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It Pays to Carry Commercial Auto Insurance on Your Hopkinton Vehicles

by Lisa Hirbour / August 29, 2016

Whether your business runs a couple of delivery vans to make deliveries around Hopkinton or a fleet of 18-wheelers that travel nationwide, it is extremely important to make sure that you have enough commercial auto insurance coverage for every vehicle your business owns. When a problem arises, the last thing you want is for your business to be out thousands of dollars because you were under-insured or not insured at all.

Commercial Auto Insurance Hopkinton

Why Commercial Auto Insurance is Important for Businesses in Hopkinton

In short, Massachusetts law requires that commercial vehicles have a reasonable amount of liability insurance on all of their vehicles. Aside from the fact that you need at least a minimal amount of commercial auto insurance coverage to make your vehicles street legal, a lack of insurance leaves you at risk of suffering a financial disaster. A bad enough accident could end up bankrupting your company, wiping out years of hard work. 

What is the Difference Between Commercial and Personal Auto Insurance?

Auto insurance is slightly different for commercial vehicles as opposed to your own personal vehicles, especially when you start talking about large or specialized vehicles. Insurers generally assume more risk with commercial insurance policies for a number of reasons, such as:

  • Vehicles will likely be driven by a number of different drivers.
  • Drivers may not be as cautious while driving as they would with their own vehicle.
  • Commercial vehicles may be on the road for several hours a day everyday.

As a result, premiums are often higher on commercial auto policies, but coverage limits are also generally higher. Unlike personal auto insurance, commercial car insurance usually features a combined policy limit, as opposed to the separate personal injury and property damage limits seen with regular auto insurance policies.

How Can a Business in Hopkinton Save Money on Their Commercial Auto Insurance Policy?

Like regular auto insurance policies, there are a few ways that a business can save money on their insurance for commercial vehicles. One of the best ways is to combine a commercial auto policy with other business insurance policies through the same provider. By combining packages, you could end up saving some money on your commercial auto plan, as well as general liability policies, or any type of special insurance plans your business might need. 

Another way to save money on a commercial auto policy is to limit the number of claims your Hopkinton business makes with your insurer. Though this may not always be possible, you should try to save insurance claims for very serious matters. Making a claim for something relatively minor could end up costing you more in the long run with higher insurance rates than it would if you would have just paid that money out of your business' pocket.

Checking up on a commercial auto insurance policy is something every business owner should be doing at least once a year. Anytime a new vehicle is added to your fleet, or when one is taken away, you should be updating your insurance provider. This is something that should save your business money whether you only serve the Hopkinton area, or if your vehicles frequently travel out of the state.


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Tags: Commercial Auto Insurance

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