A Guide to Transportation and Contractor’s Insurance
Do you have a fleet of commercial vehicles? Do your employees use their personal vehicles for business? Do you use rented vehicles? If you ask any of these questions as a business owner, then it is time to consider transportation insurance. Coast General reviews the importance of commercial auto coverage and how to protect your business when working with third-party contractors.
Transportation 101: Understanding the Risks
When anyone gets behind the wheel of a car, they have the potential to be involved in an accident whether it is their fault or someone else’s. It is pivotal to pay attention to transportation insurance when it comes to your business as well as the types of coverage available to you. In order to protect your commercial vehicles, you will need to assess your business’s needs.
Accidents can happen on the job; you want to be protected in the event of minor and major ones. Your employees can be the safest of drivers, but ultimately, you want to protect your employees from other people on the road. Accidents can also occur due to weather conditions, debris, and a variety of hindrances. The liability costs associated with accidents can be costly. Your business should not have to budget for accidents and other types of mistakes. Being covered initially protects you in these situations.
Covering All Contractors
Some businesses regularly work with third-party contractors. Liability can vary by state, but it is crucial to ensure your business is protected when all your employees andthird-party contractors use your company equipment or vehicles. For instance, is one of your contractors using a company car or personal vehicle? You need to be covered when they get behind the wheel for your business. Not all insurance policies cover privately owned vehicles.
The Costs Associated with Being Uninsured
When you do not have commercial auto or contractor insurance, or simply not enough coverage, your business may be faced with additional costs down the road. The expense of protecting your business and employees does not beat the costs associated with the risks of having limited coverage or no coverage at all. Insurance claims, repair costs, and bodily injuries can create large, unexpected payments for your business.
The Insurance Information Institutereports average costs, premiums, and claims by state. In 2016, the average claim severity cost for collisions was $3,435 and $16,110 for bodily injuries. If you do not have the right coverage, then you can easily become burdened with these steep costs. It is important to protect your business, but it is also crucial to protect your employees.
Paying Attention to Industry
Depending on your industry, specific types of coverage may be unnecessary for your business. For instance, do you work in the agricultural field and need to insure various types of vehicles and equipment? Your coverage will be different than that of a business with a fleet of cars. Insurance brokers can help you determine your specific business needs and help you understand the types of coverage you need in order to be protected.
Every business is unique, which means finding the right coverage is crucial. Contact Coast General Insurance Brokers todayto find the best commercial auto insurance, service, price, and value. Call (805) 644-4740 to speak with one of our friendly agents for a free quote today! We proudly serve Ventura County and all of California for your business insurance needs.