Commercial vehicle insurance
If your business owns even one vehicle for commercial use, you need commercial vehicle insurance in Ontario. It goes without saying that cars are both dangerous and valuable. Not only do you need insurance, but it’s in your best interest that you get very good commercial car insurance.
Commercial vehicle insurance comes in many forms, though, because everyone’s vehicle use is different. You may have one vehicle or you may have an entire fleet of delivery trucks. You may transport goods and offer delivery services, or perhaps you’re transporting people as well. Or, perhaps your vehicles are for your employees to get to and from work sites. Regardless, everyone needs commercial auto insurance. We’re here to help you find the perfect commercial auto policy for you and your company.
What is Commercial Vehicle Insurance?
If you’re running a business in Ontario with even one vehicle under the business name, you need commercial auto insurance. So, what does this cover, and how does it work? Commercial auto insurance covers just about everything to do with the use of vehicles for company business. The basic coverages are very similar to personal auto insurance:
- Third-party liability. Liability is a huge concern when anyone is out driving on company time. Commercial auto insurance covers you in the event of an accident, whether it’s your fault or not.
- Accident benefits. If you’re in an accident, your insurance policy will cover things like medical bills and rehab costs, even if you were at fault.
- Uninsured auto. If you get into an accident and the other driver is uninsured, you’ll still be covered for damages to your vehicle.
Auto Insurance Policy
These are the most crucial pieces of any auto insurance policy, commercial or otherwise. For commercial auto insurance policies, there are several things you can add if you wish, such as:
- Collision. This ensures your vehicle can be repaired or a replacement vehicle can be found after an accident, even when you’re at fault.
- Comprehensive coverage. This ensures your vehicle is covered under circumstances out of anyone’s control such as severe weather or a natural disaster. Regular insurance doesn’t usually cover these damages.
- Specified perils. If you want even more coverage, specified perils allow you to customize your insurance a little bit. This allows you to name certain perils of your choosing such as theft, vandalism, whether-related issues, etc. Once named and added to the policy, you’ll be covered for these specific situations should they occur.
Commercial Car Insurance Cost
Unlike other insurance policies, commercial auto insurance prices can be hard to pin down. Your rate depends on many factors like how many cars you have, how many employees or insured persons you have, and of course what insurance coverage you’d like to purchase.
However, you can often get discounts for being claims-free with a clean driving record, and for having multiple policies with the same insurer. If you own a business, it’s helpful to have all business-related insurance with the same company if possible.
Get Protected Today
If you’re feeling overwhelmed at the many commercial auto insurance options out there, get in touch and we’ll help you navigate everything. Commercial insurance can be confusing but we’ll get you set up and on the road with the best business auto insurance in no time!
