Did you know that auto insurance and a big juicy steak share one thing? They are both useless if your auto business gets damaged. While relying on a policy to safeguard your company's vehicles may seem like a good idea, it may not be enough. You need experts for commercial and home insurance in League City TX.
A standard policy only includes property coverage, business interruption insurance, and liability coverage. If your vehicle gets damaged while on the road, it may not be covered, leaving you to repair it using your company's funds. To ensure that your vehicle is adequately protected, it may be a good idea to seek help from home insurance companies.
Let's dig deeper to learn more!
What is the Commercial Auto Insurance Coverage?
Commercial auto insurance is a specialized type of insurance that provides coverage for the vehicles used by your business, such as trucks, buses, cars, and vans. This insurance protects you in case of theft, vandalism, accidents, and natural disasters. If your business relies on the smooth operation of its automobiles, then commercial auto insurance is an absolute necessity.
Who needs commercial auto insurance coverage?
The United States produces more than 6 million commercial vehicles every year. It is important to remember that all businesses operating such vehicles must have commercial auto insurance. If you fall into any of the categories below, you are required to purchase this policy:
- You use your personal vehicle for food delivery or ridesharing services.
- You or your employees operate company-owned vehicles.
- Your company owns, leases, or rents vehicles.
- Either you or your employees use their personal vehicles for business purposes.
What does it cover?
Standard commercial auto insurance policies can cover a range of potential risks, including accident liability, repair costs, medical expenses, uninsured motorists, defense costs, vehicle theft, vandalism, and collision coverage.
How much does commercial auto insurance cost?
On average, the cost of commercial auto insurance for a small business may vary. This is because several factors may affect your premiums. Some of them are:
- Type of vehicles
- Number of vehicles
- Coverage limits
- Cargo types
- Deductibles
- Credit score
- Claims history
When hiring employees, ensure they have clean driving records as insurance companies will review them.
Tips on buying commercial auto insurance:
If you're in the market for commercial auto insurance, or you're thinking of switching providers, we've put together a handy guide for you.
First and foremost, it's important to only hire responsible, reliable, and trained employees to operate your vehicle. Make sure you ask to see their driving records and driver's licenses.
Next, ensure that you're covering all the risks that you're most vulnerable to. Local commercial auto insurance brokers understand your needs and the insurance market. You should hire and consult with experienced brokers to get the right policies and to find out if you qualify for discounts.
If you're interested in lowering your premium payments, consider increasing your deductible. Additionally, many insurance providers offer special discounts to those who have installed safety tech materials such as dashcams, anti-theft devices, airbags, and others.
It's important to take care of all of these things and hire Pelican Insurance. Every business is unique and exposed to a lot of different risks, so find an agent today and shield your business from unwanted expenses and losses!
