Selecting The Right Commercial Auto Insurance In New Jersey
Selecting The Right Commercial Auto Insurance In New Jersey
Many aspects of commercial auto insurance New Jersey business owners must consider. The first thing that must be taken under consideration is the state minimum requirement. The state of New Jersey mandates that commercial vehicles carry at least $35,000 in combined single limit coverage. This may vary according to each industry; for instance, businesses that transport hazardous materials can get coverage in the millions with some carriers providing $5,000,000 or more in coverage. Business owners can work with an agent who specializes in commercial coverage to determine the right kind of policy for any particular business.
Policies may be customized to fit any individual business' needs. In creating a policy, one must consider how the vehicles will be used, how much the vehicles weigh, the liability limits requirements and who owns the vehicles. It is also important to factor in who will drive the vehicles, how many vehicles need to be insured, where the vehicles will travel and other such information. If the business only has a few assets and will not heavily use vehicles, then the minimum amount of coverage may suffice. However, it is very likely more coverage will be needed.
Other considerations in commercial auto insurance New Jersey business owners must make are the other drivers on the road. With the possibility of having an accident with an uninsured or under-insured looming, it may be feasible to get this coverage built into a policy. Business owners must also keep in mind that they will probably get the best rates on their insurance if they purchase it before they go into business. Having a clean record should work to the business' advantage.
Any business owner who feels more comfortable working with agents or companies that specialize in commercial insurance, he or she should look for a company or agent that deals only with commercial policies. Some companies offer both private and commercial policies, but those that only work within the commercial realm may be in a better position to offer the kinds of rates and services a business needs. In any case, it is always a good idea to check with as many companies as possible and compare rates.
Getting commercial auto insurance New Jersey business owners need should be factored in with other kinds of insurance needs before settling upon a policy. Professionals may need to get errors and omissions insurance in addition to general commercial liability insurance. Auto insurance usually does not come under these other forms, so it is important to understand exactly what gets covered under each policy. If all the options appear to be too much, working with an agent or broker can help ease some of the burden of choosing the right insurance policy.