subject: Commercial Vehicle Insurance - Protecting Your Company Vehicles [print this page] There is plenty to know about commercial vehicle insurance coverage. For one, there are a lot of different types of coverage. We can cover a few of them here to give an idea of what is involved with getting this kind of insurance. The worst thing you can ever do is drive while being under-insured, or without any coverage. The fallout can be devastating.
We'll start with liability protection. Liability coverage will protect your assets should you be found to be responsible for any injury or any property damage if you are involved in an accident. Anytime you are found at fault in an accident, you can be sued and held liable for the total cost of the damages. And if the amount of damages should exceed the amount of your coverage, you will have to pay the difference. So keep enough liability coverage to protect all your assets.
With collision insurance, you are covered for damages if your vehicle collides with another one or with any kind of object. It also covers you if your vehicle happens to roll over. Regardless of who is responsible for the accident, your vehicle is covered, even though you are still responsible for deductibles and limits.
You need commercial vehicle insurance on your company cars and type of special trucks or vans. You need to protect your business assets in the case of an accident where you may be held liable. If you fail to carry the sufficient insurance, your whole business can be at risk. Any business owner knows that even the little things such as minor accidents or breakdowns, can affect the smoothness of your company operations.
State by state, the laws are going to differ some. The requirements will not be the same for every state. There are minimum amounts of coverage that each state determines will be adequate for the businesses that operate within their borders. You will have to meet these minimums, and be prepared for any type of accident that may occur. Your coverage amount will reflect the investment that you have put out for your vehicles.
Knowing about your commercial vehicle insurance coverage can save your whole business in certain situations. Being prepared for the unforeseen things that can happen, can make or break a business. Always keeping adequate coverage will give you peace of mind, and let you operate your business without fear. Understanding the insurance laws of the state you are operating in is extremely important. So be ready for anything, and do not be caught off guard, and under-insured.
by: Caressa Waechter.
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