People are always looking for places to cut corners to save money. A lot of businesses, particularly small businesses, do the same. One place a business doesn’t need to scrimp, however, is in commercial auto insurance. Here are five reasons to get commercial auto insurance.
Personal Auto Insurance Doesn’t Count
Probably the biggest reason you should get commercial auto insurance is that your personal auto insurance doesn’t count. If you get into an accident while using your vehicle for work, whether you’re hauling supplies or simply on the way to a meeting, your personal car insurance is voided, meaning that if something happens while you’re doing something related to work, you’ll have to pay for everything yourself.
Commercial Auto Insurance Covers What You Need
You can get commercial auto insurance for your exact needs, tailoring it to your business purposes. If you’re hauling cargo, you can have it cover your load. If you’re just using it to get from one place to another, you can get it for that. It can cover liability, property damage, and medical expenses. All of that means you only need to pay for what you need to use it for.
Commercial Auto Insurance Covers More than Your Personal Auto Insurance
Liability limits are twice as high for commercial auto insurance than for personal auto insurance. Think about the fact that the larger the vehicle is, the more damage it’s going to cause, so commercial auto insurance needs to cover eventualities like a box truck running into a building. Your company could even be sued, which is never cheap.
Commercial Auto Insurance is the Law
At least it is in many places. Many states require some form of commercial liability insurance at a minimum. If your business requires you to cross state lines, you also need to make sure you’re covered there as well.
Commercial Auto Insurance is a Tax Deduction
Remember how we were talking at the beginning about how you might want to cut some corners to save money? As you’ve read above, commercial auto insurance will save you a ton of money in case anything happens, but if you need an added reason to get it, consider that, as a business expense, it’s also a tax deduction. The peace of mind alone is worth getting commercial auto insurance, but when you add in the fact that you can deduct it from your taxes, it’s a no-brainer.
Are you still not convinced that your business needs commercial auto insurance? Whether you have a few more questions or you’re ready to go ahead and get it, contact us so we can make sure you’re covered.