You may have thought that commercial vehicle insurance is something that you would never have to worry about. After all, you are not a large business owner with a fleet of delivery trucks, and you are not a self-employed owner operator of a tractor-trailer, right? The fact of the matter is that this type of protection is needed for many trucks, trailers, vans, and automobiles that, at first glance, do not seem to require a business-related designation. |
Believe it or not, if your passenger automobile, minivan, or SUV is even sporadically used for any type of business venture, it is recommended that you carry commercial vehicle insurance for that automobile. Other applicable vehicles are limousines, pick-up trucks, motor homes, hearses, and wheel chair vans, along with wheel chair buses and passenger buses. Some more types of transportation that need this protection are box trucks, refrigerated trucks, car carriers, tow trucks, delivery vans, agricultural trucks, pump trucks, ice cream trucks, ice cream vans, and flatbed trucks.
Why is the list of autos that need commercial vehicle insurance so long? It turns out that it is not so much the type of transportation that matters, but rather the reason behind that transportation. Pretty much any mode of transportation that is used to conduct business in some way needs to be covered by business indemnity. Be advised, however, that laws and regulations regarding coverage vary by state.
Whether it is the delivery of goods and services or the transportation of people, the law requires at least liability protection. If you are a business owner or even just a driver for a company you should consider going above and beyond this threshold not only to protect your business, but to protect your personal assets as well. Many drivers and companies alike opt for additional liability coverage, because the minimum required by law simply does not cover all of the repair and medical expenses that are incurred with a serious accident. Of course the amount of coverage that you need depends on the amount of driving done on a yearly basis as well as the nature of the business. Generally speaking, however, experts recommend that businesses and drivers alike carry coverage of at least $500,000 per accident.
To obtain business auto coverage, or just to find out more information about it, there are countless sites online that can give you the information you need. Before you head to the web, however, you may want to consider talking to your personal auto protection policy provider to see what they can offer you. Many times these companies offer discounts for multiple policies, especially if you have a clean driving record. It is also important to check what your state's requirement is concerning business auto insurance. Your personal auto coverage provider should be able to help you with this as well. Other than liability coverage, businesses are offered collision and comprehensive coverage just like individuals. Again, it is your decision whether or not to invest in such protection, but you should take into account the value of your assets along with the amount of driving that is done at your company when deciding on these extra types of coverage.
For commercial vehicle insurance, Louisiana residents rely on American Insurance Brokers, Inc. Learn more at http://www.americantruckinsurance.com.
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