Commercial Auto Insurance
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Commercial Auto Insurance In Alberta
It’s Not All Created Equal
If you run a business in Alberta, you may not give much thought to Commercial Vehicle Insurance. Sure, you know that it’s a necessity but as long as you have an insurance policy written on your vehicles, everything should be fine, right? The truth is, not all commercial vehicle policies are the same and choosing the right people to take care of your insurance needs is extremely important. Here is a good example.
Jim ran a successful flower delivery service in Edmonton. He started out small and worked very hard over the years to develop a list of regular customers and he had two delivery vans. Naturally, he took out Commercial Auto Insurance on both vans. However, one day a van broke down and the shop was swamped so to save time, Jim thought about loaning his pickup truck to the delivery person to use for the rest of the day. He called his insurance agent to see if the truck would be covered. Yet, he never got a call back, but Jim decided to go ahead and take a chance, anyway.
The delivery person was on his way to a funeral parlor when he hit a large pot hole in the middle of an intersection. This threw the truck out of control and into the path of car that was headed in the opposite direction. The woman driving the car was seriously injured and Jim’s employee sustained some broken bones and bruised ribs.
When Jim contacted his insurance company about a claim, he was horrified. He had no idea that when a personal vehicle is used for business, property damage and liability is not covered on a standard non Commercial Vehicle Insurance policy. Needless to say, the damage to both vehicles and people involved were well into the six figure category. Jim learned a valuable lesson, but unfortunately it was too late to save his business. An experienced and competent insurance professional would have called Jim and advised him not to loan out his truck. This would have avoided disaster.
What Is Business Auto Insurance?
A policy for commercial car insurance covers damage that can happen to your company vehicles. It also covers any damages or injuries that occur to drivers, occupants, drivers of other vehicles, pedestrians, and anyone else involved in a traffic accident. Without this kind of coverage, it would only take one incident (like Jim’s) to jeopardize your business and future.
Who Needs Commercial Auto Insurance?
If you run a business that delivers to customers, you need to insure the delivery vehicles. It also covers businesses that operate a fleet of trucks or cars. This includes delivery vans, trucks, and semi trucks and trailers. Maybe your business is large enough that you can provide company cars to employees. These cars must have Commercial Vehicle Insurance, not personal auto insurance.
Are There Typical Commercial Car Insurance Policies?
Although coverage may vary according to the needs of your business, most companies will need:
- Liability – covers issues relating to traffic accidents, like injuries, property damage, and vehicle damage.
- Medical payments for injuries – provides money for things like hospital bills, chiropractors, physical therapy, medical supplies, and such.
- Comprehensive – pays for damage caused by falling trees, storms, hail, and many acts of nature. It also covers fire, theft, and vandalism.
- Collision – liability will pay for other vehicles, but if you (or your drivers) are found at fault, you must have collision coverage to pay for damage to your vehicle.
- Uninsured or underinsured motorists – if another vehicle hits your car and the driver has no insurance or insufficient coverage, this insurance pays for your damages.
Do I Have Options for Business Auto Insurance?
You may wish to include some options with your policy. For instance:
- Increased liability – often times, the minimum or standard amounts may not be sufficient. If you have higher risks than normal or just want to be safe, you can raise the limits on your liability insurance coverage.
- Roadside assistance – comes in very hand if your vehicles are broken down, stranded, or disabled.
- Loss of earnings – should your business be unable to operate due to a covered incident, you will be reimbursed.
- Cargo insurance – also called inland marine coverage. This protects products and equipment while in transit.
- All perils – covers most problems that your vehicles may face with damages. It is different from “named peril” which covers only certain things like storms, flooding, hail damage, and so on.
Finding The Commercial Vehicle Insurance Policy For Your Needs
Insuring your business can be confusing as there are many things to consider. That is why so many businesses are turning to independent insurance agencies like Leibel Insurance Group. Our brokerage has a combined experience of more than 250 years in the insurance industry, serving Alberta for over 30 years. We can handle every one of your insurance needs, both business and personal.
We are a family owned business that is large enough to offer you competitive markets, yet still small enough to provide you with the kind of personal service you deserve. We offer 24/7 claims response and after hours broker services.
Leibel Insurance Group has the capacity to offer you as many as 17 discounts on your business vehicle insurance and this can result in a savings as much as 37 percent. If your company vehicles are underinsured, your business is at risk and so is your future. To talk to an insurance expert about your Business Auto Insurance or personal insurance needs, call us today.
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Since being with Leibel Insurance we have had great personalized service. The staff are very professional, kind and do whatever necessary to answer your questions as well as get you the best possible rates.