There are some business insurance covers which are legally required.
One of them is the basic commercial vehicle cover. You can select from two other higher levels of cover as well.
It is important to note that even if you are using a privately owned vehicle for business purposes, it must be insured as a commercial vehicle. Take a closer look at the three main coverage options and select the most suitable one for you.
Business Insurance: Basic Vehicle Coverage
The basic commercial vehicle insurance covers only your third party liability. In case you are found to be responsible for an accident, the insurer will pay compensation to the third parties (members of the public) that have incurred property damage and/or bodily injury because of the accident. At the same time, this type of insurance does not cover your car in any way.
The basic business insurance for vehicles is mandatory so you will have no choice but to purchase it. It is up to you to decide on the cover amount. The more cover you can afford to buy the better since most people nowadays will hire a lawyer and try to get the maximum possible compensation from you.
The liquor store insurance will protect the store from the damage and destruction. If there is any damage, then you will get the best possible coverage in terms of finance. The covering of the financial loss is with the examination and survey at the store. It will provide the accurate results of the loss to the store.
This basic cover can give a good level of financial protection to your business but it does not cover your vehicle in any way. That is why it is considered to be insufficient for proper asset protection.
Business Insurance: Extra Vehicle Coverage and Cost
The second type of coverage is the third party, fire and theft insurance. It is pretty straightforward. It covers your third party liability. It covers the vehicle against fire and theft as well. Often, the coverage for the vehicle includes more hazards like vandalism, hail and others.
The asset cover is quite useful since you will get compensated if your vehicle gets damaged or goes missing. You will be able to afford a solution to the issue and your business will continue to operate normally.
The third option is comprehensive vehicle insurance. With it, you will get third party liability coverage and your vehicle will be covered against various hazards and for damage caused during a road accident. This insurance option is truly comprehensive. It is the most expensive and the most reliable and useful at the same time. You should definitely try to get it especially if your vehicle is in good condition and essential for your business operations.
You can easily decide on the best type of business insurance for your vehicle with the help of an expert in the field.