Owning and operating a small business can be both profitable and enjoyable. It can also be costly. We recognize that every small business owner is looking for ways to save money wherever they can. Your company’s insurance is one area where you should not cut corners. If your firm employs vehicles to conduct business in Bangs, Goldthwaite, Comanche, Texas, or elsewhere, commercial auto insurance is required. Here are the top five reasons for insuring your commercial vehicles.
1. A Personal Auto Policy Won’t Provide Proper Coverage
The first and most important reason for purchasing commercial auto insurance for conducting business in Bangs, Goldthwaite, Comanche, TX, or other locations is that standard personal auto insurance policies offered by car insurance companies to individuals do not provide adequate coverage and have liability limits that are too low for business use. Simply put, the coverage is insufficient to safeguard you and your company. Many automobile insurance companies will cancel a personal auto policy if it is revealed that the vehicle is mostly used for work purposes.
2. Commercial Auto Insurance is Comprehensive and Customizable
Commercial van/car/truck insurance, as opposed to a personal auto policy, provides extra coverage in a variety of ways. Most commercial auto insurance policies cover property damage, liability, medical payments, and even freight coverage all under one policy. These are the standard coverages, but you can often acquire a customized commercial vehicle insurance quote that includes additional safeguards that aren’t often included in many personal car insurance policies.
3. Your Employees Will Be Covered
If you allow your employees to use your company vehicle, traditional personal auto insurance policies will not cover them. A commercial auto insurance policy, on the other hand, would not only cover your employees when they drive your vehicle, but it would also provide some additional protection. If your employee uses their own vehicle for work-related travel, many commercial auto insurance policies will cover them. These same plans will normally cover rental automobiles or trucks used for business purposes as well.
4. Commercial Car Insurance Can Be a Business Deduction
Commercial truck insurance, commercial van insurance, and commercial auto insurance would not only be a fantastic investment to safeguard your company, but they may also pay for themselves. Commercial auto insurance can be written off as a business expense, making it tax-deductible. You not only have good coverage, but you may also be eligible for a tax deduction.
5. It Could Help Offset the Costs of a Lawsuit
If you or an employee are involved in an accident that causes harm to a person or property, the victim may pursue legal action against your company. Commercial auto insurance often has double the liability limit of personal auto coverage and can help offset costs if your case goes to court. Instead of having to use corporate funds to pay for damages and court fees, the insurance coverage will cover the majority of the litigation.
6. Your Business Needs High Limits
Be truthful. When compared to a conventional car, a box truck will do substantially more damage in an accident. In order to offset those expenditures, a commercial truck like that, as well as many other similar vehicles, needs greater liability limits and additional coverage. Traditional car insurance policies are unlikely to have a high enough level to cover all of the damage a business vehicle causes in an accident.
7. The Law Might Require It.
In some places, such as Texas, purchasing commercial auto insurance for your company vehicle is required by law. Even if you live in a state where commercial auto insurance is not needed, you may be obliged to carry one if you drive your business vehicle across state lines. You could conduct research to ensure that none of the states in which you do business require commercial car insurance, but it is more worthwhile and less of a headache to obtain adequate coverage from any of the many auto insurance companies available.
If you live in Bangs, Comanche, or Goldthwaite, Texas, and are looking for a company that can supply you with the best auto/car insurance, you don’t have to look far. Countywide Insurance Agency in Coleman, TX provides high-quality and affordable auto insurance policies for drivers of all ages. There are insurance professionals that will work with you to locate a policy that meets both your demands and your budget, and they will ensure that you completely understand the policy’s finer aspects.