Many businesses rely on company vehicles for their operations. It’s a smart idea to conduct a commercial vehicle insurance review with your agent at York Jersey Underwriters Inc. in Tinton Falls, NJ, to make sure your coverage is adequate.
Here are a few tips and considerations.
NJ Mandatory Vehicle Insurance
New Jersey law requires all vehicles to carry insurance, with specific minimum limits in place. However, those minimums generally aren’t sufficient for commercial auto coverage. Consult with your agent to get a quote for adequate protection.
Avoid Using Personal Vehicles for Business
Using your personal vehicle for business purposes creates a risk that business owners should be aware of. Business use is considered commercial use, which can invalidate your personal auto insurance coverage altogether.
For example, suppose you asked an employee to use your personal vehicle to run an errand for the business. If that employee gets into an accident, you may discover your personal policy doesn’t cover the incident at all.
If a personal vehicle is used for business purposes in any capacity, let your agent know so the proper types and levels of coverage can be put in place.
Fleet Insurance
If you have two or more commercial vehicles, it’s worth exploring fleet insurance, which can often be more cost-effective than insuring each vehicle separately.
Crossing State Lines
If your business vehicles travel to other states, keep in mind that each state has its own insurance requirements to meet. It’s common for commercial vehicles registered in NJ to travel regularly to nearby states. Specialized policies exist specifically to address this kind of multi-state travel and operation.
Reach out to us at York Jersey Underwriters Inc. in Tinton Falls, NJ. We can help with all your commercial insurance needs.
