Controlling risk is critical to small business owners who lack the resources of a parent company, so it is good business to use insurance to help manage your risk. Of course, using insurance to manage your business risks requires understanding what your commercial insurance does and does not cover. If you own a small business and want to understand your commercial insurance options better, contact The Select Insurance Agency team in Coppell, TX.
Commercial Versus Commercial Vehicle Insurance
Commercial insurance handles various business risks and is often purchased cafeteria-style. Core commercial insurance policies generally cover commercial property, general liability, and workers’ compensation. Many businesses acquire additional coverage to address risks common to their industry, profession, or range of assets. Commercial vehicle insurance covers motor vehicles used for business purposes and does not automatically come with most commercial policies. Your business needs commercial vehicle insurance if you use motor vehicles as part of conducting your business.
Many small business owners think their personal auto policy covers their risks when using their personal vehicle to take a client to lunch or when an employee uses the owner’s car to make a delivery. However, your personal policy does not cover damage or injuries to others while used for business purposes. Insurance companies may unknowingly cover a fender bender in that circumstance. Still, accidents that result in substantial liability are investigated more thoroughly and not covered when the investigation determines the vehicle use was business-related.
Working with The Select Insurance Agency
The Select Insurance Agency is dedicated to handling small business owner’s business and personal insurance needs in the Coppell, TX, area. Stop in, email, or call us today at (972) 315-7299 to build an insurance plan that protects your business and personal assets.
