It is important to have sufficient auto insurance on your commercial vehicles. You could save a lot of money if you have commercial auto insurance. There are several things that you need to make sure that your insurance covers.
Comprehensive Physical Damage
Comprehensive coverage pays for damages that are done to your vehicle by things such as theft, vandalism, falling objects and glass. It can also cover hail damage repair. Here are some examples of how comprehensive coverage will work. The car gets stolen, and you are unable to locate it. Comprehensive coverage will reimburse you for the value of your car. If a tree falls on your car, then the insurance will pay for the cost of repairing your vehicle. It will also pay for you to get another car if the damaged one cannot be repaired.
Even if your employees are being careful while they are driving, they may still hit something or be hit. That is why it is important to have collision coverage on a vehicle. Collision coverage will cover the damage that is done when you hit another vehicle or object. This is especially importance for covering company liability, as a company vehicle getting into an accident without collision insurance opens the company up for lawsuits and should be a major concern for any company with company vehicles.
Accidents Involving Uninsured Motorists
Everyone is required to have auto insurance. However, there are some people who still decide to drive without it. That is why you will need to make sure that your commercial auto insurance policy covers uninsured motorists. If you get into an accident with someone who does not have sufficient coverage to pay for the accident, then your uninsured motorist coverage will pay for it. Otherwise, like many drivers today, you open your company to the risk of sudden and preventable costs.
Medical Payments Coverage
Medical payments coverage is designed to cover the medical expenses and funeral expenses of the driver and passenger. This is no fault insurance, which means that it does not matter who caused the accident. You may be wondering why you would need this type of insurance if you have health insurance for your employees. However, it is important to note that there may be some things that are not covered by your company’s health insurance. Health insurance usually pays up to a certain limit. Medical payments coverage can pay for what health insurance doesn’t, which helps a great deal when worker compensation requirements come into play.
It is important to make sure that you have sufficient coverage on your company vehicles. Insurance could help you save thousands of dollars in the long run. You need to make sure that your insurance covers comprehensive physical damage, collision insurance, uninsured motorist coverage and medical payments.