Specialty contractors such as plumbers, electricians, and roofers who often travel to and from worksites, face a high risk of being involved in motor vehicle accidents. Hitting a pedestrian, colliding with an uninsured or underinsured driver, or a heavy object falling on your commercial vehicle can cause extensive losses that could have been prevented in the first place.
If you own a construction or contracting business, you should consider getting commercial auto insurance to protect your business and employees in the event of an accident. Read on to learn more about commercial auto insurance for specialty contractors.
Commercial auto insurance covers losses resulting from a named peril. For instance: if vandals destroy your vehicle, this policy will cover the repair/replacement costs.
Not having adequate commercial auto insurance may lead to:
At times, a personal auto insurance policy may cover vehicles used for business. For instance, if you use your personal vehicle to drive to and from work, your insurance provider may customize your personal auto insurance policy to indicate this usage.
However, such personal insurance will only offer limited coverage and will not pay for liability claims. Therefore, if you are involved in an accident while using your personal vehicle for work, you’ll be at risk of paying for any resulting losses out of pocket.
Specialty contracting businesses are generally small-scale ventures with only one or two permanent employees. For such businesses, financial losses can even result in a complete shutdown. Commercial auto insurance can help such businesses alleviate their risk exposures and significantly reduce their losses. Unlike personal auto insurance that provides only limited protection, a commercial auto insurance policy will extend coverage to employees, additional vehicles and incidents other than collision.
Also Read: Do Independent Contractors Require Workers Compensation Insurance?
Are you looking for the right insurance for your contracting business? Contact our experts at Riverbend Insurance for assistance with your coverage needs.