What Is Commercial Vehicle Insurance? It’s Benefits & When You Need

Posted by VELOX INSURANCE on December 8th, 2020

Commercial vehicles are used for transporting goods or passengers. It exposes the driver to a continuous and stressful situation which can increase the chances of accidents, loss of goods, or even loss of the life of the driver as well as passenger or both. To keep you and other expenses protected, buying commercial vehicle insurance is one of the right decisions.

What Is Commercial Vehicle Insurance? 

It is an insurance policy that covers commercial vehicles again different types of damages along with personal and third-party liabilities. In simple words, Commercial auto insurance protects against both property damage and liability for any vehicle designated for business use. An independent agent or any company of loya car insurance in Atlanta can help you get the business vehicle insurance you need to protect your company assets.

What Does Commercial Auto Insurance Cover?

If you want to get the best deals, it makes sense to understand the overall coverage provided under commercial insurance. This includes:

• Property damage liability.

• Liability for bodily injury to others.

• Comprehensive coverage for damage other than collision

• Loose and damage to the vehicle due to accident, fire, explosion, lighting, Terrorist activity.

• Loading and unloading liability 

• Towing and labor costs

• Uninsured and underinsured motorist coverage

Let’s Considered The Impressive Benefits Of Commercial Auto Insurance:

1. Get higher limits

One of the biggest benefits of buying commercial auto insurance is that it has higher insurance limits that usually cover all your company vehicles. Each day you and your employees drive your vehicle. And you probably are at the risk of getting into a wreck. Wrecks involving business vehicles could lead to lawsuits. From huge damage to attorney’s fees and medical expenses, you can easily manage under an insurance policy. 

2. Protect business equipment

In terms of the transportation business, you will note that there are numerous tools and equipment which must be brought along while driving. This includes catering equipment and hydraulic lifts which are supposed to make the repair and maintenance. With the coverage, you will get funds to replace these tools in case of damage. 

3. No Claim Bonus 

One of the major advantages of having commercial auto insurance is the no claim bonus (NCB). The customer is eligible for this benefit for every claim-free year. This may be available as a discount on the premium, which makes auto insurance even more affordable.

4. Protect Employees and Driver

When it comes to keeping your business running, employees play a vital role. As such they may need to drive your company’s vehicle to conduct the business. In case, if an employee experiences an accident while working, commercial auto insurance will likely help. Yes, insurance coverage and liability will protect your business from lawsuits from fault accidents. 

5. Savings

Another biggest benefit of commercial auto insurance is that it could be the savings a company or an individual will enjoy. Yes, it is because cheap insurance companies in GA offer insurance policies that are linked with high rates which have a small gain. Even when you’ve got commercial vehicles that require coverage, you can benefit tremendously from getting proper coverage.

You May Need a Commercial Auto Insurance Policy If You:

• Transport goods or people for a fee in your vehicle

• Conduct a service with your vehicle

• Need higher limits of liability because of the nature of your work

• Haul a considerable weight in tools or equipment or towing a trailer used to conduct your business in your vehicle

• Employees operate the vehicle or if ownership is in the name of a corporation or partnership

If you’re one of those who want to run your commercial vehicle business successfully without worrying about personal injury and vehicle damage liabilities, then you must switch to Velox Insurance and buy commercial auto insurance today.