A moving business needs to have adequate commercial auto insurance. Risks are present in this industry each day. You operate across roadways. You hold onto your customers’ belongings. Your business is dependent on the vehicles you own. For this reason, it is important to
update your auto insurance on a routine basis. How can you do so?
Protect Your Assets
A good place to start with your policy is with property insurance. It helps protect the value of the vehicle. Many moving companies have numerous vehicles. These include various sized trucks and perhaps other cars to help transport items. This component of your policy should protect the vehicle from damage. Coverage should include:
- Comprehensive insurance to cover accidental or unavoidable accidents. This includes fires, theft, vandalism, and storms.
- Collision insurance helps cover instances in which the truck suffers damage after colliding with another object.
- Underinsured and uninsured driver coverage protects your possessions if another party without enough coverage causes damage to it.
Besides this, your policy should offer coverage for the contents of your vehicle. When traveling for customers, your liability insurance should protect the value of their belongings. However, any equipment, computer systems, or other valuables within the vehicle need coverage as well. Work closely with your agent to customize a policy based on your on-board equipment. At times, this coverage might not come directly from your auto insurance. Instead, it will come from your commercial property insurance.
Minimizing Liability Risks
There are two areas to focus on here. Your commercial auto insurance needs to protect against liability risks of all types. This includes instances in which your company faces loss due to an accident or incident you or your drivers cause. Here are a couple of key areas to focus on:
- Invest in liability insurance to meet state requirements. Every vehicle on the road must meet these. These help protect other drivers if your driver causes damage to their vehicle.
- Comprehensive protection for your customer’s belongings is also important. Your liability insurance needs to cover damage or loss if your drivers damage customer belongings.
Update commercial auto insurance on a routine basis. Most drivers will need to have property licensing as well. You can keep your costs lower by choosing well-versed and experienced drivers. Also, take steps to minimize damage to any customer belongings. Your business insurance will help cover these valuables as well. The key to remember here is to update your policy whenever the value or risks to your trucks changes.
Also Read: Tips for Minimizing Risk to Your Commercial Vehicles