What is a Commercial Vehicle Insurance?
A Commercial Vehicle Insurance is a customized motor insurance policy to cover for damages and losses caused to or by a commercial vehicle and the respective owner-driver. This could include damages and losses in situations such as accidents, collisions, natural calamities, fires, etc. It is mandatory for all businesses to buy a commercial vehicle insurance for their vehicles, such as for auto-rickshaws, cabs, school buses, tractors, commercial vans and trucks, amongst others.
Why do you need a Commercial Vehicle Insurance?
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If your business owns one or many vehicles, it’s essential to get a commercial vehicle insurance that will financially protect and cover your business from any losses and damages caused to and by your vehicle (s) and the people using it.
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If your primary business involves the use of vehicles, such as a regular cab service or a private school bus, a commercial vehicle insurance will assure your stakeholders and passengers that they’ll always be protected and covered for.
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As a mandate by law, it is compulsory to at least have a Liability Only policy in place, that protects third-parties against any damages and losses that could be caused by your commercial vehicle.