As you manage a business, you will use many vehicles. You might even have a massive fleet that includes owned and rented vehicles. You’re running the fleet every day, but how do you manage each vehicle properly? What can you do to safeguard your investment and make your business as efficient as possible?
What is Liability Insurance?
Your vehicles all need liability insurance because they could injure anyone at any time. Plus, we live in a litigious society that allows anyone to sue for anything whenever they please. As a result, you need quality liability coverage as part of your policy, and it should go above and beyond state minimums.
Quality Collision Coverage
Collision coverage is essential because you either need to repair the vehicle or the vehicle it hit. Remember, however, that you must purchase enhanced coverage because your commercial vehicles are likely far more expensive and difficult to repair than traditional passenger vehicles. Plus, you want coverage for uninsured and underinsured motorists—often rising above state minimums. At times, you may need customized coverage for specialty vehicles that are especially expensive.
Medical Payments and Legal Defense
Your business needs coverage for medical payments and legal defense. Medical payments coverage will help everyone involved in the accident. Remember, some of those people may not be subject to workers’ compensation, and they need help from coverage that will handle their medical bills and lost wages (the same coverage your employees get if they’re hurt on the job.). Plus, you need a legal defense fund backing each vehicle in the event of those lawsuits mentioned above.
Comprehensive Fleet Coverage
Comprehensive fleet coverage is perfect for any business because it does more than pay for the repairs or liability after the accident. Your comprehensive coverage will handle items like:
- Fire, etc
Instead of attempting to assess your risk, you may want to purchase a comprehensive fleet plan and add on to it as you go.
More Coverage for Commercial Vehicles
If your employees drive their personal vehicles to work, they need commercial auto coverage. Why? A commercial auto claim will not be covered by a personal auto policy. Plus, commercial auto insurance pays more, handles a broader range of liabilities, and gives your employees the leeway they need.
If you were to file a claim for a commercial accident against your personal auto policy, it would be denied, you could lose your coverage, and it may be difficult to obtain insurance in the future.
Add On to Your Commercial Auto Policy
When you want to add on to your commercial auto policy, you can make a few clutch adjustments with:
- Towing reimbursement
- Rental reimbursement
- New vehicle replacement
- Gap insurance (covering the difference between a total loss and what you owe on the vehicle)
- Roadside assistance
Contact DSI for More Information on Commercial Auto Insurance
Reach out to our insurance professionals at DSI for details on commercial auto insurance coverage for any fleet. We’re happy to review your current policies, write new coverage, or offer advice regarding fleet management. Our partners at The Liberty Company also offer a range of safety and educational tools to help your business grow and expand.