The most common mistakes that business owners commit when it comes to commercial auto insurance.
When it comes to insuring your small business, don’t forget about one of its more important assets: the company vehicles. Commercial auto insurance is a necessary kind of insurance policy that all businesses that operate vehicles need. Don’t just purchase any policy to get the process over with, rather take step back. Compare different coverages from different companies and purchase the one that’s right for your business. You don’t need to pay extra for things that your business doesn’t deal with. Here are the three most common mistakes when it comes to purchasing a commercial auto insurance that you should avoid doing.
1. Consider Fleet Coverage
Many insurance carriers offer coverage for an entire fleet of vehicles. If your business operates more than one vehicle, this may be the kind of insurance policy that’s right for you. Because it covers multiple vehicles at a time it may be more affordable to cover all of them, rather than purchasing multiple individual policies.
2. Don’t Focus on Cost
When purchasing commercial auto insurance policies, look beyond the premium. A key component of what you should be looking at is what protection is offers your vehicles. If the plan has minimal or insufficient limits, it can deeply impact your ability to recoup those losses.
3. Full Liability and Asset Protection
Discuss all the risks that are associated with your risk. Liability insurance is often of the biggest concerns. Though all vehicles need to have liability insurance, it’s important to realize the risks that may be associated with your business. If you operate a delivery truck and it strikes a pedestrian, you could very well be sued beyond the limits of your protection.
Your business cars need to have commercial auto insurance for the sake of your business’ life. To get the policy that’s right for you, contact CV Mason Insurance Agency in Bristol, Connecticut. We will work with you to ensure you have the right amount of coverage, all at the right price to fit your budget.