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BUSINESS VAN INSURANCE
Business vans are used by a number of different types of businesses. Florists use a business van to deliver flowers while a hotel uses a business van to transport customers to and from the airport. Event coordinators, caterers and other commercial entities use vans everyday as well. These vehicles are versatile and useful for any number of chores.
Regardless of why you use business vans in your company, you must make sure they have the fullest extent of commercial insurance coverage you can obtain. Hazards and unexpected events arise on a daily basis, and paying for repairs out of business funds could cause severe financial stress. Here are the commercial insurance options you should have on your business van:
Liability Insurance – Liability insurance covers your company’s liabilities when your van causes an auto accident. This insurance is required by law in most states, and it generally covers both physical injuries as well as property damages.
When you select your maximum liability coverage amount you can choose a single claim limit or a split claim limit policy. Single claim limit policies pay up to a maximum amount per accident that your truck is responsible for. Split claim limit policies assign a maximum amount of money that will be paid on a per person basis for injuries, a maximum that will be paid for property damages, and a maximum total that will be paid per accident.
- Bodily Injury - Bodily injury coverage pays for the expenses that arise when people get hurt in an auto accident. If your van is at fault for the accident and one or more people must be taken to the hospital for example, the bodily injury portion of your liability coverage will pay for the transport and hospitalization costs.
Under the bodily injury section of your policy, liability insurance pays for hospital and follow up physician care. It also pays for a number of related expenses. If a person dies in the accident for example, bodily injury can pay for the funeral expenses. It also pays for recovery and rehabilitation, lost wages, or pain and suffering.
- Property Damage – The property damage section of your liability insurance pays for the cost of repairing or replacing the vehicle you were involved in an accident with.
Liability coverage can be configured to pay specific maximum limits per person and per accident or it can be setup to pay one set amount per accident. The split claim configuration normally designates the maximum amount that will be paid for each injured person plus the maximum total amount of bodily injury payments your policy will cover. Additionally it sets a maximum amount that will be paid for property damages. A single claim policy however, sets one maximum payment amount per accident and your company can choose how much to spend on property damages or bodily injuries.
Medical Payments – Medical payments insurance pays for the medical expenses of your business van driver and all passengers, regardless of who was at fault for an accident. This coverage is not available in all areas, so be sure to contact one of our licensed representatives to discuss adding this option to your commercial insurance policy.
Physical Damage Insurance – Physical damages insurance protects your company from the loss of or damage to your business van. This commercial insurance coverage is particularly important if your company does not own its vans outright. If your lease business vans or you have an outstanding auto loan, property damages insurance can help protect you from the most loss.
- Comprehensive Physical Damage Protection – Comprehensive damage protection protects you from vandalism and theft, along with other hazards that might arise. It provides a full range of insurance protection for events that are not collision or roll-over related.
- Collision Damage Protection – This insurance option protects you from losses that arise due to collision events. If your business van rolls over on a wet road for example, or backs into a parking meter, this coverage pays for those damages.
- Specified Peril (CAC) – Specified Peril insurance protects you from losses caused by specific types of non-collision events. This coverage is limited to specific events only, and is also known as Fire and Theft with Combined Additional Coverage, or CAC.
Uninsured or Underinsured Motorist - Despite current laws in the United States, not all drivers are insured. And some that are insured properly do not carry enough insurance to fully cover all of the medical bills or property damages that result from an accident. Uninsured or underinsured motorist coverage helps protect your business van from loss when it is involved in an accident that the other driver is at fault for. If the at-fault driver does not have liability insurance, or he doesn't have much, your uninsured policy will cover the costs. This policy is similar to carrying liability, but it applies to your vehicle when you didn't cause the accident. Benefits are similar as well.
- Bodily Injury - As noted Above
- Property Damage - As noted above
- Collision Deductible Waiver (CDW) - A collision deductible waiver prevents you from having to pay your insurance deductible when you have an uninsured motorist claim. Your company must have Uninsured/Underinsured Motorist Bodily Injury coverage to qualify for this.
Other Important Commercial Auto Insurance for BUSINESS VANS:
- Rental – When your business van is out of service due to an auto accident, your insurance can pay for the cost of a rental.
- Towing – If your business van is disabled on the side of the road your towing coverage kicks in.
- Cargo – Carrying cargo in your van puts it at risk of loss due to auto accidents. Protect it with a cargo insurance option.
- Accessories - Your business vans may use GPS navigational units, specialized communications equipment, and mileage meters if you charge customers for transport. Protect these accessories on your commercial auto insurance policy.