What You Should Know About Commercial Auto Insurance in South Florida

If your business employs drivers for transportation or delivery, or company owned vehicles for other needs, you are going to need a commercial vehicle insurance policy. In South Florida, commercial auto insurance is required by state law, but even if it wasn’t, protecting yourself, your employees, and your company from financial responsibility in the event of an on the job accident is a must. If you are employed by a company as a commercial driver, it’s vital that you make sure you are covered by a company owned commercial auto insurance policy, and that you are informed about the extent of the commercial coverage your employer carries, and what types of coverage are included within their policy. You never want to be stuck in a situation where you have experienced an accident during work in a commercial vehicle, only to find out that you are financially responsible for the damages. In fact, whether you are an employee or an employer, you could probably benefit from an additional Umbrella policy as well. Umbrella Policies Offer Additional Protection The legally required South Florida commercial vehicle insurance is a minimum, and as most of us know, the bare minimum of anything, whether it involves work or pleasure, isn’t very satisfying- and it certainly doesn’t qualify as a job well done. In the event of an on the job accident with serious personal or property damage, the minimum liability coverage often fails to cover the actual repair and medical expenses. This is where having an additional Umbrella policy really pays off. Umbrella policies are designed to take up the slack where your commercial auto insurance policy leaves off. Normally in the event of an accident, your insurance company will first do an investigation to determine liability, then they will offer an insurance pay out of what they believe it will cost for you to handle the repairs, make new vehicle purchases if necessary, and cover any medical expenses and wage compensation your employees may need. However, if what they are willing to give you is less than what you actually have to pay out, or goes beyond your coverage limitations, that money will be coming out of your bank account- unless you’ve invested in an Umbrella policy. South Florida Umbrella coverage is easy to obtain and is relatively inexpensive, especially considering that you gain a potential one to five million dollars in liability protection above and beyond your commercial auto insurance policy coverage. Obtaining Adequate Coverage It’s not hard to find companies offering commercial vehicle insurance in South Florida. In fact, you can often purchase both your commercial auto insurance policy and additional Umbrella coverage from the same company. Knowing how to sieve through all of the available plans and offers can be a bit tricky however, so many business owners seek professional assistance from a commercial insurance broker. Not only do they know all the ins and out of the insurance industry, they’re working to find you the best deal possible, unlike the insurance companies whose bottom line doesn’t include you.