Home Business 4 Types Of Insurance Your Company Needs When Getting Corporate Vehicles

4 Types Of Insurance Your Company Needs When Getting Corporate Vehicles

Both large and small companies can benefit from having corporate vehicles ready to go. You’ll be able to offer any satellite services to customers within your specified zones, and you can decorate your company cars with logos, phone numbers, and other advertising to bring in new clients. Purchasing the right kinds of insurance when you get these vehicles can save you troubles and high costs later.

Uninsured Motorists

It is possible that one of your drivers could be hit by another motorist who doesn’t have insurance. When this happens, your coverage can protect you against potentially exorbitant fees. This policy can help you out if your driver is injured and, in some cases, help you get a vehicle repaired. There is also underinsured driver coverage. This could be useful if a motorist does have basic insurance but lacks the means to pay the full amounts needed.

Collisions

We can’t plan for everything, and one of your drivers might be involved in a collision with another car at some point. If the unthinkable happens, collision coverage can help you repair or replace the company vehicle. You can speak with qualified commercial vehicle wreck attorneys to discuss the best options. This type of coverage also works if your driver accidentally hits a pole or other object on the road that is not another car. Note that, although this kind of policy is usually optional, you may have to get it if you are leasing the company vehicles.

Comprehensive Policies

If you want to protect your vehicles from damages against hail, fires, or other elements, this is the kind of coverage you should look at adding to your plans. Should your corporate vehicles need to travel far and wide to get various jobs done, adding this kind of insurance could give you an extra layer of security when you need it most. Once again, this is usually optional coverage that may be required by a lender if you choose to lease your company vehicles.

Towing Costs

Everyone likes their company vehicles to be in top shape at all times. However, things can happen on the road. If you need to get a company vehicle towed away from a zone, or if there is any other labor involved, this kind of coverage can help you save on costs later. This is especially useful for areas where flat tires are common and you need employees to remain punctual. Some companies offer towing with their basic coverage, so you can save money by opting for such policies.

These are just some of the types of insurance policies you should strongly consider adding to your repertoire of plans once corporate cars become a part of your company. One basic type of coverage not mentioned here is liability insurance. This is because most states will require you to purchase vehicle liability insurance packages as a matter of standard practice.