Some recommendations are just scare tactics to get you to spend more money. Others can be the difference between success and bankruptcy. Commercial car insurance falls into the latter category. It doesn’t matter if your car insurance technically covers damages; it won’t do enough.
You need commercial car insurance from Next insurance. Building and customizing your insurance plan, adding it to your general liability, worker’s compensation, and professional liability insurance can ensure your coverage for every aspect of your business.
1. It covers any underinsured motorists
It doesn’t matter if it’s one of your drivers who is underinsured to drive your vehicle or if it is another driver who hits you. With comprehensive coverage, you can protect your business from out-of-pocket costs associated with underinsured or even uninsured motorists on the road.
2. It covers the costs of rentals
If you are in an accident, you cannot stop your business. What this means in most cases is renting out a vehicle to get you to your jobs in the meantime, but it isn’t fair to have to pay for this out of pocket. By having insurance that covers the cost of rentals, you can forget the squeeze and get back to serving your customers.
3. It covers the costs of towing and labour
It’s the little costs that add up. By getting insurance that covers the cost of towing, you can avoid paying high prices just to get your vehicle off of the road. This applies to accidents that were your fault and those that weren’t. Your business doesn’t need the extra stress of these labor costs.
4. It provides collision coverage
Collision coverage is a must for any insurance provider. If you can, try to get first accident forgiveness while you are at it. Not all collisions will be covered through repairs, however, and when you are paid out for a new vehicle, it only covers the cost of your vehicle at present, so go in with the right expectations.
5. It covers injuries
Any injuries to yourself or your employees should be covered in full. This includes rehabilitation costs. Not only will this help get your employees back into work at their best, but it is also how to create a healthy, supportive company culture.
6. It covers property damage
If you accidentally clip a mailbox with your side mirror, back up too far and hit the garage door of a client, you need to have this covered. The right insurance does this, especially when combined with professional liability insurance.
The only costs you should ever worry about are your overhead and the cost of materials. Paying to fix damages and to cover accidents is a fast way to go out of business before you can blink. Unfortunately, many people think they can skimp out on commercial car insurance or assume that their personal auto insurance will cover it. If you have a company vehicle, and you need that vehicle to get to clients’ homes, don’t take that chance and get the right coverage.
Photograph by Toby Parsons