What is a commercial vehicle insurance?
A commercial vehicle insurance policy is a type of insurance policy that protects the policyholder from any unforeseen arises from the accident. A Commercial Vehicle Insurance is a customized motor insurance policy to cover for damages and losses caused to or by a commercial vehicle and the respective owner-driver. This could include damages and losses in situations such as accidents, collisions, natural calamities, fires, etc. It is mandatory for all businesses to buy commercial vehicle insurance for their vehicles, such as for auto-rickshaws, cabs, school buses, tractors, and trucks, amongst others.
Why do you need commercial vehicle insurance?
- If your business owns one or many vehicles, it’s essential to get commercial vehicle insurance that will financially protect and cover your business from any losses and damages caused to and by your vehicle (s) and the people using it.
- If your primary business involves the use of vehicles, such as a regular cab service or a private school bus, commercial vehicle insurance will assure your stakeholders and passengers that they’ll always be protected and covered.
- As a mandate by law, it is compulsory to at least have a Liability Only policy in place, that protects third parties against any damages and losses that could be caused by your commercial vehicle.