Protecting your company from risks and exposures moves beyond the production floor or the administrative offices. Many businesses are quick to purchase general liability insurance and coverage for workers’ compensation claims, but without also carrying commercial vehicle coverage, your safeguards in other areas may have little benefit. The commercial auto insurance Orlando FL companies need is a protection against one of the most common liability claims a business will experience. Simply having coverage is not enough. Having the right type and comprehensive limits are the most critical factor. Here are some of the coverage myths that many business owners believe.
- Seasonal businesses only need part-time coverage. This is not true. There is always a need for insurance coverage, regardless of the timeline of your business operations. Many insurance companies will offer a discount for continuing coverage, as letting coverage drop and reinstating it can be expensive. Also, any vehicle that is damaged during the off-season of business coverage will probably not be eligible for inclusion if the policy is reinstated.
- Premium costs aren’t affordable upfront. While it true that premiums can be expensive and most companies would like the payment at the start of the policy, these same companies will often give a discount for payment-in-full plans. Even if you can’t afford the lump sum, a lot of agencies will allow you to pay monthly or quarterly on the premium. Some even offer interest-free financing plans for the policy term.
- Commercial insurance is a 24/7 service plan. Unfortunately, commercial insurance is much like regular auto coverage with agents and staff only available during business hours. Online services that allow you to pay a bill or file a claim are able to help you out when the agency office might be closed.
If you aren’t sure about the policy you have and how comprehensively it will address your auto risk, give your agent a call. It is almost just as bad to be underinsured as it is to not carry insurance at all.