commercial auto insurance ny

Commercial auto insurance in NY: All You Need to Know.

Everything that you own now or has been entrusted to your care needs to be secured from any possible damage, theft, or loss. Natural disasters are considered as a threat to residences and commercial establishments as well. Fire insurance protects homes and properties from the damages caused by fires. Recently, more coverages have been made to protect properties and businesses from other disastrous elements.

Insurance assures you more than money in case of an accident. It protects your assets from other people or accidents. This way, you don’t have to worry about the additional burden of expensive repair or replacement.

In this article, the main focus is on vehicle insurance for those who live in the state of New York.

Having a business in New York can be challenging. Still, you need to be prepared and have the proper insurance coverage to protect yourself, your assets, employees, and even the vehicles that you use for your business. In that case, you probably have nothing much to worry about. Before starting with the whole operations of your business, you must learn about New York laws that may concern you and your company. One of the most essential to know about is that all commercial vehicles, primarily commercial trucks, must have at least a minimum amount of commercial auto insurance.

Getting commercial vehicle insurance is very important in New York, and depending on the risks and the needs of your business, you may need to get some added coverage. By contacting an insurance agency within your zip code, a knowledgeable agent can lead you to find the commercial auto insurance that best meets your needs and requirements. Being a business owner, you are responsible for your drivers and your vehicles’ other passengers’ safety. By getting the right insurance policy for your commercial vehicles, you will also protect your assets from any potential liability.

Talk to an insurance agency so they can guide you on what auto insurance to get that will also not hurt your budget. 

What is a Commercial Auto Insurance?

Commercial vehicle insurance is a requirement for any type of commercial vehicle or even a personal car used for business-related activities no matter what industry you are in. Whether your business is in manufacturing, educational services, construction, financial management, etc. for as long as you have a vehicle that is utilized for business purposes, you need to have a business auto insurance.

Commercial auto insurance is essential in New York because this kind of insurance policy makes sure that you are protected from any untoward situations that may happen during your operating hours. Having commercial insurances is necessary most especially if your business is at risk for liability because if you do not have this kind of auto policy, you may find yourself shouldering considerable expenses to pay for accidents or other damages.

Since commercial vehicles are considered to have a higher liability, it is highly recommended that you get a separate auto policy and ensure that you have the appropriate auto insurance for your vehicles. If you are operating commercial trucks that deal with hazardous contents, then you are likely to get a more specialized type of insurance to cover particular liability risks.

What Examples of Commercial Vehicles Need to Have a Commercial Auto Insurance?

 In New York, any vehicle used for business-related tasks must have a commercial insurance policy to cover any liability associated with it. Some of these vehicles include:

  • limousines
  • school buses and school vans
  • delivery vehicles such as cars, trucks, and vans
  • cabs
  • vehicles for construction like flatbed trucks, cranes, dump trucks, cement trucks, etc.
  • recycling trucks and garbage trucks
  • Moving vehicles for household items
  • service vehicles and others.

How to Determine the Coverage for Your Vehicle Insurance

An insurance agency can help you evaluate and recognize the type of auto insurance or company insurance for car that you need. And in determining your commercial ins, some questions can help you find out about the coverage that your business should have.

  1. What products are you transporting in your vehicle?
  2. What types of cars does your business have?
  3. Do you own these vehicles?
  4. Who drives these commercial transportations?
  5. How often are the vehicles used and the number of miles recorded per year?

Having a business auto insurance can save you from financial loss when an accident or injury happens during business hours. It is also important to note that you are still at risk for liability, even if you do not have a commercial vehicle. It is because if your employee gets involved in an accident while doing an associated work activity, it is still your responsibility as a business owner. To avoid these kinds of incidents, you may want to consider getting a non owned auto insurance. This type of business auto insurance can simply be added to your business owners’ policy. You may ask an insurance agency to learn more about this coverage.

A non owned vehicle insurance will also cover your business if you are using a vehicle for rental. Purchasing commercial auto insurance may cost you around $97 per month, but this amount could save your business from losses if an accident or injury happens. Before getting auto insurance, try to assess some factors such as risk tolerance, amount of coverage to save you from incurring losses, and the type of coverage that your business requires.

Your insurance agency may also mention some other coverage for your company insurance car to protect you from liability like the rental replacement insurance, which covers the expense when you rent a vehicle while your own is under repair. Another coverage that you may want to consider and add to your insurance quote is the towing and roadside assistance.

An insurance agent will be able to provide you with the best insurance quote that will best match your business’s needs. It is why you must consult with someone who has excellent experience in writing commercial policies. 

What is Covered in Commercial Auto Insurance?

Company insurance for a car is an essential component of a business because it protects the owner from liability and saves the company from falling into losses. Commercial auto insurance covers bodily injuries, whether severe or minor, and it also pays for medical expenses when needed and vehicle repairs and lawsuits or claims. Commercial auto insurance also covers the damages resulting from harsh weather, accident, and other hazards.

Apart from the ones already mentioned, commercial vehicle insurance also covers property damage liability and injuries to other motorists or pedestrians. When getting an insurance quote, try asking about their comprehensive commercial auto policy that does not involve collision but causes property damage like vandalism or theft.

Commercial auto policies do not have to be expensive in New York because there are ways to create savings while still protecting your company from liability. Some of these are by having an accident free record or combining other business coverage with the commercial auto policy. Commercial auto that is only used seasonally can also give you a discount.

When you do your business in New York, you need to keep yourself updated with the laws, mainly on policies around your zip code, to be sure that you are always up to date with the requirements. If you fail to pay your commercial auto coverage, you may have to suffer some serious consequences like paying fees and fines that could range from $50 to $2,000 or more. You may also lose your driver’s license, or your registration may be suspended.

Surely you do not want to put your company in liability. You can definitely prevent this by having the right coverage, including a non owned vehicle policy, to ensure that you have everything covered.

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