Owning a small business can be rewarding and fun. It can also be expensive. Here at Infinity, we understand that every small business owner is trying to save a little cash anywhere they can. One place you definitely do not need to cut corners is your business insurance. If your company uses vehicles to conduct business, this includes commercial vehicle insurance. Here are the top 5 reasons to invest in insurance for your commercial autos.
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Personal Auto Insurance is Not Enough. You may have great personal auto insurance. But did you know that if you use your car for work-- from hauling other cars, to making deliveries, to meeting with clients-- your personal auto insurance policy is voided? That’s right, you will have to pay for any claims involving your work vehicle out of pocket unless you have specific commercial auto insurance.
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Commercial Vehicle Insurance is Comprehensive. Your commercial auto policy is totally customizable. You can get coverage for liability, property damage, medical payments and even cargo coverage, all through the same policy. This saves you time and energy and lets you be sure that you are completely covered.
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You Need High Limits. A commercial vehicle, especially a large auto such as a box truck, can cause a lot of damage. Liability limits on a commercial policy are often about twice as high as those on a personal auto policy. Your company could easily be sued after an accident, or there could just be a large amount of damage, and you would have to pay these costs yourself.
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It’s A Deduction. Commercial insurance can be included as a business expense, which could be tax deductible.
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It Might Be the Law. There are several states where a commercial vehicle must have commercial liability insurance to drive legally. Make sure you are meeting all of the requirements for the state or states in which you drive for work. If you do cross state borders, you may even be required to have a commercial policy by federal law.
Have more questions or want to start a quote? Call an Infinity agent today at 1-800-INFINITY or visit our Commercial Auto page for a free quote!