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Know More About Commercial Insurance
What is a Commercial Vehicle Insurance?
A commercial vehicle insurance policy is a special type of auto insurance designed to cover losses and damages to or incurred by a commercial vehicle and its owner-driver. Coverage might cover losses and damages from mishaps, collisions, natural disasters, fires, etc. Commercial vehicle insurance must be purchased by all firms for their fleets of vehicles, including taxis, school buses, tractors, commercial vans, and trucks, among others.
Why is commercial vehicle insurance necessary?
It is imperative to obtain commercial car insurance if your company owns one or more vehicles. This insurance will financially shield and defend your company from any losses and damages brought on by your vehicle(s), its users, and other third parties. It is required by law that you at the very least have a Liability Only coverage in place, which covers third parties against any losses and damages that your business vehicle may cause.
Types of Commercial Vehicles Covered
Insurance for passengers driving vehicles
Insurance specifically designed for vehicles like taxis, cabs, auto rickshaws, school buses, private buses, etc. that frequently transport one or more passengers. As they transport several passengers each day, passenger-carrying vehicles, particularly school buses and regular taxis, have a significant amount of obligation
Goods Carrying Vehicle Insurance
Vehicles that transport goods typically have a huge size, which puts them at a lot of risk. A business vehicle insurance policy covers the owner-driver of the vehicle and the vehicle from losses that may result from accidents, natural disasters, or other unfortunate circumstances in addition to covering damages and losses to third parties.
Miscellaneous & Special Vehicles Insurance
There are numerous additional vehicles frequently used for and by business in addition to cabs, taxis, trucks, and buses. Specialized vehicles for farming, mining, and construction are just a few examples of these. All losses and damages brought on by the insured vehicle and its owner-driver will be covered by the business vehicle insurance for the same.
What’s covered in a Commercial Vehicle Insurance?
Theft
Commercial vehicle insurance includes theft coverage, which offers financial security against losses brought on by the theft or attempted theft of your commercial vehicle.Overall, theft coverage is a crucial component of commercial vehicle insurance and may offer business owners who depend on their vehicles to run their operations priceless peace of mind.
Accidents
Accident coverage is an essential part of business vehicle insurance since it protects you financially from losses brought on by collisions involving your commercial vehicle. Accidents can be expensive, not simply in terms of material loss but also in terms of responsibility defence costs and medical bills. In general, accident insurance is an essential component of commercial vehicle.
Personal Accident
In the event of an accident resulting in physical harm or death, personal accident coverage, an optional feature of commercial vehicle insurance, protects the drivers and passengers of the insured vehicle financially. This insurance often provides the wounded party or their beneficiaries with a lump sum payment or a weekly benefit.
Third Party Losses
A crucial feature of commercial vehicle insurance is third-party coverage, which offers financial security to anyone who might be harmed by an accident involving your commercial vehicle. This insurance is meant to defend you from third-party liability claims for things like property damage, bodily harm, and fatalities.