If your company is involved in the transportation business or uses a company or employee-owned vehicle to complete business operations, getting commercial auto insurance is important. Along with safeguarding your employees and vehicles, securing auto insurance for your business can cover you from the unexpected expenses caused by accidents.
Here are some of the benefits of commercial auto insurance for businesses:
1. Tax Deduction
The tax write-off is one of the most significant benefits. Everything from gasoline to costs of vehicle maintenance can be deducted depending on your policy. By having auto insurance, you can safeguard your assets as well as benefit from a tax deduction.
2. Protects Business Equipment
From electric wire-pullers to hydraulic lifts, businesses may require to carry numerous tools and machines on their vehicles. If the vehicle is involved in an accident, these machines will be damaged and may need repairs or replacements.
While a personal auto insurance policy doesn’t protect any business tools, your commercial auto insurance will most likely cover such repairs and replacements.
3. Protects Employees
Along with the commercial vehicle and equipment, drivers and co-passengers are equally prone to injuries resulting from an accident. With a commercial auto insurance policy, business owners can ensure the safety of the employees who frequently drive or travel.
4. Adheres to the Requirements of a Fleet Lease
If you are leasing fleet vehicles from a third party, it will be mandatory for your business to have commercial auto insurance. With an auto policy in place, fleet services can get coverage from your insurance if their vehicle is damaged when used for your business needs.
These commercial auto insurance benefits make the policy indispensable for every business. Do you have additional questions about commercial auto insurance? Contact the experts at First Insurance Solutions today. We are eager to help you with all your coverage needs.