Your business vehicle is home to a variety of tools you use for the job. These items remain in your truck or car most of the time. One day, you find someone broke into the car. They took your most expensive equipment. Will your commercial auto insurance help cover your losses? It may, in some cases. Here is what you should know.
What Coverage Do Your Possessions Have?
Most types of auto insurance do not cover possessions at a high value, if at all. However, in commercial auto insurance, you might have get protection if you add a rider on your policy. A rider is an extension or detailed amendment that adds specific coverage for specific items commonly stored in the vehicle. Here are a couple of examples.
To find out if your business insurance can help with a claim, call your agent. Describe what happened. Talk about the usage and storage of your belongings. Then, file a claim.
- You place your laptop in your business vehicle. You drive to and from appointments. The laptop is in the vehicle sometimes, but you use it inside your office. This type of loss may not have coverage under a typical policy.
- You store your tools for the job in the back of the truck. These items go with you from one job site to the next. You use them and put them back into the truck when the day is over. In this case, the vehicle's coverage may help minimize losses to those items. Those items belong to the company and routinely stay in the vehicle. If you have a rider for these items, your policy may offer coverage.
How Much Help Can They Offer?
Most policies cover the actual cash value of your possessions. This means it pays you what the insurer believes your items are worth at the time of the incident.
If you maintain high-valued or hard-to-replace items, you may want to consider the benefit of replacement cost coverage. This is a bit more expensive. However, it provides a higher level of protection to your company. In this type of insurance, the policy gives you enough to replace the item at today's prices. This can help you get back on the job in no time.
There are many gray areas here. Today, many companies are using more high-tech tools than ever. Whenever possible, let your business insurance agent know what you store in your vehicle. This can help give you added protection in such events.
Want to learn more about commercial auto insurance? Call First Insurance Group at 800-511-2892 today.
Also Read: Commercial Auto Insurance and Spilled Loads