Choosing the Right Coverage for Commercial Vehicles

Keith Signoriello is the owner and principal of C&S Insurance, along with co-owner Ben Cavallo.

You’re a business owner—risk is in your job title. There is already so much uncertainty around profits, strategy, compliance, investors, competition, and health and safety.

An additional risk you face is the potential that something might happen to your commercial vehicles or your company’s drivers. That’s why getting your commercial vehicles covered by the right types of insurance is paramount.

Here is everything you need to know to pick the right insurance policies for your company’s commercial vehicles.

Consider Your Business Needs

First and foremost, you must consider the specific needs of your business. The best insurance policy will depend on the type of business you have, the industry that it’s in, the risks associated with your business operations, the types of commercial vehicles your business has, and how many vehicles are in your fleet.

Depending on your business needs, you may need to purchase certain types of specialized coverage. One example is inland marine insurance—which protects your business from any loss or damage incurred by equipment, vehicles, machinery, or products transported on land. Another type is hired and non-owned auto insurance (HNOA), which covers vehicles your business rents, rather than owns, for commercial purposes.

Research Types of Coverage

Next, you should research the different types of coverage available to you and your business. The main types of commercial auto insurance include liability, collision, comprehensive, and uninsured/underinsured motorist coverage.

Liability covers the costs you would incur from bodily injury and property damage to third parties in the event of an accident. Typically, liability coverage is required by law.

Collision covers the costs of repairing or replacing your own vehicle if it is damaged in a collision. Collision coverage is sometimes required, but sometimes optional.

Comprehensive is a typically optional coverage that helps repair or replace your vehicle if it’s stolen or damaged in some way other than a collision.

Uninsured/underinsured motorist coverage will protect you from the costs of repairing or replacing your vehicle if it is damaged in a collision with a driver who lacks the proper auto insurance to cover the costs themselves.

When researching these types of commercial auto insurance, look out for a good match of premium and deductible. While opting for a plan with a higher deductible can lower your premium, you need to be able to comfortably cover the deductible if a claim is filed.

In the research stage, it’s a great idea to get in contact with an insurance agent to navigate the sometimes-daunting process of finding the right coverage. Speak with an agent at C&S today.

Find Discounts and Incentives

Once you’ve found a plan that’s right for you, learn more about what discounts and incentives may be available for your business.

Some insurers provide discounts as an incentive for your drivers completing certain safety programs—and as a bonus, you’ll improve your company’s road safety. Your insurer may also offer discounts if the drivers in your company already have strong safety records.

Another way to score discounts is through bundling different types of insurance policies.

Request a quote from C&S Insurance to learn more.