A number of businesses throughout Alberta have commercial vehicles, powering many daily tasks behind the scenes by facilitating the movement of people, goods, and equipment.
Whether your business requires a fleet or a single commercial vehicle for company use, it’s important to make sure that you have all of the business auto insurance coverage that you need. The team at Bow Valley Insurance of Calgary serves all of Alberta, and is always ready to answer your questions about commercial and business auto insurance.
What are the basic components of a commercial auto insurance policy?
The first major component of a commercial auto insurance policy is liability insurance, which covers you in the event that a commercial vehicle causes accidental injury or property damage. Your insurance broker will help you choose the right liability insurance limits for your business. Collision coverage is also available, and covers physical damage to the vehicle in case of a collision. Additional coverage options include coverage for theft, glass, hail and fire etc. damage.
Do I need fleet insurance?
If you operate a business with several commercial vehicles, then you’ll need fleet insurance. Fleet insurance makes it easy to cover multiple vehicles under one policy. In addition to insurance coverage, many fleet insurance providers offer tools and data to help you improve the efficiency of your fleet. Even fleet maintenance becomes easier when all of your vehicles are insured under one umbrella.
What kind of additional coverage do auto repair shops need?
Any business that services or repairs other vehicles will require additional insurance coverage, and this includes all types of auto repair shops. If you work on other people’s vehicles in the course of normal business, you are exposed to liability risk. Additional points of interest for coverage include your buildings, equipment, customer vehicles and inventory. Speak to us to identify the right additional coverage for your auto repair business.
What if I import and export?
Those who are in the business of importing and exporting vehicles must adhere to Canadian customs laws. You may be required to obtain a customs or excise bond in order to import and export goods legally. These bonds ensure that you pay all relevant taxes, and comply with all requirements legally relevant to your business. A Canada Customs bond may also be necessary if your business is required to provide financial security to the Canada Revenue Agency or Canada Border Service Agency.
Does my business involve complex risks?
If your business involves complex risks, it’s important to make sure that you have the right coverage for your needs. The most common complex risks involve the transport of goods, either within Canada or between Canada and the United States. Complex risks won’t impede you from acquiring commercial auto insurance, but will influence the policy options available for your business.
Commercial and Business Auto Insurance
Working with a broker to find the right commercial auto insurance is a wise decision. Legal requirements vary based on industry/vehicle use, and it’s simply easier to make the right decision with an experienced adviser on your side.
The team at Bow Valley Insurance is here to handle all of your commercial and business auto insurance needs in Calgary, and we represent several insurance providers. Brush up on need-to-know terms with our auto insurance glossary, and start shopping today with a commercial auto insurance from our team.