From simple cars used to visit your clients, to pickup trucks used to get you and your tools to the job site, to big 18-wheelers delivering good all across New Brunswick and beyond; Commercial Auto Insurance is an incredibly broad category. You need to be able to depend on your work vehicle to help you get the job done, the same way you need to be able to depend on your coverage to protect you and your business from financial ruin should you be involved in an accident while driving for work.
Misconception About Commercial Vehicle Insurance
Some people think that the Commercial General Liability Insurance they purchased for their business will pick up any liability exposures they have while driving their business-use vehicle. This is absolutely false, as your standard auto policy in New Brunswick specifically excludes commercial use that is not disclosed.
Another common misconception is that people often assume that as soon as a vehicle is rated as “commercial use” they will see a massive jump in their Car Insurance premiums. This is rarely the case. Although higher value vehicles (transport trucks and dump truck), and heavy-use and high-risk vehicles (like taxis and delivery vehicles) will generally pay pretty hefty premiums, many business-use cars, vans, and pickup trucks see rates that are within 10-25% of what they were when they were rated “pleasure use” only. In fact, some commercial classes actually lead to cheaper rates versus when the vehicle was classified as non-business!
Finally, some assume that once a vehicle is rated as commercial that all equipment that is attached to that vehicle later on is automatically covered by the policy. This is once again not the case, as any “attached equipment” should be declared to your insurance broker so that they may increase the value of your insurance accordingly. So, make sure you let us know about your new snow blade, or winch, or the shelving inside your van, and any other upgrades or additions you make. Oh, and don’t forget to mention if you have a commercial trailer that needs insuring, as damage to it isn’t picked up by your Commercial Auto Insurance policy either!
The Responsible Choice
You rely on auto insurance to protect your family from financial hardship in the event of an accident with the family car, so it only make sense to make sure you’ve got the right insurance in place to protect your source of income – your business – from the same!
Even if you already have Commercial Vehicle Insurance, it’s never a bad idea to call and review your coverage needs and make sure you’re not overpaying or underinsured. Simply fill out the short form above and one of our commercial auto experts will be in touch with you shortly!