July 31st, 2012
Whether you're a florist, caterer, or a delivery drive -- your van needs insurance. Transporting your products and services can get risky; there is therefor a mixture of basic coverages that a commercial van should be insured with. What are the insurance coverages that should be considered for vans?
We've determined the four basic coverages that every van owner should research and consider when shopping for van insurance.
1. Liability Insurance. This provides both bodily injury coverage and property damage coverage. In the case that you and your van are involved in an accident that is your fault, liability insurance covers the medical and property costs that you caused to the other driver.
2. Comprehensive and Collision. These provide coverage for other types of damages. For example, comprehensive insurance covers theft and physical damage from anything besides collisions, like a cracked windshield. Collision, on the other hand, covers the damages that would be incurred if you were to hit another inanimate object.
3. Uninsured/Underinsured Motorist Property Damage. In the event that you're in an accident with someone without insurance or without enough insurance, this coverage would protect your vehicle from the damage he or she caused.
4. Business Property Insurance. If a good majority of your assets are riding around in that van, you may want to consider business property coverage. There are two types to choose from. One is named peril, in which you choose particular events to be covered from, and all-risk, which covers all events. Depending on what you're hauling around, you could even look into insuring the products inside the van.
Of course, these are just our suggested basics. Make sure to shop around for the best rates with the van insurance you want. Also remember to call a licensed insurance agent because there are some carriers that offer packages specifically for vans. Insurance is an important thing for everyone, but it's even more important when your business is also tied in.