With so many moving from corporate jobs to self-employment, more people are seeking commercial insurance quotes. Commercial insurance protects your business assets like your personal insurance protect your personal and family assets. So, what do you need to protect? For what should get a commercial insurance quote?
Auto Insurance
Take a serious look at what assets you have and use to keep your business open and thriving. If you use your vehicle in conducting your business and only carry regular auto insurance, you may not be covered in the event your vehicle is damaged or damaged others’ property when you are driving it for business. Check your personal car insurance policy to clarify its limitations to protect you for commercial use of your vehicle. Then, get a commercial auto insurance quote.
Van Insurance
The commercial van insurance quote you may get will depend upon usage. There are three types of commercial van insurance. Comprehensive coverage protects against losses due to accidents, collisions, property damage caused by the vehicle, theft, fire and vandalism. You can secure only third party fire and theft coverage, which protects you if your vehicle is damaged by a third party in incidents related to theft, accidents, fire, explosions, and other incidents of damage caused by someone else. A less expensive option could be third party commercial van insurance, which only covers you for damage caused by you in the use of the van.
Truck Insurance
Another type of commercial vehicle insurance quote you may need to obtain is for your truck. Depending upon the type of business you are in, you may be subject to state and federal laws that require you to carry certain types insurance. For example, if you haul cargo across state lines, the Department of Transportation has specifications. Your commercial truck insurance quote should account for these types of requirements, of which your insurance professional should be aware.
Liability Insurance
Once you have your commercial vehicle insurance quote or quotes in order, a look at your commercial liability insurance needs. You may hear several terms when you ask about a commercial liability quote. For example, some customers you work with may require you to carry employer’s liability insurance. This covers losses should an employee injure themselves in conducting business and file a lawsuit. You will also hear the term general liability. If the business is sued by a third party, a customer or vendor, this insurance will pay for legal expenses and damages that result in this type of lawsuit. Along with commercial vehicle insurance, general liability should be considered an imperative. Although small and large companies alike carry general liability insurance. The impact to a small business should it be sued can be devastating. If you are a single self-employed person organized as an LLC, this type of insurance can cost as little as $100 per month.
Obtaining a commercial general liability insurance quote is, for most small businesses, an easy process. Another term you will hear is business owner’s policy. This type of a policy covers most types of risk, but to a lesser degree. It is less expensive, but also less extensive in its ability to cover you for catastrophic losses.
Some insurance carriers specialize in different types of businesses. Ask others in your industry with whom they work. Conduct your own web research, as well, before seeking a commercial liability insurance quote. Commercial insurance should not be considered a luxury, but a necessity. If you are considering starting your own business, be sure to include the various lines of commercial insurance you may need. Working with a good commercial insurance broker should make this process easy and straightforward.
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