Commercial Vehicle Insurance is essential to protect your business. Understanding the different types of coverage available will help you customize a policy to meet your specific needs. Here’s a breakdown of the different coverages that can keep your business running smoothly, even when the unexpected happens.
Mandatory Coverages Included in Every Policy
Third-Party Liability Coverage: The backbone of your policy. If you or an employee is involved in an accident resulting in injuries or damage to someone else’s property, this coverage kicks in. It will help to cover costs including but not limited to medical and legal fees, up to your policy’s limit.
Direct Compensation-Property Damage Coverage (DCPD): This ensures you are compensated if your vehicle gets damaged in a not-at-fault accident, either in Ontario or involving a vehicle insured by a company with a reciprocal DCPD agreement.
Uninsured Automobile Coverage: This coverage protects your business from risks posed by uninsured or underinsured drivers, and in hit-and-run situations.
Accident Benefits Coverage: Accidents happen, but the financial aftermath shouldn’t derail your business. This coverage supports anyone injured in your company vehicle, covering medical, rehabilitation, and even income replacement, regardless of who was at fault. Enhancements to this coverage can include caregiver, housekeeping, and home maintenance allowances, death and funeral benefits, indexation, dependent care, and more.
Optional Coverages to Consider for Protection
Collision Coverage: Whether your vehicle collides with another car, a streetlamp, or any other object, collision coverage helps pay for repairs or replacement.
Comprehensive Coverage: This covers nearly everything beyond collisions, such as theft, vandalism, or storm damage to your vehicle.
Accident Forgiveness: With this coverage, your insurance rates won’t increase after your first at-fault accident.
Coverage for Modifications and Attached Equipment: Whether it’s a modified storage system or specialized machinery, ensure these valuable additions are covered from loss or damage.
Commercial Trailer Coverage: This safeguards your trailers against physical damage and liability if they cause injury or property damage.
Evaluating Your Business Needs
Insurance needs are a spectrum of possibilities that we tailor to your precise needs. Whether you run a farm, contracting business, flower delivery company, or a bakery, choosing the right combination of coverages helps with the unexpected.
Consult a Grenville Mutual Broker or Agent to tailor a policy that fits your specific needs and ensures your business is supported.
