Commercial vehicles are a worldwide necessity. Whether it’s a delivery truck making its rounds around a small town, a tractor-trailer making deliveries across the country or an 18 wheeler hauling goods between countries, these commercial vehicles carry out all sorts of necessary tasks to ensure that the world keeps turning as smoothly as possible.
Commercial vehicle insurance is one of the perks of owning a commercial vehicle. However, unlike passenger vehicles or motorcycles, commercial vehicles are far more expensive to insure. This is due to the fact that there are many additional risks involved with commercial vehicles. These include cargo theft, cargo damage, cargo delay and other liability exposures not directly linked to the driver’s conduct that cause them to be held liable.
The more pricey it is to insure a commercial vehicle, the less likely companies are going to want to provide this type of insurance. However, with some searching, you can find affordable commercial vehicle insurance policies that actually save you money in the long run. Here are 5 of the top benefits of getting commercial vehicle insurance for yourself or your company.
1. Liability Coverage for Cargo Damage or Theft
This is the most obvious benefit, but it’s worth mentioning nonetheless. When your business vehicle is involved in an accident, there are many things to consider. These include injuries sustained by others around the accident, property damage done to someone else’s car or building and any damage you do to your vehicle as a result of the accident.
On top of that, cargo damage or even cargo theft could potentially lead to your company being held liable for any damages done by these incidents. Cargo theft can cause immeasurable harm to both large and small businesses alike, which is why it’s important to take measures to protect against this type of damage.
2. Uninsured/Underinsured Motorist Coverage for the Driver
Part of the appeal of driving a commercial truck is that it makes you look more important than you might actually be, but this can have its downsides. Not everyone on the road knows what to do when they see a large truck approach, so many drivers attempt to cut larger vehicles off or make a variety of other risky maneuvers. When this happens, it’s important to have the right type of coverage in place to protect yourself from any potentially harmful results that could occur as a result.
3. Medical Coverage for Injuries Sustained by Drivers
Injuries sustained as a result of driving a commercial vehicle can be extremely costly. This is why it’s important to have medical coverage as part of your commercial vehicle policy. Injuries sustained while operating a commercial truck can lead to both long and short-term disability that could prevent you from returning to work for months or even years.
4. Broadened Options for Getting Workers’ Compensation Insurance
Workers’ compensation insurance is mandatory for anyone who works at a job that requires them to drive. However, not all employers are required to provide this type of insurance for their employees. This means that many drivers end up having to cover the cost of getting commercial vehicle workers’ compensation on their own or through insurance they get elsewhere.
Getting commercial vehicle workers’ compensation insurance through your commercial vehicle policy can provide more options for coverage, which means you might be able to save on the cost of this type of insurance.
5. 24/7 Roadside Assistance for Your Truck and Crew
When you’re out on the road, especially if it’s late at night or in a far away location, you can run into problems that are difficult to handle on your own. These types of issues can include flat tires, running out of fuel or even getting locked out of your truck while you’re inside. Commercial vehicle roadside assistance is available 24/7 in almost all parts of the country, which means that when something goes wrong with your commercial vehicle, help is only a phone call away.
The benefits of having commercial vehicle insurance are numerous and can make a significant difference in both your own life and the lives of those who work for you.
What are some of the most important benefits of commercial vehicle insurance?
There are a number of benefits to having commercial vehicle insurance, which is why it’s a good idea for both you and your business. These include liability coverage for cargo damage or theft, uninsured/underinsured motorist coverage for drivers, medical coverage for injuries sustained by drivers, a number of options for getting workers’ compensation insurance and 24/7 roadside assistance.
Should I only buy commercial vehicle insurance for my employees?
Whether or not you need to purchase additional workers’ compensation insurance will depend on the type of work your employees do. If they operate a commercial vehicle as a part of their job, you need to have workers’ compensation coverage for them. If they don’t use a commercial vehicle as part of their job, then you’re not required by law to get this type of insurance for them.
What is the difference between personal vehicle insurance and commercial vehicle insurance?
Commercial vehicle insurance provides coverage for drivers without having to place them under a named insured, which is required by personal auto insurances. In addition, cargo damage or theft is covered under commercial vehicle insurance policies, but not personal vehicle insurance. Personal vehicle insurance also covers injuries sustained by other people in an accident that you caused, which is not the case with commercial vehicle insurance.
Last But Not Least
So, what are the top 5 benefits of commercial vehicle insurance? We think there is a lot to be said for protecting your investment and ensuring that you have the best coverage for all drivers who may use your vehicles. These five things can help you determine which type of policy will work best for your needs. Have we missed any key points? Let us know in the comments below!