If you are a business owner who just purchased commercial vans or are thinking of changing your commercial van insurance policies, it is important to know the benefits of having these vehicles insured. Whether your business has cargo vans, utility vans, delivery vans, wheelchair vans or minivans and need to either transport people, equipment or merchandise, commercial van insurance is a highly recommended thing to carry with your business. This kind of business insurance might also be required by the state your business is located in. There are various types of insurance coverage plans that can be based around what vans you own and use for your business.

Commercial Van Insurance Coverage Options

Each insurance provider may have different coverage names and types of commercial van insurance, but generally most insurance companies have the following:

• Liability Insurance – This is typically the most common van insurance required by law that your business must have. In some cases, this can be the “bare minimum” insurance that your business will purchase for the commercial vans. Liability insurance includes bodily injuries and property damage – each respectively covering any medical-related costs of injuries caused by the owner or employee and expenses on repairs needed to be fixed on someone’s property.
• Collision – Insurance coverage when an accident occurs between the company’s van and someone else’s vehicle.
• Comprehensive – This coverage will pay for losses incurred due to merchandise or equipment theft, theft of the vehicle itself, fire, weather and other non-accident related causes.
• Uninsured or Underinsured – This coverage will protect your business and commercial vans against drivers who do not have their own insurance and drivers who have the minimum auto insurance coverage. As of 2014, the Insurance Research Council (IRC) estimated that approximately 12 percent of the driving population in the United States is still driving uninsured. In 2012, the IRC estimated that North Carolina had an uninsured driver’s rate of nine to 11 percent.

Benefits of Commercial Van Insurance

Many states have their own liability insurance requirements that must be met when using commercial vans for your business, but having additional coverage is beneficial to avoiding expensive costs and risks when something goes wrong. Many insurance providers offer benefits when you have more coverage than just the liability insurance for commercial van insurance. Some providers will offer emergency roadside assistance, more affordable rates and other types of insurance other than vehicle insurance.