Transportation will forever play a pivotal role in bustling communities. Commercial vehicles are critical to many businesses, from small flower shops delivering bouquets to large fleets transporting various goods to local grocery stores. These crucial roles come with a big responsibility: ensuring adequate insurance. If you’re new to the world of commercial automobile insurance, we are here to help navigate and explain everything you may be wondering. Personal auto insurance isn’t designed for the risks and liabilities that come with running a business, hence the need for specialized insurance coverage.
The Fundamentals of Commercial Car Insurance
Liability Coverage: This is the foundation of any auto insurance policy and is mandatory in Ontario. If you’re deemed responsible for an accident which caused bodily injury and/or property damage to someone else, the costs (subject to limitations and exclusions) will be covered. Considering your vehicle(s) will be used for business purposes, higher liability limits than that of a vehicle used for personal or recreational purposes are typically required.
Accident Benefits: Mandated by Ontario law, these coverages protect against things like lost income and medical and rehabilitation costs following an automobile accident.
Physical Damage Coverage: Various coverages such as Collision, All Perils, Comprehensive, and Direct Compensation for Property Damage (DCPD) can be purchased to protect your vehicle(s) from a number of perils. Said perils can range from a simple fender bender to theft of the entire vehicle or a multi-vehicle pile-up and more.
Choosing the Right Commercial Car Insurance Policy Provider
Work With a Specialist: A Grenville Mutual Agent or Broker has the insight and experience to guide you to and suggest the right coverages to fit your business needs.
Stay Current: When your business evolves, so do your insurance needs. Regularly revisiting and updating your policy ensures your coverage remains relevant and robust.
Bundle your coverage where possible: Having your Commercial General Liability policy with the same provider as your Commercial Automobile Insurance can save you money and ensure any gaps in protection are identified and filled by the people who know your policy wording best.
At Grenville Mutual, we’re partners in your business journey. We believe in empowering you with the knowledge and tools you require to make sound business decisions. Whether you’re just starting your business or reevaluating your current commercial vehicle insurance, the vehicles powering your operations are vital assets, and our team is here to guide you along a secure business journey.
