Commercial Auto Insurance
Commercial Auto Insurance for Calgary and Area Businesses
Most businesses in Alberta require some type of insurance. In fact, any vehicle owned and driven in Alberta must be insured and you must meet the minimum insurance requirements. However, the truth is, minimum insurance may be nowhere near enough coverage and you could be placing your business and future at risk without the right insurance for your vehicles. Here is a perfect example.
Seth and Tony ran a successful business in Alberta for many years. They manufactured plastic parts for local industry and although they started with a small business, it soon grew and they recently bought a new warehouse facility for their inventory and supplies. Business was very good and the men decided to take a look at their risk factors including insurance.
Tony and Seth were excellent businessmen but they knew very little about insurance and business risk management. Thankfully, they had an experienced insurance broker to turn to for advice. During an annual review of their business insurance, they went over their – and their insurance professional advised them to increase the limits on their liability coverage, to keep up with the rising costs of insurance settlements. The men trusted their broker and took his advice, and this turned out to be one of the best decisions they could make.
Eight months later, one of their drivers was in a serious traffic accident. In fact, there were several vehicles involved with multiple injuries and insurance claims. Once all the claims were settled, the total came to more than their previous liability coverage. Had they not raised their liability amount, they would have suffered serious financial losses. In fact, the losses would have been so huge, it would have been difficult to stay in business.
What is Commercial Auto Insurance?
Commercial auto insurance is very much like your personal auto insurance policy. However, it includes things related to business, as opposed to a vehicle used for non-business purposes. This insurance is designed to protect your business from vehicle related losses, due to accidents and hazards.
Who Needs Commercial Auto Insurance?
Are vehicles part of your business? You need to make sure they are fully insured. This includes these operations:
- Contractors
- Tradesmen
- Companies with fleets of cars or trucks
- Businesses that provide company cars
- Warehouses
- Factories
- Retail businesses
- Fleets of tractor trailers
- Companies with fleets of trailers or cargo vans
- Heavy haulers
- Gravel trucks
- Tow trucks
- Long haul truckers
Can I Buy a Standard Commercial Vehicle Insurance Policy?
What is considered standard coverage for one business may not be sufficient for others. That is why you should see an insurance professional for a policy designed to cover all your needs. However, the following coverage options should be included in most commercial vehicle insurance policies:
- Liability coverage (third party) – covers traffic accident related damages and injuries when your driver is at fault
- Auto accident benefits – covers hospital medical bills, chiropractor bills, healthcare supplies, death benefits, and funeral charges.
- Comprehensive insurance – will pay for damages like hail, fire, vandalism, and theft, and many damages not related to traffic accidents.
- Collision coverage – if your trucks have no collision coverage, you will be responsible for repairs to your vehicle if your driver is the “at fault” party in an accident.
- All peril coverage – this is designed to cover most hazards your vehicles may face.
- Deductible amounts – raising or lowering your co-payment amounts can affect your premiums considerably.
- Liability amounts – most business owners opt to have at least two million dollars of coverage. However, you may need much more depending on your business.
Where Can I Get the Best Commercial Auto Insurance?
You can buy insurance from many sources these days and some promise huge discounts with fabulous perks. However, the truth is, you should shop for commercial Auto insurance carefully if you want to get the best deals. That is why it makes sense to go with seasoned insurance professionals that do not represent one insurance company.
A M Luken Insurance & Financial Services Inc is affiliated with many fine insurance companies. Our insurance professionals are brokers and can comparison shop commercial vehicle insurance policies for you, to get you the most affordable coverage. We can provide special discounts for multiple policies and multiple vehicles, including fleet discounts. We also offer replacement cost coverage.
Why Use an Insurance Broker?
You receive several important advantages when you do business with an insurance broker.
One of the most important reasons to chose an independent insurance Broker is that in the event of a claim your broker will be there to help mediate with the insurance company on your behalf. In many cases calling senior claims managers to help move the claim along etc. Brokers will also contact and communicate with Underwriters to try to get you the best rates and the best coverage for a reasonable premium.
For example:
- Your broker is an independent broker and is affiliated with many different insurance companies.
- You will not have to spend hours on the Internet or make phone call after phone call to research insurance options and prices. Your broker does all this for you.
- You can save a great deal of money on insurance premiums. In fact, the savings can be significant.
- You will have the right insurance coverage in place for your commercial vehicle or fleet of vehicles, so you won t have to be concerned with future problems when they arise.
To find out what A M Luken Insurance & Financial Services can do for your business, call us at 403-225-5996.