What is Commercial Vehicle Insurance?
Commercial Vehicle Insurance is designed to protect your business vehicles against uncertainties and accidents. It acts as a shield for vehicles used for business purposes, including:
- Passenger Carrying Vehicles
- Cabs and Taxis
- Tractors
- Cranes and Trailers
- Goods Carrying Vehicles
Coverage Offered
Depending on the policy, Commercial Vehicle Insurance can cover a wide range of damages, including:
Third-Party Damages:
- Damages caused to your commercial vehicle(s) by a third party (anyone or anything other than you and your insurance company).
- Damages caused to your driver(s) by a third party vehicle while driving your commercial vehicle(s).
Liability for Damages:
- Damages caused to third-party vehicle(s) and driver(s) by your commercial vehicle(s).
Theft:
- Damages resulting from the theft of your commercial vehicle(s).
Natural Disasters:
- Damages to your commercial vehicle(s) due to natural disasters.
Fire:
- Damages to your commercial vehicle(s) due to fire.
Legal Requirements and Comprehensive Coverage
By law, businesses are required to have at least Liability Only coverage, which protects against damages caused to third parties. However, this does not cover damages to your own business. Therefore, it is crucial to opt for full coverage, especially if commercial vehicle services are a primary part of your business operations. Full coverage ensures that you are protected from all possible damages, giving you peace of mind and financial security.