There are thousands of businesses based in Maryland, and these businesses encompass many different industries and have varying insurance coverage needs. Those that have company-owned vehicles that they use as part of their day-to-day operations will need to carry commercial vehicle insurance. Whether you own a large manufacturing company like Black & Decker, or a single pizza shop like Joe Squared, you will need the extra liability protection that these policies can provide. Rates and policy offerings can vary significantly from one insurance company to the next, so Maryland business owners should be sure to compare a variety of commercial auto insurance quotes before making a selection.
Commercial vehicles can range from cars, such as those used for local deliveries, to large 18-wheeler trucks that are used to transport goods across the country. They can include construction vehicles, buses, taxis, vans, and pick-up trucks. Basically, if a vehicle or a fleet of vehicles is owned by a company, it must be covered by commercial vehicle insurance.
Different types of vehicles will have different insurance coverage requirements mandated by the state. For example, company cars must be covered by uninsured/underinsured motorist coverage and must meet the same liability requirements as passenger vehicles. In Maryland, these are:
It is always a good idea to purchase liability coverage in amounts that are much higher than the state’s required car insurance minimums. This is because accidents in company vehicles often lead to higher liability lawsuits since the injured party will see a greater chance of receiving a large cash award.
Larger commercial vehicles will have much higher liability requirements. These requirements will be determined by:
If you are uncertain about how much liability coverage you need for your vehicle, you can speak with an insurance professional to learn about the state’s requirements.
These figures are presented by the National Safety Council and are based on all accidents across the country. Keep in mind that these are averages, so your actual costs may be significantly higher or lower if you or one of your employees is responsible for a vehicular collision. When a company, rather than an individual, owns the vehicle involved, injured parties tend to pursue more in damages and jury awards tend to be much higher.
There are also a number of coverage options you can include with your policy. Not all options are pertinent to all businesses, so it is important that you purchase all of the coverage you need while avoiding coverage that you do not. Some of coverage types you can expect to find include:
It may be beneficial to discuss your company’s unique coverage needs with an insurance professional who can advise you about your options and suggest appropriate coverage amounts.
Vehicular accidents are not entirely preventable, but you can take steps to reduce your risks. It is very important that you keep all of your company vehicles well-maintained at all times. It is also advisable to be very selective when hiring drivers. When possible, choose those who are experienced and have solid driving records. Also, provide your employees with educational safety training and limit the number of hours they spend on the road to prevent driver fatigue from becoming a problem.
Of course, even the best drivers can be involved in accidents. Certain factors are beyond their control, including hazardous road conditions, inclement weather, and reckless driving by those with whom they are sharing the road. Fortunately, you can rest assured that your commercial vehicle insurance can prevent an accident from causing financial ruin for your company.
There is no such thing as a standard policy when it comes to commercial auto or commercial truck insurance in Maryland. Rather, this coverage should be customized to meet the needs of your particular business. When searching for the right policy, it may be beneficial to enlist the help of an independent insurance agent in the Trusted Choice® network. These agents can answer your insurance-related questions and help you compare and review a variety of competitively-price commercial vehicle policies.
Trusted Choice agents can be found in several locations throughout Maryland, so you may be able to find one close to your home or business. Contact a local agent to get more information and you can start comparing commercial auto insurance quotes in no time.