Although many business owners today tend to neglect reviewing their commercial vehicle insurance policy, this is something that needs to be done on a regular basis. Usually, the first of the year is the best time to do this or whenever your policy is up for renewal and the expiration date occurs in about 30 days. No matter what type of insurance you are paying for, be it commercial vehicle or property insurance, it is always recommended that you review your policies on an annual basis. Why should You review Your Commercial Insurance Modesto Policy? As a business owner, you have a lot of responsibilities and a great deal to think about in the day-to-day operations of your company. In addition to revising and updating your annual business and financial plans, you should be focusing on your commercial vehicle insurance policy and determining if any changes to your coverage are required. So you need to figure out if the coverages you are currently paying for are still relevant where your business needs are concerned. You may or may not be aware of the small changes that oftentimes occur and that may have an impact on your commercial vehicle insurance. The purchase of new equipment and vehicles is one of the more commonly overlooked changes that can have a direct impact on your insurance policy. Whenever you add new equipment and vehicles or just update your current holdings, you need to contact your insurer regarding these issues. He or she will be able to determine if your current coverage will be sufficient or not. You should also inform your agent of any changes that were made to the business vehicles you are currently using. Or, if you purchase a new vehicle for company use, you may need to increase your policy limits in order to fully protect its current value. On the other hand, if any of your older vehicles have lost some of their value over the past year, you may want to reduce the amount of coverage to compensate for the loss in value. This will no doubt reduce the amount of your commercial vehicle insurance premium and save you money. Commercial Insurance FAQ’s If you are just starting your own business or have operated your company for a while now, you may have certain questions that need answering when you are getting a new policy or reviewing your existing one. We have listed some of the more common FAQ’s below that business owners ask regarding their commercial vehicle insurance: • How can I lower the cost of my commercial vehicle insurance premium? • I have commercial vehicles as well as my personal vehicle. Should I separate the insurance policies for these vehicles? • I’m just starting my own business and will be using several different vehicles in my daily operations. What types of Commercial Insurance Modesto am I going to need? • If I don’t have a lot of assets, why do I need insurance in the first place? • My business requires the storage of gasoline and other volatile fluids. Will I need special insurance coverage for this? • The business I currently operate is home-based. Will my homeowner’s insurance cover my business needs or do I still need commercial insurance? • Will I need commercial property insurance as well as commercial vehicle insurance? These are just a handful of the questions that many business owners ask. If you have others, add them to your list so you can inquire about them when discussing your policy with your insurance agent. Additional Information regarding Commercial Vehicles For the purposes of this article, we have listed the different types of vehicles that are classified as being commercial in nature: • Agricultural trucks • Box or straight trucks • Car carriers / trailers • Cargo vans • Catering trucks • Cement mixers • Delivery vans • Fifth wheels • Flatbed trucks • Hearses • Ice cream trucks • Limousines • Minivans • Motor homes / RV’s • Passenger buses • Passenger cars used for business • Passenger vans • Pickup trucks • Pump trucks • Refrigerated trucks • Sport utility vehicles • Step vans • Tank trucks • Tow trucks • Tractors • Wheelchair buses and vans Be sure to make notes regarding any of the above vehicles that you may be using in your business and talk with your insurance agent regarding the coverage required for each.
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