A commercial car insurance policy, otherwise known as fleet insurance, is a form of liability coverage that specifically covers property damage and personal injury that can occur from an accident involving an automobile driven for business. Commercial car insurance also covers personal damages resulting from accidents that happen on the premises of your business. The property damage coverage of commercial insurance is meant to cover damage to any physical building or infrastructure that is leased or owned by your company. For companies that have fleets of vehicles, this policy is also important so that they are not held liable if a customer or client in their care suffers injury as a result of an automobile accident that was caused by your vehicle. Fleet insurance policies differ from personal automobile insurance in such a way that they also include personal injury protection. Here are some important tips that you must consider in choosing commercial car insurance.
Before getting commercial car insurance, your company must make sure that you have excellent driving records. This means that you must have not only good grades in school but also commendable records in terms of speeding tickets issued as well as accidents that have happened on the premises of your business. It is important to note that these records do not need to be spotless because even minor mistakes can get you in trouble. Thus, you need to ensure that you are aware of the rules and regulations governing the use of your vehicle.
Insurance companies will use your driving records in determining the amount of premium that you will need to pay. Most insurance companies require you to submit to them a list of vehicles owned by you and the details of all the drivers who will be driving your commercial car insurance. They will check with the auto insurance agency where your vehicles are registered to verify the driving records. They will also request a copy of your driver’s license and ID. It is not uncommon for some companies to request to see security clearance documents for a small business vehicles. In this case, they are looking for evidence that you are not a high-risk risk to other clients and therefore that you will not default on your payments.
Your company will need to purchase an additional policy to cover uninsured or underinsured motorists. If you own multiple small commercial vehicles, then you should look into purchasing an umbrella policy that covers them all. This coverage protects the company as well as the owners of the vehicles. The price of a commercial auto insurance policy can be quite high but it is still worthwhile as it helps to protect your company in case a customer gets into an accident that causes damage to one of your commercial vehicles.
If you are the owner of a major nationwide supermarket chain, then you are probably already familiar with Geico. Geico offers a variety of policies that cater to homeowners, renters, small businesses and large corporations. Some of the policies offered by Geico are known as General Liability and Occupant Liability. If you have small businesses that are at risk of paying for damages that occur in other people’s homes, a large percentage of your General Liability and Occupant Liability will be bundled into your commercial auto coverage. Your commercial liability is typically much higher than that of a homeowner, which is why many large commercial companies choose to insure their businesses through Geico.
Your commercial insurance will cover all the property and personal property that is damaged or stolen during an insured event. If there is a fire outbreak that damages your store’s building or damages a truck that is in your parking lot, your liability limits will help you pay for it. If you have any employees that were injured during the incident, your liability limits will also help you pay for medical expenses. Your limit will depend on how much coverage you have requested. Higher limits result in lower premiums.
Another factor that will affect your premium is whether or not you are insuring more than one vehicle. If you have a fleet of vehicles, you are likely going to need more than one vehicle insurance policy. A good rule of thumb is to always purchase enough coverage to replace the vehicles that are in the wrecked. If you do not need that much, you can purchase a policy for the minimum amount of insurance necessary.
Geico commercial insurance will not only protect you from the events that happen outside the store, but it is required by law in most places. You must carry this insurance if you want to operate a business in most places. You must carry liability insurance if you use a vehicle for both work and personal purposes. There are special policies available if you own a boat, though. Before you buy anything, however, you must know exactly what the policy will cover.