Who Needs Commercial Auto Insurance?
Commercial auto insurance may cover both company-owned vehicles and those owned by employees but used for business.
Commercial auto insurance is a necessary investment for trucking businesses running delivery services, supplying products, transporting equipment across locations in Nova Scotia and New Brunswick, and making frequent sales calls to various customers in the area.
Commercial Auto Insurance Coverage
Whether you have a single pick-up truck used by your home construction business, a schedule of heavy equipment for large commercial operations, or long-haul commercial trucking or logging, BrokerLink will work with you to design a commercial auto package that ensures your vehicles and drivers are protected, as well as your business should they be involved in an accident or cause damage.
- Third Party Liability coverage: This covers bodily injury or property damage claims brought forth by an innocent Third Party who holds you responsible for injuries or damages caused by your negligence.
- DCPD coverage: Direct compensation property damage, or DCPD, is a mandatory form of auto insurance in NS & NB. It is included in all basic car insurance coverage along with third party liability and accident benefits coverage. Under DCPD, you deal with your own insurance company to get your vehicle repaired even if someone else was responsible for the accident. The purpose is to ensure your vehicle is repaired or replaced faster, without worrying about having to deal with the third party’s insurance company.
- Collision coverage: this covers the cost of repairing your damaged commercial vehicle as a result of a collision involving another vehicle or object on the road or even just sliding into a ditch.
- Comprehensive coverage: this covers damaged vehicles other than by collision, such as stolen vehicles, vandalism incidents, fire and animal impact.
- Accident benefits: this includes medical or rehabilitative treatments or funeral expenses for injured or deceased persons in your company vehicle.
In cases wherein your commercial vehicle is found liable for causing an accident, you may be required to compensate other parties for injuries and property damage they suffered. Your commercial auto insurance policy covers these costs along with legal fees and settlement awards. This is to avoid expensive and sudden out-of-pocket expenses that can quickly bankrupt any business without the right coverage.
Uninsured Motorist Coverage
Auto insurance policies are required for all drivers; unfortunately, not everyone you encounter on the road follows the law. If you’re involved in an accident caused by an uninsured motorist, your insurance policy will respond.
If the driver who caused the collision is uninsured, this doesn’t mean that you’re left to shoulder the cost of repairs on your own or agree to an off-book arrangement wherein they compensate you directly. When you’re dealing with a negligent driver who’s on the road without proper insurance, that’s not a risk you want to take.
You can purchase a commercial auto insurance policy that will cover property damage caused by uninsured or under-insured motorists. Even if they only carry the minimum coverage limit, which wouldn’t be enough to cover the cost of repairing your company vehicle, you can count on your commercial auto insurance policy to cover property damage and injuries by purchasing the right coverage.
Residents rely on commercial trucking to provide them with all types of supplies and goods required in their daily lives – from food, to building supplies, to clothing. At BrokerLink, our experts can provide professional advice to ensure that your commercial trucking business is properly insured to protect you against financial loss.
A well thought out commercial trucking insurance plan for owners of trucking businesses is a key component of success.
Who needs commercial trucking insurance?
Any person or business who is transporting goods for others from one point to another in exchange for payment should have a commercial trucking insurance plan in place. The operation could consist of a single vehicle or a fleet of vehicles.
What does a good commercial insurance trucking plan include?
A good commercial insurance trucking plan should include consideration of the following auto insurance coverages:
- Automobile Third party liability coverage
- Automobile Collision coverage
- Automobile Comprehensive coverage, including coverage for Fire and Theft
- Cargo coverage
- Commercial General Liability coverage
- Property Coverage (Garages or buildings)
What factors determine the cost of your commercial trucking insurance program?
- Year, make, model, and value of your trucking vehicle(s).
- Types and numbers of trucking vehicles.
- Years driving experience of your operators.
- Driving record of operators (convictions and accidents).
- Insurance claims history.
- Types and values of goods hauled.
- Distance traveled per trip.
- Percentage of travel to the US.
- Value and condition of buildings.
- Amounts, deductibles, and types of commercial trucking insurance coverage selected.
What are best practices to ensure a safe operation and affordable commercial trucking insurance program?
- Established, rigorous driver hiring practices.
- Regular vehicle maintenance schedule.
- Mandatory safety training for drivers.
- Clear, documented safety policies and procedures for all aspects of your business.
- Detailed log and reporting standards.
- Established, ongoing communication with drivers.
The Broker Advantage
At BrokerLink, our experienced commercial trucking insurance brokers will listen to your needs, work to understand your business, and provide you with sound advice on a commercial trucking insurance program that fits your needs. We will seek out the best combination of coverage and price from a wide range of Canadian insurance companies.
Ask Our Brokers
At BrokerLink, our brokers are committed to helping businesses in Canada succeed. This means protecting the tools you use to reach customers, pick up supplies, and do your best work.
Our brokers work with major insurance providers in Canada to help you find the best commercial auto insurance policy for your company vehicles and equip you with cost-saving liability, property damage, and personal injury coverage. Trust our brokers to help secure the future of your business, starting with custom-tailoring a comprehensive protection plan for your cars and trucks on the road.