Every business that uses autos needs to have commercial automobile liability insurance. It is the coverage that protects your business against third-party claims that arise out of auto accidents.
Most businesses we work with currently carry $1M in coverage. And, while that was considered more than enough 10 years ago, or even 5 years ago…the truth is, we’re seeing more and more claims for higher amounts and $1M liability just isn’t enough anymore.
What happens when your business vehicle is involved in an accident and the other party comes looking for compensation for bodily injury and/or property damage they suffered? You breathe a sigh of relief because you have $1M in coverage right?!?! And maybe you’re lucky. Maybe, when you total the costs of the person’s property, injury, lost income and your legal fees, your business is okay.
But what if the costs are more? What if multiple people are involved? Or multiple people and vehicles? Suddenly you’re asking yourself “Will my business survive?”
On average each year there are 110,000 personal injuries resulting from automobile crashes and about 1,600 deaths. The costs of both fixing property and treating injuries are both going up exponentially. And right now, in many provinces including Alberta, personal car insurance rates are going up quickly resulting in many driver’s opting for lower coverage or even driving uninsured.
If you’re like most business owners, it’s been a while. Renewals come and go. Life is busy and business is rolling along. It’s hard to make the time to check in with your insurance broker. But making sure your commercial auto insurance policy has the right amount of coverage for today’s insurance landscape doesn’t take a lot of time. A simple phone call or meeting with a professional commercial insurance broker is all it takes. You’ll review your coverage, update your driving profile if necessary and update all employee information if necessary too. Best of all, this quick call will make all the difference if/when an auto accident occurs.
Get in touch with one of CJ Campbell’s professional commercial insurance executives. We work with businesses of all sizes to ensure they have the right coverage at the right price for their specific situation. Let’s talk.