4 Key Benefits Of Commercial Auto Insurance For Your Restaurant
Commercial Auto insurance provides coverage for all those vehicles you use to operate your business.
It covers food trucks, delivery trucks or vans, forklifts, and more.
In many U.S states it is a requirement that any business-owned vehicle have commercial auto coverage. Failure to comply may result in penalties.
If you’re not sure if your state has this requirement, you might want to find out as soon as you can.
Whenever people think about insurance, they think about high premium costs. However, Commercial Auto insurance is tax deductible and writing it off as a business expense may lower your annual tax.
Who wants to pay less taxes? Everyone!
The following are a few more benefits of Commercial Auto insurance.
- Legal Protection
If you plan to be in business for life, at some point someone might sue you for a motor accident. It may be for something frivolous like a knick or a dent or it may be for major damages.
Regardless of the reason, you may be forced to get legal representation — and that will cost you.
Having commercial insurance covers those expenses for you so that you can continue doing what you love.
2. Medical Expense Protection
Some accidents result in hospitalizations and can leave your finances vulnerable.
But in accidents where your delivery driver or passengers need medical aid, commercial auto insurance can cover those expenses.
Again, you don’t have to worry about who is going to pay. Insurance has your back!
3. Collision Coverage
This type of coverage is important.
For many insurance policies, there is no coverage if you are found to be at fault in the accident.
Collision Coverage covers you regardless of whose fault it was.
Once there is an accident and you have Collision coverage, your repairs are paid for.
Sounds like accident forgiveness, right?
4. Non-Collision Coverage
Not all automobile damage is due to bad roadway usage. Your car can be affected even when parked.
Someone may try to break into your car, vandalize it, steal it, and even burn it.
While you might not have a sworn enemy, and don’t see how this movie-like thing could happen to you, statistics say otherwise.
Reports reveal that 880,595 motor vehicle thefts were reported in 2020.
That’s a lot.
Apart from getting commercial auto insurance, you need to ensure that you’re paying for the right policies.
If you work with an experienced insurer, they’ll be able to get you the coverage you need based on your business model and your risk of getting into an accident.
All things considered, it may be wise to invest in some insurance today.
