Why Properly Insuring Your Company Vehicles Is Important

Your business is one of your greatest investments. You have worked hard to develop your company into a respectable entity. It would be tragic for one accident to take away everything that you have worked to build over the years. Such is a possibility, though, when you do not invest in the right insurance. Here are five reasons why properly insuring your company’s vehicles is so important.

Accidents Happen

You can have the best driver in your town and an accident is still liable to take place. Your driver is often not the issue. His professionalism is an example for everyone to follow. There are, however, amateurs on the road who make mistakes.

Most workers’ compensation accidents are transportation incidents. In fact, it is estimated that these types of incidents account for 40% of the total figure of 2,080 cases. Drivers and salespeople are rated as having the most dangerous jobs among the 2,080 cases with truck drivers who operate tractor-trailers being in the worst position of them all.

You need commercial insurance to shield you from the financial ruin that could take place if one of your drivers has an accident while being as cautious as possible on the road. You would not want to hire the best in the business only to fall short when it comes to covering them in the instance of an incident.

Lawsuits Are Real

Small business owners generally do not have millions to pay in legal fees and lawsuits. Such an exorbitant amount, however, is what you may be subjected to if one of your vehicles is involved in a car accident.

Owners of companies that use tractor-trailers for transport are especially susceptible to expensive lawsuits. Tractor-trailers can cause more devastation than a car.

Having the right insurance plan may not fully alleviate you from the effects of an accident. A good policy can, however, share some of the financial burdens so you are not left to endure everything on your own.

Semi-Trucks Can Suffer in High Winds

Those videos that show semi-trucks turning on their sides in high winds are not Hollywood stunts. Fully loaded semi-trucks can weigh as much as 18,000 pounds. Empty semi-trucks do not have such weight to hold them down when high winds come to devastate roads and towns.

Your driver may find himself literally taken by the wind, which can damage everything from the truck to the delivery packages. In addition, your driver may be significantly injured by the incident.

Buying an insurance policy that covers high winds is the only way to keep such an accident from devastating your finances.

Personal Insurance May Drop You

You are a liability to your insurance company if you fail to purchase the right insurance plan for your commercial vehicles. It is not uncommon for personal indemnity policies to end at the insurer’s request after an accident that forces the provider to pay thousands or hire legal counsel to defend their right to not cover an incident.

It’s Better To Be Over-Insured Than Under-Insured

A 35mph crosswind could put as much as 3,440 pounds of force on the side of a large trailer. This amount of wind can damage any shipment your company is trying to deliver.

You need an insurance policy that adequately covers such an incident. Only commercial insurance plans have protection against windstorms that damage shipment.

You may not find much value in purchasing a commercial auto insurance plan from the start. The consequences of going without proper insurance, however, are drastic. Do not allow your business to fall into financial hardship because you chose to cut corners with indemnity coverage. Purchase the best commercial insurance policy for your business.