Commercial vehicle insurance provides cover to commercial vehicles in case of physical damage and liability coverages for amounts, situations, and usage not covered by a personal auto policy. There is a difference between a personal vehicle insurance policy and a commercial vehicle insurance policy.
It covers a variety of vehicles from automobiles used for business, including company cars, to a wide variety of commercial trucks. Like the personal motor insurance policy, commercial vehicle insurance provides similar coverages such as liability, collision, comprehensive, medical payments and uninsured motorist coverage.
Operating business with commercial vehicles in India is quite risky on Indian roads. In order to safeguard your business, an insurance policy for your commercial vehicle is essential as it will give you financial support in tough times. In addition, Indian roads and traffic conditions are quite famous for their notorious nature. Hence, taking your chances without a proper policy for claim benefits is going to give you even more burden.
Below is the list of benefits of commercial vehicle insurance
Coverage Benefits
The primary benefit and the main reason for purchasing commercial motor insurance is the coverage it provides. Motor insurance offers coverage privileges that help you and your employees driving the commercial vehicle.
Many types of benefits are included in such policies that may cover damage expenses for not just the driver and the vehicle, but also for any third party victims involved in the mishap. Commercial vehicle accidents are more hazardous to not only you but your company as well. Victims can file cases against your company for which you may have to pay heavy sums if you do not own a liable insurance policy to back you up.
Provides protection to Business Material
Commercial vehicles are mostly used for carrying company equipment from one place to another. All those pieces of equipment could be damaged due to an unfortunate accident.
However, a commercial vehicle insurance policy covers all these expenses and helps you in replacing all those valuable business components and materials without any financial burden. On the other hand, personal motor insurance may not be able to cover such benefits, so better choose wisely. Choose the policy that satisfies your requirements. Use the motor insurance calculator online to get estimated premium payments.
Larger Limits
Another big reason for purchasing commercial vehicle insurance is the benefit of getting higher limits on them. Any accident due to the commercial vehicle can cost a lot of money and insurance agencies try to give you larger limits on the covered expenses for helping you out as much as possible.
Protection of Employees
It also protects the drivers who are employed by you for driving your commercial vehicles because they are also subjected to risks on the road. Commercial vehicle insurance will tend to any mishaps that may occur to your employee drivers. Covering any expenses related to their medical fees, etc. is easier if you get one of such policies.
Using commercial vehicle insurance for protecting your valuable assets gives you a sense of relief while running your hectic businesses. Choosing the right one is also very important so that it will help you get the best benefits and ensure a healthy and prosperous business in the long run.