Myth vs. Fact: Commercial Auto Insurance

Myth vs. Fact: Commercial Auto InsuranceLike any responsible business owner, you want to protect your assets and your employees. Therefore, a Champaign-Urbana Commercial Auto Insurance policy is a necessity. However, many don’t quite understand the implications of such coverage, and often unknowingly expose themselves to risks. For example, while many owners believe a personal auto insurance policy is enough to provide the necessary protections, this is a common misconception. Let us take a closer look at the myths surrounding commercial auto insurance and dispel fact from fiction to ensure you are properly covered.

Myth #1: All of my employees are covered while driving company vehicles.

Depending on the company, some policies might only cover named drivers. If they are not specifically listed, other employees will not be covered while driving company vehicles. This means that they are uninsured and if they cause an accident, damages would not be covered. Make sure each of your employees is a named driver and have excellent driving records.

Myth #2: I can cancel my insurance policy during the off-season.

While there is nothing stopping you from doing so, it’s a misconception that you will save a lot of money. Bear in mind that any damage, theft or vandalism that your commercial vehicles experience during the off-season won’t be covered. In addition, you might end up paying more in the long run to reinstate your policy during peak season, says Quote Pie.

Myth #3: I have to pay my entire premium up front.

This is not always the case. Many companies allow you to pay in installments each month. However, if you are planning on paying the premium in full, ask about any promotional offers or discounts that may apply to you.

At Myers Insurance Group, we understand the risks involved with commercial autos. For more information about our products, we invite you to contact us today at (855) 534-5707.

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