Posted on: April 28, 2016 by titan-goodrich
If you own a small business in Virginia, you probably realize the importance of carrying business owner’s insurance, worker’s compensation insurance, and property insurance on your building and its contents. You may not realize that for some businesses, carrying Virginia Commercial Car Insurance is also necessary. Don’t make the mistake of assuming your personal car insurance policy will cover you if you’re involved in a car accident while driving for business purposes. Contrary to popular belief, auto insurance is not just for big businesses.
Does It Make Sense for Your Small Business?
Do you or your employees make deliveries, pick up business supplies, drive to meet with clients, or frequently work at remote locations? Are any of your vehicles owned or leased by, or registered or titled to, a business? Are any of your vehicles equipped with permanent toolboxes, ladder racks, catering equipment, hydraulic lifts, or other items used on the job? If you can answer “yes” to any of these questions, you may need commercial car insurance policy.
Why A Personal Vehicle Policy May Not Protect You
Your and your employees’ personal auto insurance policies do provide coverage for some instances of business use of your vehicle. If you are involved in an accident driving your personal vehicle to or home from work, for example, your personal policy will cover you. If, on the other hand, you own a landscaping business and your “personal vehicle” is the same truck you use when servicing clients, you will need a business vehicle policy because the primary purpose of the truck you’re driving is business.
Commercial Vehicle Policies are not One-Size-Fits-All
According to the Insurance Information Institute, most businesses should consider one of three types of commercial vehicle insurance: a policy that covers only the vehicles owned by your business, a policy that covers the vehicles owned, hired, and leased by your business, or a policy that covers all vehicles used during the course of business (including employee-owned vehicles.) Similarly, if you purchase a business vehicle insurance, you must specify which drivers are covered. You also must specify the amount of liability coverage you want and decide if you want to carry physical damage coverage on all, some, or none of your vehicles.
Does a commercial car insurance policy make sense for your business? Contact us at Goodrich & Watson. Not every business needs this type of coverage. We’ll ask you a series of questions and help you decide which vehicle insurance coverage (personal or commercial) make the best sense for you. If you do need commercial car insurance, we will help you identify the coverage you do and do not need, and craft a policy that protects you but does not include unnecessary expenses.