A Look at The Unique Benefits of Commercial Auto Insurance

Starting a business is a huge investment in your future. You have to navigate a lot of risks and responsibilities. If you don’t have the necessary insurance coverage, one mistake can ruin everything you have worked for. Commercial auto insurance protects you if you rely on vehicles to conduct business.

It covers you if you are involved in an accident while operating one of your business vehicles. Liability coverage protection protects you from being responsible for causing an injury or property damage while you are out on the road working. You can also add comprehensive coverage, which covers you if your commercial vehicle is stolen or damaged because of a fire or severe weather.

Commercial auto insurance provides multiple benefits. Commercial auto insurance is an asset if you depend on vehicles to help your business function properly and maximize profits. You could face a financial catastrophe if you are involved in an accident and don’t have coverage. While researching commercial auto insurance in Vancouver, WA, you can learn about these common commercial auto insurance benefits. Here is a look at some unique benefits of the policy.

  • Improves Your Credit
  • As you seek to secure financing for your business, be aware that banks and lending institutions look at multiple factors before deciding if they will approve a loan. While your income and credit score are important variables, lenders will also weigh if you will be able to repay the loan. Having insurance is important. If you are financing your commercial vehicles, purchasing coverage may be mandated by your lender. If you have a policy with high coverage limits, that could make your application more attractive to lenders and help your application get approved.

  • Better Lease Terms
  • Having commercial auto insurance can also help you secure a better financing agreement. Research shows that most businesses that lease their vehicles struggle with control costs. Maintenance fees often lead to substantial charges at the end of the loan. Be sure to train your drivers effectively. Learning proper skills can help your drivers avoid getting dents and scratches on the vehicle, leading to higher leasing payments. You can customize your commercial policy to add more protection for leased vehicles. This may lead your lender to lower your liabilities.

  • Protects Your Equipment
  • Most commercial auto insurance policies cover any equipment or products which are carried in commercial vehicles. This gives you peace of mind that you can file a claim if you are involved in an accident that destroys your inventory. You are also covered if any of the equipment is vandalized or stolen. Covered equipment is a huge asset for businesses while working in areas with a high crime rate.

  • More Customer Leads

If you are operating a business in a competitive industry, you are constantly looking for ways to stand out. Consumers are attracted to places with quality customer service. They are also attracted to businesses committed to solving their problems and who care about their overall wellness. A strong commercial insurance policy shows potential customers that you care about meeting their needs. You will gain more leads and increase your revenue by showing your customers that they are protected against any accident.

Remember that commercial auto insurance is the only way to cover your work-related vehicles fully. If you are using your personal vehicle for work-related endeavors, your personal auto policy will not cover you if you are involved in an accident. Discuss with your insurance provider to understand the best course of action under such situations.

If you are researching commercial auto insurance, contact our insurance experts here at Action Insurance Group. We can help you find a customized auto insurance policy for your business.

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