Are you a business owner or do you manage a company that uses one or more motor vehicles as part of its business? No matter how many or what type of vehicles your business uses, you probably need commercial vehicle insurance.
In this article, Assurances Multi-Risques will share some information and advice about commercial auto insurance to ensure that you have maximum protection!
Situations that require commercial auto insurance
A business insurance policy is required when:
- You travel regularly in the course of your work (e.g. sales reps).
- You transport merchandise, products, tools and/or materials (e.g. general contractors, painters, plumbers, electricians, landscapers).
- You deliver material goods to a store or to your customers’ homes (e.g. product distributor, food delivery).
- You use your vehicle for catering purposes (e.g. a food truck).
- You transport a trailer containing your work equipment.
- You drive a truck to transport concrete, bricks, concrete blocks, wood, gravel, snow, etc.
Many other cases also require commercial auto insurance. To determine your situation, don’t hesitate to consult an independent insurance broker who is an expert in this type of insurance. They will be able to guide and advise you!
Choosing the right auto insurance for your business
All professional use of your vehicle should be reported to your auto insurer. While a commercial auto insurance policy will cover your car for both business and personal use, the opposite is not the case. In fact, most standard insurers prefer not to insure commercial vehicles.
If you have trouble finding an insurance company that is willing to cover you, don’t hesitate to contact an insurance broker. If you decide to contact several insurance companies on your own, make sure you are comparing apples to apples!
For example, if you call company X and they quote you an annual premium of $1,000 (a hypothetical number), but it doesn’t include any other coverage, and then you call company Y and they quote you commercial auto insurance for $1,500, but the policy includes additional coverage such as replacement cost and coverage for all the merchandise you are transporting, it’s not the same thing.
Don’t make the mistake of choosing insurance based solely on price. You need to be sure that you are well covered, based on the specific needs of your business.
The importance of knowing and understanding optional benefits
Insurance agents don’t provide personalized service and don’t track cases. Make sure they give you a detailed explanation of the optional benefits available so you can make an informed choice.
All too often, business owners call us following a claim for which they haven’t been fully compensated because they didn’t have the right coverage. Some were even forced into bankruptcy to cover the debts incurred by the loss. Bad insurance decisions can be extremely costly.
How to ensure you are well protected and save money
Here are some of the questions you need to ask yourself:
- What coverage do you want and how much does it cost to cover each of your commercial vehicles?
- Do you have the right deductibles?
- Do you have a maintenance schedule for your vehicles?
- Do you have an auto theft prevention program?
- Do you do criminal background checks on new employees?
- Do you request employee driving records on an annual basis?
- Do you conduct annual employee evaluations?
- Do you have an internal code of conduct policy?
If you’re uncomfortable with the terms and conditions of an insurance policy, don’t have the time to do research and don’t want your business to be in trouble if you have a claim that isn’t properly covered, contact a professional.
A good broker will save you time and money, among other things. They watch your back by making sure that your policy is always adapted to your true needs, advise you on the various coverages available, take care of your file from A to Z in the event of a claim and, year after year, they find you the least expensive insurance premium on the market without ever neglecting your coverage.
That’s what an independent insurance broker can do for you!
At Assurances Multi-Risques, we specialize in property insurance for businesses. Our primary mission is to guarantee our customers the best protection at the best price. With this in mind, we have chosen to be 100% independent brokers, so that we can do business with several insurers.
Unlike insurance agents who sell only one line of products for a single company, we are free to shop around for you from a variety of insurers.
Your dentist takes care of your teeth and your mechanic looks after your car. Who handles your insurance?