For many business owners, the road to growth, prosperity, and success depends upon the company vehicle. Whether your company has one business vehicle or a fleet, it’s important to be adequately covered. Even if you drive your own personal vehicle primarily for business, you’ll need to be appropriately insured.
Commercial vehicle insurance pays a benefit based upon policy specifications if your company vehicle is stolen or damaged. It can also help protect your business from liability claims in the event that one of your employees causes injuries or damages while driving the insured vehicle.
Insuring a New York commercial vehicle is similar to insuring a personal vehicle. That is, you need liability coverage, both for property damage and bodily injury. You’ll also need protection for medical costs suffered by the businesses driver and passengers. But keep in mind, that a business vehicle can’t be covered by a personal insurance policy. This is because the risk of driving a business vehicle is typically higher than that of a personal vehicle.
Commercial vehicle insurance requirements vary from state-to-state, but it is required. Unlike many personal vehicle insurance policies, commercial vehicle insurance policies are written in such a way that you can list a number of employees and drivers to be covered under the policy.
The premiums for insuring commercial vehicles vary too, depending on your business, location, drivers driving records, what you commercial vehicles transport, and what security, anti-theft, and safety features the vehicle has installed.
It’s important to discuss what your vehicle will be transporting with your New York insurance agent, particularly if you will be traveling with valuables. You may need additional coverage if you routinely transport expensive items.