You count on a commercial auto policy to protect your business from liability risks that could be incurred when you or an employee gets behind the wheel for business purposes. In order to get the most from your commercial policy, you need know what it covers-and more importantly, what it doesn’t.
When you set up a commercial auto policy, it is important to ensure that every potential driver who might get behind the wheel is listed on your policy. As new employees join your company, you will need to contact your insurance agent or the company directly and make sure they are added to the policy. If anyone who is not listed as a driver gets behind the wheel, you run the risk of being denied coverage in case of an accident. A commercial auto policy can and will protect all of the drivers in your business, but only if you are sure they have been properly added as insured drivers.
There are several types of commercial auto policies. Under an individual auto policy, a specific car owned by the business is covered for liability as well as other options you may choose. When you have a fleet policy, you will have a single policy that covers every vehicle owned by the company. Much like adding new drivers, you should be certain to add and remove vehicles as needed to keep your policy up to date.
A commercial insurance policy covers you for property damage and injuries to others that occur as a result of the actions of a covered driver. That means that if your employee is found to be at fault in an accident, the commercial auto policy will kick in and prevent your business from becoming the target of a lawsuit for damages. Why does this matter? Because if you don’t have the coverage you need, your business could face financial ruin. When a business is involved, lawsuits are more likely; injured parties see the likelihood of a higher financial payout. Your commercial auto policy protects you from this sort of lawsuit, providing coverage for the liability you take on when you let employees drive your vehicles.
A commercial auto policy also protects you from damage that can be done to the vehicles you own in the course of business use. Vehicles that are on the road more often-as many business vehicles are-are at a higher risk of being damaged. Your commercial policy protects you from errors made by your drivers, theft, vandalism, and other damage.
While you are careful in choosing the people you hire, everyone makes mistakes. Unfortunately, when someone is driving a vehicle owned by your company, you can be held responsible for those mistakes. Commercial auto insurance makes certain that your business won’t face a disaster due to an accident.
Don Westerfeld 8/5/2014 10:36:00 AMContinue Reading
Several commercial insurance companies are coming introducing several discounts that could make your money go further.
If you have current insurance you need to ask yourself if you are getting these new discounts and if you are newly acquiring commercial truck you need to make sure the agent is aware of them.
Non-Trucking Liability also known as (Bobtail Coverage) provides limited liability insurance for owner-operators who are permanently leased to an ICC regulated carrier. It provides limited liability protection when the owner-operator is not on dispatch, nor pulling a loaded trailer. For example, this truck insurance coverage would apply when the owner-operator gets their truck washed or brings their trucks into a shop for repairs. Once the owner-operator is under dispatch, they are covered under the Primary Liability insurance policy of the company that they are leased to.
Trailer Interchange Insurance is coverage for the legal liability of truckers for loss or damage to non-owned trailers and equipment which are in the insured’s possession under a written trailer interchange agreement.
Primary Liability Insurance coverage protects you from damage or injuries to other people as a result of a truck accident. This coverage is mandated by state and federal agencies and proof of coverage is required to be sent to them. We provide coverage limits ranging from $35,000 to $1,000,000. Pricing is dependent on driving records, and history of the trucking operation.
Physical Damage Insurance is coverage for your truck and trailer. This coverage is for repair or replacement for damage resulting from things such as collision, fire, theft, hail, windstorm, earthquake, flood, mischief, or vandalism to your owned vehicles. Truck Insurance pricing is based on the value of your equipment and usually pays a percentage of that value. This coverage may be required by the lien holder of your vehicle.
Motor Truck Cargo
Motor Truck Cargo insurance protects the transporter for his responsibility in the event of damaged or lost freight. The truck insurance policy is purchased with a maximum load limit per vehicle. Coverage limits can range from $10,000 to $100,000. Pricing for this type of truck insurance is mainly dependent on the type of cargo being hauled.
Don Westerfeld 2/22/2011 12:26:00 AMContinue Reading