No matter how big or small your business is or what industry you work there chances are you use vehicles in your day -to-day operations. Whether one company car for you around or a fleet of vehicles involved in several projects in the competitive market today, the vehicles drive business.
Unfortunately, the insurance of commercial vehicles can often be complex and difficult to understand. Without this unique form of coverage, however, you could face financial losses that could seriously damage your business. In that spirit, here are five simple ways to tell if you need commercial vehicle insurance.
1. You use your vehicle in a commercial capacity
The first question to ask is whether your vehicle is used for business. For example, if your vehicle is used on a regular basis to carry equipment, deliver goods, transport people or providing a service (such as towing or snow removal), you'll need vehicle insurance commercial for you and your business to protect properly.
That said, the various types of vehicles also require different types of insurance of commercial vehicles. A taxi for example, have different requirements for a vehicle used by a sales person, and a long-haul truck may also require some form of additional transport insurance. The best way to be certain you have the right type of insurance for commercial vehicles is to speak with your broker and see what options are available.
2. You operate multiple vehicles for your business
If you are using four or more vehicles in support of your business, you may consider a specialized type of insurance known commercial vehicles under the name of insurance fleet. This type of coverage tends to be cheaper than individually ensuring each vehicle and often provides a single policy that covers several vehicles (making administration and renewal much easier).
Fleet Insurance also allows you to maintain multiple drivers employed, allowing you an insurance policy of flexible commercial vehicles that can meet your business requirements.
3. A vehicle is legally registered in your business
Every vehicle on the road in Canada is legally required to have registration. While most people are enrolled, many are also registered to a specific company. In the case of the latter, you will need commercial vehicle insurance to ensure that you are fully protected while operating in a business capacity.
It should also be noted that in Canada, you are legally required to have third party liability insurance -Party vehicles related to your business. In addition, there may be other legal requirements you should have contractual relationships with third parties (for example, if your vehicle is carrying goods belonging to someone else). Speak with a qualified insurance broker will help ensure both the registration and legal requirements are met.
4. employees drive your vehicle
If the employees (or other person associated with your business) grows your vehicle, then you will definitely need some form of vehicle insurance business in place. As mentioned earlier, the Fleet insurance allows you to have several employees as drivers of your vehicles, but you can also customize your policy to only select a few key people.
Regardless of what type of policy you choose, if all employees operate your vehicle, then you will need a form of insurance of commercial vehicles to protect you against any damage that may result from accident.
5. Your business could suffer as a result of a vehicle accident
Two of the biggest risks you might face as a business owner are incorrect or coverage sufficient coverage limits. In the case of incorrect coverage, you may be prosecuted if you drive your vehicle for a company, but only the personal auto insurance. In the case of insufficient limits, the type of insurance of commercial vehicles, you may not have enough to cover the total financial extent of damages.
In both cases, if the amount of potential financial damage could cause irreparable harm to your business, you should immediately contact your broker to find the right type of insurance for commercial vehicles.
in general, when looking for insurance of commercial vehicles, you'll want to make sure you have a competent team of insurance brokers who understand the specific needs of your company. In addition, a qualified insurance broker can help implement a risk management program to help eliminate potential problems before they occur. But above all, having the right insurance for commercial vehicles up means you can spend more time focusing on your business and less time worrying about what might happen on the road.
Read Commercial vehicle insurance to protect your company can, please contact Rogers Insurance today for a free quote.
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