When you own a business, it can be a very rewarding experience. There are many opportunities, and there are many challenges. One of the challenges is keeping up with numerous responsibilities. Some of them happen and are planned, and some of them happen unexpectedly. For new entrepreneurs in Chicago, unexpected issues can be difficult to navigate with no clear guidance. If you own a business and use a business vehicle, there’s one requirement you cannot avoid. Commercial vehicle insurance is mandatory. There are a few things to keep in mind when considering commercial vehicle insurance coverage for a single vehicle or even a fleet of vehicles.
Get Proper Insurance
It can get kind of tricky when you’re considering the appropriate coverage for your vehicle. It is very important to consider the insurance needs for different classes of vehicles. A car does not fall under the same class as an 18-wheeler. It is important for you to understand the class that your specific vehicle falls under and the requirements for commercial vehicle insurance.
Get the Facts
Doing research in order to find out the different types of insurance you need will wind up saving you money in damages and downtime. For example, if you have motor carrier insurance and you drive your truck on a personal errand, your policy will not cover this. You would need to purchase non-trucking liability and physical damage coverage. If you have to use a few different types of insurance, it is better to deal with one company instead of two. This is especially true if you have to have a separate cargo insurance policy. If your vehicle is in an accident in the truck and cargo are affected, having to deal with only one insurance agency will save you time.
If you need to hire a driver, it is important to make sure they meet safety qualifications. A good way to tell what kind of driver they are is to request a motor vehicle record. You can set up certain criteria in order to score and evaluate their driving records. In the event they score below a minimum, don’t hire them. If they score above, before you hire them, have them take a drug test.
There are a lot of nuances when choosing commercial vehicle insurance. If you are looking for help, advice, and guidance contact Great Northern Insurance Agency online.