If a commercial vehicle is required for your business to operate, what happens when circumstances outside of your control take place? A company truck that won’t turn on, a car completely totalled, or broken windows from an unexpected break-in. Uncontrollable variables are the special circumstances that are notorious for keeping business owners up at night. A lack of vital transportation equipment not only creates unnecessary stress but has the ability to bring revenue streams to a halt. Cash flow dissipates, and profits decrease rapidly with a singular disruption in-vehicle access. Fortunately, at Eastern Insruors our primary goal as a team of insurance professionals is to prevent any loss of revenue and to educate our clients on how to choose the best business auto insurance policy for them (also known as Commerical vehicle Insurance).
Before you inundate yourself with countless business auto coverage plans, take a look at your current Business Owners Policy (BOP). Current concerns you may have could already be covered in your BOP. In contrast circumstances, you feel confident are included in your BOP are in fact not applicable. Examine what types of coverage are included in your current BOP, and jot down potential holes in your policy that may lead to unnecessary charges in a potential lawsuit.
Next, determine what qualifies a vehicle as commercial in the State of New Jersey? By in large, any transportation vehicle used for your business is considered to be a commercial vehicle. Commercial vehicles include personal cars, trucks, or vans you deliver materials for your business. Examples include the transportation of works of art to an expedition, or building supplies to a construction site. Additionally, in accordance with the New Jersey Commerical truck or Tractor code the display of the word “commercial” must be visible on each motor vehicle. It is paramount to note that commercial policies vary from state to state and the specific coverages discussed apply to the state of New Jersey.
If one of the above-motorized vehicles applies to your business what do next steps look like?
Car insurance is required in the state of NJ unlike locations such as New Hampshire and Virginia. For a more in-depth understanding of NJ Motor Laws, visit the Offical Site of the State of New Jersey or speak with an Eastern Insurors professional today. It is easy to get lost in detailed codes and regulations. If you are the type of person who enjoys legal documents, you may have struck gold with this latest assignment. For those of you less keen on NJ Motor laws, at Eastern Insurors we know the life of an entrepreneur is taxing, and we would rather have your time spent growing your business. Let us share what we have learned over the ____ number of years in business. To better acquaint yourself with the basics of most insurance policy we advise you to become familiar with these three terms. Liability, Personal Loss, Property Loss. A general definition for each is as follows, and you can expect to find in nearly all future insurance policies.
Liability covers your business if an employee creates an accident while at or performing work for your company. It also pays for a lawyer to defend you if you are sued for damages that your business is responsible for.
Personal Loss has the potential to provide medical expenses and uninsured motorists coverage to individuals insured on the policy. An uninsured motorist is an employee who does not have medical insurance.
Property Loss takes care of the repair or replacement of your vehicle, as well as the cost to rent a replacement vehicle to ensure your business remains open.
A basic comprehension of these 3 insurance terms will help you to better understand coverage plans your research on your own, or when shared with an insurance professional. Consequently, it is critical to evaluate the potential risks specific to your industry. Fortunately, a brief insurance education is all you need when you have a qualified expert on your side. Your time is valuable, capitalize your efforts, and speak with an Eastern Insurors representative today.
Key Take-Aways
- Review your current Business Owners Policy (BOP)
- Identify your vehicle
- Familiarize yourself with common insurance terminology
- Consult an insurance industry expert
