Insurance is a sensible acquisition in any circumstances, be it for home or property, personal life or vehicles. An insurance policy will help you out financially if some form of problem occurs relating to the entity or entities that is/are covered in the policy. Commercial vehicle insurance can come in three main forms, just like personal vehicle insurance. You can have third party insurance, third-party fire and theft insurance cover, or you could have a fully comprehensive insurance policy. Some insurance companies will specify only fully comprehensive cover is available for vehicles over a certain value.
What is vital to the financial security of your business, is having all vehicles that your company operates with, covered by a legitimate vehicle insurance policy or policies. The main reason for this is that it is a requirement of the law in many countries, and not having proper insurance cover would mean a very large fine and possibly harsher penalties if an accident were to occur. The other reason is because if an accident happened, and one or more vehicles were involved, or, possibly one or more people are injured, your company would be liable for all costs covering repairs or replacement of vehicles, plus any personal injury claims resulting from the accident. One more advantage to commercial vehicle insurance cover is that because they are business expenses, insurance cover, fuel, and vehicle maintenance are all tax deductible.
Obviously, as previously stated, it is important to have cover for a vehicle in the event of an accident or theft involving the vehicle; but another addition to the policy could include the contents of the vehicle. If your company owns goods transport vehicles like vans and trucks, whether they are articulated or non-articulated, and those vehicles are being used to transport yours, or your clients goods, then it is imperative that you safeguard your company from financial loss by including cover in your policy to protect you against damage.
With your commercial vehicle insurance, you need to be aware of all the terms and conditions of the contract. Some contracts could include stipulations such as minimum driver age, minimum driver experience, required licenses, or possibly even whether the driver has his or hew own personal vehicle insurance cover. If any one of the terms and conditions are breeched, then you will not be covered, and, not only will your insurance company not pay you a penny in the event of an accident, but you will be operating illegally.
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