Commercial Auto Insurance
Nova Scotia Commercial Auto Insurance
If you own a Nova Scotia business, you probably need a car, truck, van, or perhaps an entire fleet of vehicles. Most businesses should have Commercial Auto Insurance, and you could be spending too much money on this kind of coverage. In addition, having an insurance professional on your side can be a great business asset. Let’s take the case of Henrietta P.
Henrietta had a flair for decorations. She loved flowers ever since she was very small. Even as a child, people were amazed at her flower arrangements and decorating skills, so it was natural that she became a florist. In fact, her flower shop was one of the most popular businesses in town. She hired several people to help with her florist shop and was soon making deliveries all over the province. Business was very good and Henrietta had no idea that trouble was just around the corner.
To expand her business, Henrietta added two new vans to her delivery fleet, and increased her Commercial Vehicle Insurance, but it was still difficult to keep up with all the new business, and on Valentine’s Day, they were swamped. Plus, one of her older vans broke down and Ellen (a delivery person) offered to use her own SUV for deliveries. Henrietta thanked Ellen and it was business as usual.
Later that day, the roads were slick and Ellen’s SUV skidded into two cars in an intersection. Two people received major injuries and there was a great deal of property damage. Thankfully, Henrietta had discussed this matter with her insurance professional just two weeks before the incident, and he advised her to take out Non- Owned Automobile Coverage. This paid for the huge medical bills. If she had not taken out this coverage, she might have lost her flower shop.
What is Business Auto Insurance?
Commercial Auto Insurance protects you from legal liability and damages to your company owned vehicles. It is similar to standard Car Insurance, except it is designed with the business owner in mind.
Do I Need This Insurance?
When you use vehicles in your business, you need some kind of insurance coverage to protect them. Whether you ship goods or haul cargo, make deliveries, haul passengers, or use a car for business transportation, insurance is necessary. These businesses need to take out Commercial Vehicle Insurance.
- Trucking companies
- Shuttle transportation
- Newspaper delivery services
- Limousines and taxis
- Private car services
- Funeral services
- Senior services
Is There Standard Business Auto Insurance?
Your business vehicle needs are different than other businesses, so there are no “standard” Commercial Auto policies. However, all Nova Scotia business vehicles must have the minimum required insurance coverage as such:
- Third Party liability coverage – pays for other’s injuries and damages if you are the at fault driver. The minimum is one half million dollars.
- Uninsured/underinsured drivers – suppose someone hit your car and they had no insurance. With this coverage, your insurance company pays the bill. This also includes hit and run incidents.
- Accident benefits – covers physical therapy, rehab, lost income, and funeral bills.
- DCPD (Direct compensation property damage coverage) – as of 2013 DCPD is in effect. Damages are paid by your insurance company, and on a fault percentage basis, in a DCPD area.
- Commercial Vehicle – if your truck weighs more than 10,000 lbs, you must have a minimum of $750,000 in liability protection.
Options for Commercial Auto Insurance
Collision and comprehensive are two of the most important options. Collision pays for your car if you are at fault in an accident. If you are not at fault, your DCPD or the other driver’s liability coverage pays (depending on the circumstances). Comprehensive pays for non vehicle collision type damage. This includes hail damage, fire, theft, vandalism, and tree damage. You also may want to include these coverage options.
- Rental vehicle – pays for a rental car while your car is in the shop being fixed (for claims related damage).
- SPF # 6 Standard Non-Owned Automobile Coverage – this kind of insurance was mentioned in the example with Henrietta’s florist shop. It applies to a business entity when the business and its owners could be held legally liability for damages caused by a vehicle they don’t own.
- SEF #94 Legal Liability for damage to Hired Automobiles – this kind of insurance covers the Insured’s legal liability for damage to or loss of “hired” automobiles, subject to the limits, coverage, deductibles and types of automobiles as stated in the declaration.
Where to Get the Best Commercial Vehicle Insurance
When you compare Commercial Auto policies, you’ll see a lot of differences in price and options. In fact, it can be difficult to choose the perfect policy for your business. That is why you should talk to an insurance professional at Founders Insurance Group. We have been around since 1982 and our commercial insurance department has more than 50 years of combined experience. You can depend on us to help you choose the right kind of Business Auto Insurance coverage.
Founders Insurance Group is not an insurance company. We are an independent agency that can give you insurance from many different companies. We have policies available for specialty markets like taxis and limos also. Whether you are a real estate agent or in the commercial trucking business, we are there to serve your insurance needs in Nova Scotia. Call us today at 1-877-798-5981.
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Coverage We Need, Rates We Can Afford I went to Founders Insurance in the Lunenburg office 20 years ago at the age of 23 when I bought my first new car. I lived in Bridgewater at the time, but had been told of the great service and reasonable rates in Lunenburg by a few friends. I was not disappointed! I have been dealing with Karen Wardell since that time. I got married, purchased several vehicles, two homes and started a business with my husband in the 20 years after that and Karen has always been there to help us find the balance between having the coverage we need at rates that we can live with. We have had a few accidents along the way and Karen's service has always been consistent, professional and understanding. I live away from Lunenburg now, but have no trouble dealing electronically with the office.
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