If you are a business owner and have more than one vehicle in your business inventory, then it would be a wise decision to consider purchasing commercial auto insurance. Whereas general auto insurance is meant to protect the driver and the vehicle of the individual purchasing the insurance, commercial auto insurance goes one step further to protect the business owner as well. Many business owners obtain commercial auto coverage through their business owner’s policy (BOP). But you can take extra measures to protect your valuable business assets by extending this coverage through commercial auto insurance. Like every other business owner however you need to consider…is it worth the cost?
At the end of the day, insurance will always be “worth” the cost because with every policy you also purchase peace of mind. The advantage of purchasing commercial auto insurance above and beyond what your BOP will cover means that you as a business owner will have specific needs attended to, and as well you may put yourself in line for more discounts down the road for all of your insurance needs.
While individual auto insurance protects both the vehicle and the driver, commercial auto insurance goes a step further by protecting business owners against any losses that would not otherwise be covered by standard auto insurance. This means protection will occur when your employees drive vehicles that are owned by you. Some business owners allow employees to even take their cars home with them, and any losses or damage that may occur at your employees home, will be covered by your commercial auto insurance.
Commercial auto insurance is also beneficial to you as a business owner if company belongings are frequently kept in the vehicle, such as equipment, technology, or product used in your business. With a standard BOP, you may not have this additional protection. If for example your employee drives your commercial van home for the night, and this van is broken into and all of your product or equipment is stolen, you may be out thousands of dollars. Your BOP may protect you against some of that damage and loss, but comprehensive commercial auto insurance will be the best way to recoup those damages so that your business does not suffer.
One way that you can reduce commercial auto insurance is by making sure your employees that use company vehicles obtain a commercial drivers license. If you can show that your business is established and has profited for several years, you will also see discounts on commercial auto insurance. Like standard insurance, there are many ways to save on commercial auto insurance. Comparison shopping and knowing what you need will be the best way to ensure all of your needs are covered at a price you can afford.
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