Learn the truth behind these common commercial auto misconceptions.
If your business requires the use of company or personal vehicles, then you need the protection that only business auto insurance can offer. However, when trying to secure this coverage, many business owners get caught up in popular misconceptions and inaccuracies. To clear things up, here is the truth behind some of the most common commercial insurance myths out there.
- Myth #1: I Don’t Need Commercial Auto Coverage if I’m Using My Personal Vehicle for Work Purposes
While many assume that their personal auto insurance policy will protect them while they are using their car for business purposes, this isn’t really the case. Your personal auto insurance will offer protection when you are using your car for leisure, commuting, or for other personal reasons. However, most policies include a clause that states that they will not cover claims that occur while your car is being used for commercial purposes. The only way to protect yourself and your vehicle while it is being used for business is by securing the proper commercial auto policy.
- Myth #2: My Business is Seasonal, and I Don’t Need Commercial Auto Coverage During My Off-Season
Even if your business is not currently active, there are two main reasons to keep your business auto coverage. First, maintaining continuous coverage will give you access to lower insurance premiums than if you were to cancel and re-start your coverage every time your business season started up. Second, cancelling your policy means that you will have no protection on your stored company vehicles. If your business’s vehicles are stolen or damaged, and you do not have coverage on them, then you are personally responsible for replacing or repairing them.
- Myth #3: The Property Inside My Commercial Vehicle is Protected By My Auto Insurance
While equipment permanently attached to your company vehicles are almost always covered by your commercial auto insurance, this isn’t the case for loose equipment inside the vehicle. For instance, loose tools, toolboxes, equipment, supplies, inventory, and so on will not be covered unless you secure special endorsements that specifically extend coverage to your business’s property.
Interested in learning more about business auto insurance and what this essential coverage can do for your business? If so, then don’t hesitate to contact the experts at Artisan Insurance Solutions. Our dedicated team is eager to assist you with all your commercial coverage needs today.