You should always get Commercial Auto Insurance for your company. With an estimated 20% of commercial vehicles getting into an accident every year, the risks are obvious. Big vehicles carrying dangerous materials and equipment around half-finished structures. Mishaps can escalate quickly.
You may train your staff well and minimize road time. But with so many ways your vehicles can cause liable damages, solid coverage always makes sense.
Let’s consider 3 key reasons why good contractors get Commercial Auto insurance.
Reason 1: Your Personal Policy Won’t Cover You
Most personal automobile insurance excludes business use.
Construction vehicles need to get Commercial Auto coverage by law – but this exclusion also applies to personal vehicles. If there’s an accident during an errand, you could be liable for damages.
In 2017 commercial vehicle accidents cost employers $57 billion. They create huge losses, especially for construction companies. It’s wise to get fully covered by an agent who focuses exclusively on contractors, like Farmer Brown.
Reason 2: You Can’t Control Everything
Tight protocols and inspections will certainly offset the risk. But you simply can’t prevent freak occurrences. Say you’re driving to a job site. Everything is tied down, but a cable breaks and materials spill onto the road. Other vehicles are hit, or have to swerve. Drivers and passengers are injured. This nightmare scenario could happen to anyone – but you might be looking at a liability claim. Even with the safest drivers, the fact remains: vehicles are heavy, powerful machinery that operate closely to other vehicles.
Risk is high, but your costs don’t need to be. Farmer Brown gets you insured correctly at the lowest possible cost.
Reason 3: Potential Payouts Are Massive
The average crash costs an employer about $16,000 – if nobody’s hurt. Injury and fatality can push this number up to $500,000 for a single, enclosed incident. And remember – this is just an average. In construction, vehicles are capable of causing far more damage than in most industries. Between 2011 and 2016, over 4000 vehicle accidents were reported around construction sites. This number increases with bigger sites or poor weather conditions.
For any at-fault accident, you could have to pay medical bills, legal fees, lost wages and property damage. Devastating losses, if you don’t get Commercial Auto insurance first.
Are You Fully Protected?
Even if you get Commercial Auto insurance, the danger involved in contracting requires several different types of policy too. Other Contractors Liability policies which are the best for your business include:
- General Liability covers losses from damages that your company is responsible for, including medical bills, legal defense and repairs.
- Builder’s Risk protects you from paying for non-liable losses, like wind, fire and theft, which occur on-site.
- Workers Compensation insures lost wages and hospital bills if employees get sick or hurt on a job.
Every business is unique. Vehicle types, location, scale, and personnel all affect what coverage suits you best.
Get Commercial Auto Insurance And Other Contractors Liability Coverages Today
Farmer Brown’s knowledgeable professionals can help you get Commercial Auto insurance, and any other policy, designed for your business. We are licensed in all 50 states, with over 20 years of experience and an A+ BBB rating.
If you’d like to discuss getting the best possible coverage for your company, give Farmer Brown Insurance a call on 888 973 0016.