If you are a business owner you would want your business to be protected from risks. A business can face a lawsuit if one of their commercial vehicles causes a major accident. This is why your need commercial auto insurance. Business owners looking to purchase business insurance should consider the items listed below.
If you are going to purchase commercial Phoenix commercial auto insurance, then it is important to title it in the name of the business, whatever type of vehicle your have for whatever purpose it is going to be used. In the event of an accident, the title holder, which is the business, may be sued. This will bring your business to court. This insurance coverage should not be named any other except the name of the business since you can have issues related to the validity of the insurance coverage.
You can choose between the basic limits or high insurance limits which can reach up to millions of dollars, which are offered by Phoenix trucking insurance companies. If you insure your business at the basic liability limit, you can lose your business assets if your business vehicles causes an accident which results to the death or serious injuries to people. But if your business takes the high insurance limit, then you can avoid losing business assets in auto accidents like these.
If you don’t want to void your insurance coverage, then you need to classify your commercial vehicles properly. The consequence of a void insurance policy is that in the event of an at fault accident of your vehicles, your company will have to shoulder everything that needs to be paid since your coverage is can no longer be used. You need to be careful in this respect since similar types of vehicles can have different classification. For example, if an electrician uses a truck, it is not classified in the same category as a truck used as a dump truck. Since they belong to different classes then their premiums are not the same.
Commercial auto insurance coverage is required for automobiles that are titled under a business. Some examples of these automobiles are limousine services, food services, delivery services, and many others.
Depending on the kind of business you have you can get basic auto liability or high auto liability. If your vehicle gets in an accident caused by an uninsured motorist and your employees riding the vehicle gets injured, then the insurance company pays the uninsured motorist coverage. There are businesses that need to get other coverage.
Your business can get optional commercial vehicle coverage like physical damage coverage for vehicles damaged by fire, flood, theft, and other risks. Physical damage coverage also includes damages caused in a accident by non moving objects like walls, posts, and others.