To be in business is to face risks that potentially threaten your success. As a business owner, contemplating and managing the probabilities of risk and potential for exposure is a crucial tool available through your insurance provider. Together, you have the opportunity to apply carefully researched and calculated strategies for the purpose of developing cost-effective ways of dealing with what could go wrong. Commercial Auto Insurance provides the ability to be prepared and practice methods that reduce risk exposure unique to the use of business automobiles. Not all events are predictable, however, which is exactly why a business owner would not think of working without a net, so to speak.
The Unknown Knowns
Driving is a learned skill. Licensed drivers are aware of the risks while driving, but many unlicensed drivers up the ante demonstrating less care for the rules of the road or the potential dangers. Weather events, road conditions, animal collisions, pedestrians, motorcyclist, pedalcyclists and impaired drivers account for a large percentage of the collisions reported annually.
The Known Knowns
Commercial vehicles must operate under governmental regulatory constraints, which requires specific attention be paid to complying with the laws. This may require certain filings such as proof of insurance and interstate filings. It is easy to see that commercial coverage has a particular role to play in protecting both the business assets as well as the public at large. The coverages you can expect to see in a commercial plan include:
Bodily Injury and Property Damage
Personal Injury and Medical Payments
Comprehensive and Collision
Uninsured / Underinsured Motorist
Different types of commercial auto policies include business auto, truck, cargo, pickups, tow-trucks, vans, dump trucks and non-owned and hired liability insurance. Policies are customized to the specific needs of the variety of business uses vehicles provide. Commercial Auto Insurance is for everyone who uses their own vehicle or leases, rents or borrows vehicles in the course of conducting business or has an entire fleet of vehicles both on and off the road.