5 Fantastic Benefits of Commercial Insurance: Why Should You Have One?

Top Benefits of Commercial Vehicle Insurance

When it comes to commercial vehicle insurance, do you know who the perfect fit is? The truth is, any company that uses vehicles needs liability insurance for cars. For this reason, today, we’ll show you some benefits of commercial vehicle insurance!

After all, this type of business insurance covers multiple vehicles and even drivers while conducting their business. Furthermore, this insurance protects your company against liability for accidents and damages caused by your cars. That’s why all business owners must know how they can profit from it!

What Is Commercial Vehicle Insurance and What Does It Cover ?

Business Car Insurance Policies

Business vehicle insurances are a type of insurance that covers expenses due to property damage and civil liability caused by a commercial car. Additionally, it covers costs caused by any other types of injuries that happen while performing your business, including:

  • Theft
  • Harsh climates
  • Collisions

When driving a vehicle, always keep in mind to drive carefully. Not only will you save yourself from legal trouble, but also you’ll save yourself some money as well.

Here Are 5 Top Benefits of Commercial Vehicle Insurance

You’ll Count on Coverage for Damages and Losses Due to Car Accidents

Are you aware of the day-to-day risks involved in business activities related to transportation? Whether you rely on delivery vehicles or you use a car to convey your equipment, this insurance is key for your company.

Not only does it cover for accidents, but you’ll also count on protection against theft and burglary as well! This is because this type of incident causes operational losses to your business. A good insurance company helps you by covering for the offset incurred losses to some extent.

Commercial Auto Insurance Covers Expensive Repair Work

Unlike personal vehicles, large commercial vehicles often need much more regular maintenance. In other words, these can end up in costlier repairs even for minor collisions. Such as, some of the most common commercial vehicles include buses, trucks, and trailers. 

When relying on excellent insurance for your business, you won’t need to worry about these damages. It’ll cover you from any damage that requires an expensive repair. Not only that but also you can use it for the regular maintenance for your vehicle.

There’s no need to worry about your company suffering from any profit loss. You can be sure that both your personal and firm’s budget will remain stable.

You’ll Have Security Backup for Loan Payment

When it comes to payments for your loans, security is key. For this reason, one of the top benefits of commercial vehicle insurance is that it helps you out with your payments. 

When purchasing a commercial vehicle, it’s very common for business owners to pay it using loans. When relying on commercial auto insurance, you rely on a security backup against any loss that might incur. 

In other words, you won’t need to worry about paying for your monthly installments while at the same time paying off your loan. Want to read about different types of business insurance? Click here!

There’s No Need to Worry About Medical Expenses

As we all know, vehicle accidents and collisions can many times end up in bodily injuries.

Luckily, when you count on excellent business auto policy by your side, there’s no need to fret about medical costs. Likewise, these medical expenses often include ambulance, hospitalization, and treatment costs as well.

This type of insurance can even back you up on lost wages and legal expenses! Also, this insurance will cover all these expenses regardless of fault.

Lastly, in the worst-case scenario, it can help cover funeral expenses too. This insurance can be an extremely valuable asset, especially when having uninsured motorists.

This Insurance Often Includes Extra Coverage

Although it’s great that insurance covers standard protection, it’s always great when it can be personalized as well. With commercial auto insurance, you can many times have extra policies too.

From roadside assistance to towing reimbursement, business proprietors are free to choose the policies that suit their company best.

These extra coverage, often referred as endorsements, can be beneficial when having a personal vehicle as your commercial vehicle. This is because, in this case, you can’t cover your car with personal auto insurance.

By speaking with your agent, you can assure this vehicle as a “non-owned vehicle.” That way, you can protect while you do business. You can even adjust your insurance to cover personal purposes as well.

Similarly, other types of endorsements often include:

  • Lease coverage
  • Extended towing coverage
  • Vehicle renewal costs
  • Roadside assistance
  • Rental refunds

Who Is Insured with a Business Auto Policy ?

Coverage of Commercial Auto Insurance

To sum up the Business Auto Coverage Form, there are three parties that are part of business auto policies: the person or company, permissive drivers, and omnibus insured. To clarify, we’ll go over each of these:

The Person or Company Insured

Just as the name states, it covers the person or company that’s with the insurance. Often referred to as “the named insured,” it’s the one counts on the most coverage. Also, the name insured encompasses all vehicles that are covered according to your business auto policy.

Permissive Users or Drivers

Not only does a business auto policy protect the company, but also it covers individuals that are driving your company’s vehicles as well. Likewise, these often include the company’s employees that are driving vehicles owned by the company.

There are cases in which hired and borrowed cars apply to this coverage too. However, bear in mind that this all depends on your commercial vehicle insurance.

Omnibus Insured

Lastly, we have the omnibus insured. These are the ones that are held liable for an accident provoked by the company or someone driving the company’s automobiles with their permission.

Also, keep in mind that commercial vehicle insurance covers even in the case of vicarious liability. Vicarious liability occurs when someone that’s representing a company commits a negligent act. The responsibility of this act, therefore, falls onto the company.

For instance, if an employee is negligent, this insurance can cover the claim.

Protect Your Business with Commercial Auto Insurance

It’s time to give your company the protection it deserves with a business auto policy. When in need of professional help or you’re interested in having an insurance quote, be sure to count on Payless Insurance by your side. Enjoy the multiple benefits of commercial vehicle insurance with us.

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