What is Commercial Automobile And Truck Insurance?
In Oregon, commercial vehicle insurance is a must for most businesses
Many Oregon insurance policies provide larger umbrellas of protection for rented vehicles as well as personal vehicles of employees that get used on company business. The costs of such policies can vary, depending on such factors as the number of vehicles involved and the number of potential drivers.
The key to getting commercial auto insurance that works for you is locating an agent that works with several different insurance companies. This will guarantee agent flexibility when it comes time to find a policy that fits the needs of your particular business.
Commercial vs. Personal Auto Insurance
Some people try to buy coverage for their work vehicles from their personal auto insurance agent. Although some similarities exist between the two forms of insurance, this is a big mistake.
All auto policies must cover the following:
- Damages and injuries resulting from an accident
- Costs associated with underinsured and uninsured motorists
- Vehicle theft
- The theft of property inside vehicles
The needs of your business, however, differ radically from those of the average car owner. To begin, businesses are often targets for lawsuits. It is therefore wise to invest in greater liability insurance. But the added financial obligations don’t end there.
A commercial vehicle typically travels more miles with different drivers. As a result the sum of liability coverage is usually much higher than is the case for personal insurance, as policies cover more than vehicles your company possesses.
Furthermore, if you are in the business of transporting hazardous wastes or expensive equipment, you will need to purchase insurance to cover what gets conveyed in your vehicle. The type and age of vehicle your company uses will also add to commercial vehicle insurance costs and send them higher than the ones associated with your personal vehicle.
Tips to Contain Commercial Vehicle Insurance Costs
Like personal auto insurance policies, those for commercial vehicles offer deductions that can lower your total costs. Following are a few ways you can help make insuring your commercial vehicle more financially manageable:
- Promote safe driving habits at your company
- Install devices on your vehicle(s) that deter theft
- Always screen for high-risk drivers
- Consider the type and age of any new vehicle to your business fleet
Your vehicle is important or business. So is the kind of insurance you purchase for it: don’t be caught off guard.
