The Basics of Commercial Vehicle Insurance in Edmonton

When it comes to insuring your business’s vehicles, there is no one-size-fits-all solution. Each business is unique in its size, scope, and day-to-day operations. This wide range of needs has led insurers to develop many different types of commercial vehicle coverage plans. These plans insure a business’s vehicles and protects against vehicle-related liabilities.

Types of Commercial Vehicle Insurance Coverages:

Commercial vehicle insurance policies differ from personal auto insurance policies in several ways including different limits and exclusions. Certain uses of automobiles may be excluded from personal auto insurance policies. Commercial auto insurance is necessary to cover liabilities that occur during these types of operations.

You can get the following types of coverage with your commercial vehicle insurance policy:

General Liability Insurance

Commercial vehicle insurance covers your business from liability due to damages to a third party’s property or personal injury to a third party. It also includes coverage for legal costs in the case of a suit.

Insurance for Commercial Fleets

Commercial fleet insurance covers trucks, vans, or cars that your business uses when you have 5 or more power units, whether owned or leased.

Insurance for Specialized Vehicles

These vehicles include tractors, semi-trucks, box trucks, and other large specialized commercial vehicles.

Because of the nature of certain business operations, some specialized vehicles require additional insurance. Ask your local Edmonton insurance broker if the vehicles in your business need additional coverage.

Cargo Insurance

If your business transports cargo belonging to a third party, commercial cargo insurance covers liability for damage to that cargo due to collision, fire, or other losses. It also covers the cost of removing any debris that results from the ruined cargo.

Other Types of Transportation Insurance

There are also types of policies that protect your business from liabilities that arise during the transportation of goods. If your business operations include transporting goods in any form, these policies cover you from costly exposures.

Warehouseman’s Insurance

If you have a warehouse where you store or transport items that belong to your customers, you are liable for anything that is damaged during the transportation process. The customer is liable for any damage caused to their stored belongings due to natural causes like fire, water, wind, etc.

Warehouseman’s insurance covers any damages that happen to your customer’s personal possessions while you or your employees transport them. For example, if a lift truck driver accidentally backs over a customer’s toolbox and crushes it, warehouseman’s insurance would cover the damage liability for the toolbox.

Environmental Impairment Insurance

If your business operations involve transporting anything that could damage the environment if it were to spill, environmental impairment insurance protects you against liability for these damages. This includes liquid, solid, or gas leaks into the environment. These policies cover damages to both your business’s property and third party damages. They also cover the cost of the cleanup or removal of these spilled or emitted substances.

Crime Insurance

Crime insurance protects you against losses incurred due to robbery or other types of theft. This includes goods lost from an employee’s theft and other mysterious disappearances of assets. This type of policy protects you against many unforeseen losses due to theft that occur during the transportation of goods.

Make an outline of the day-to-day operations in your business that involves the use of vehicles or the transportation of goods. Then using this information, work with your local insurance broker to find the right plan for your business at the lowest rates. An Edmonton insurance broker can help you get the proper amount and types of coverage.

Accidents and mishaps with commercial vehicles are bound to happen— it’s not a matter of if they will happen, but when they will happen. Take the appropriate steps to insure yourself against costly liabilities. Don’t hesitate to contact an insurance professional in Edmonton to help you get the best coverage for your needs.

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