. Depending on the severity of the accident, the collision and smash repair coverage offered by commercial vehicle insurance can help you avoid thousands of dollars in repair bills. 

Conclusion

Commercial vehicle insurance is necessary for any business that uses a commercial vehicle in their daily operations. A commercial vehicle insurance policy helps protect you and your business from a wide variety of risks. If you don’t have commercial vehicle insurance, you could find yourself on the hook for significant expenses. Make sure you understand the coverage types and amounts offered by commercial vehicle insurance to ensure that you’re adequately protected.