Protection for your investment.
Protection for your investment.
As a business owner, there are numerous responsibilities that keep arising and it could get overwhelming when there’s no clear guidance especially for new entrepreneurs. One of the aspects that cannot be overlooked for businesses is commercial auto insurance; an insurance that allows business owners to get commercial vehicle coverage for a single vehicle or a fleet of vehicles.
In order to avoid incurring unnecessary liabilities for your business vehicles, it’s important to secure them in advance. This specifically applies to vehicles used for business purposes or those that have been registered as a commercial vehicle; not also forgetting vehicles used by employees, whether for deliveries or running errands on behalf of the business. In the event of an incident, such as a damage or accident a business owner can claim and receive compensation that will help cover the cost of repairs.With anything business, risks are a constant. It’s important to be knowledgeable about certain requirements and expectations. So here’s what you need to know to avoid paying out the cash you intend to keep or losing money in the process.
The right coverage for your vehicle can be quite tricky because there are several sides of an insurance to cover. It’s very important to pay attention to insurance needs for different classes of vehicles and also clearly defined requirements for each state.
The type of insurance also depends on factors like age of driver, gender, whether your truck travels inter state, truck weight, commodity transported, just to mention a few.
Never assume, research instead and find out the different types of insurance you need; knowledge will save you money in damages and downtime. For instance, your motor carrier policy may not cover you when you drive your truck on a personal errand. Be sure to purchase a non-trucking liability and physical damage coverage in this case.
If it’s too good to be true, it probably is. Often times low price means you are getting less coverage disguised in technical jargons a layman can’t decipher. When comparing policy prices from different companies be sure to also study the extent of coverage and terms and conditions.
If you intend to hire a driver, ensure they go through an effective screening process. One way is to get their motor vehicle record and set up a scoring system that helps evaluate their driving records. If they score below a certain minimum point, don’t hire them. If they pass this stage, do a drug testing before you eventually hire.
Train them on actions to take if there’s ever an accident and put a card with a checklist of these actions in your truck as a guide and reminder. The most important item on the card should be a number to call should an accident occur.
In the event of an accident, visual documentation will help defend your claim. Take pictures of the scene immediately after the accident. You can also have cameras and driver cams installed in your truck. The camera shows what the driver sees and monitors the behaviour of other drivers like whether they were texting, eating or taking a selfie while driving. An in-vehicle camera which showing the view of your driver will also monitor their behaviour as they drive your truck.
An insurance policy is meant to protect you and buy you ‘peace of mind’ but only if it's done right. Resist the temptation to try to cut cost, it might be more expensive on the long run.