Are you looking to buy commercial vehicle insurance? While your effort is inspired, and you are making the right choice by doing so, it’s essential to keep track of some of the trickier mistakes and misconceptions business owners tend to make when buying a vehicle insurance policy for their commercial vehicles.
It might sound like a cliché, but the main mistake you can make when it comes to purchasing commercial vehicle insurance in Colorado is to avoid buying it. While some might tell you that it’s not important, commercial auto insurance can become very crucial when one of your vehicles is involved in an accident and someone gets hurt.
Underestimating the problems that your business could face during a lawsuit by not buying enough auto insurance can also be a huge concern. In some cases, lawsuits can lead to the need to pay more than $1 million in damages, so make sure you have the right type of coverage before you accept a cheaper policy.
The commercial auto policy for hired vehicles may or may not include liability coverage. So, one of the biggest mistakes some business owners make is to ignore the issue, assuming that it does. Make sure you follow up on that, before drawing any conclusions, and if you discover that your leased vehicles don’t have the proper insurance coverage, get it independently. It definitely beats having to cope with an expensive lawsuit in case of an accident.