You have work to do. You rely on your vehicle to make it happen. When you are hauling valuable, special, or high-risk equipment, be sure you have a commercial auto policy that protects it. Your policy should represent the types of risks you face. It should also meet any requirements for transport. Here is how to choose coverage.
Why What Is On Board Matters
Your commercial auto insurance covers the value of your vehicle. It can also sometimes cover the value of the contents of the vehicle. However, you’ll need to specialize coverage for vehicle contents. Depending on the type of car, you may need coverage designed for your load. The value of the items you plan to carry plays a role in how much coverage you need. Here are a few examples.
#1: Your company transports people to and from locations. You carry just the people and their personal belongings. Here, you generally do not have any added contents to worry about. A basic policy usually applies.
#2: Your company transports expensive manufacturing materials to and from locations. They may not be large components, but they are very valuable. An accident could be high risk. Here, those valuable items need protection.
#3: Another example occurs for companies using equipment for their work. For example, your truck contains equipment to allow you to handle tasks at customer homes. Here, your coverage needs to be enough to cover damage to those items.
For those hauling large loads in trucks, where the specific task is just moving the equipment, special trucking policies offer load protection. Still, you may need to adjust how much coverage you have here.
What to Do About Coverage
Talk to your business insurance agent. Gather insight into how much contents coverage your policy currently offers – some may not offer any contents coverage upfront. Discuss the valuables you routinely haul. Do you need more protection? Do you need to add a cargo rider to your policy? If so, your team can help you to obtain it. Additional coverage is possible to cover specific items on your truck. Or, you may just need different property insurance from your general commercial insurance.
Commercial auto insurance is flexible. This is why it is so important that your agent understands your business. Be open about how you operate. What do you do? What do you haul? How frequently do you do so? This information allows your agent to provide specific protections. It can make all of the difference if an accident occurs. It may be essential for your company.