Finding Commercial Trucking Insurance in Canada: Three Things You Need to Look For

Posted by  On August 23, 2021
Things to consider before getting commercial trucking insurance in Canada

Having the right kind of commercial auto insurance is critical if your business involves commercial trucking. Trucks are expensive, and if one is involved in an accident, the fallout from it could bankrupt you. That’s why it’s so important to ensure you know what to look for when you’re shopping for commercial auto insurance.

These are the top things to think about when looking for commercial auto insurance:

  • The circumstances that require you to buy commercial auto insurance.
  • What your commercial auto insurance policy will cover.
  • If the insurance company offers a fleet policy.

What situations require commercial auto insurance?

You need commercial auto insurance if:

  • A vehicle is owned by the business and used for business purposes such as making deliveries or moving equipment to tools.
  • You move expensive items, like tools, in your vehicle on a regular basis. This also applies if you transport people, such as running a taxi or limo service.
  • Your vehicle is specifically designed and used for construction or maintenance services. For example – if you have a Jeep you just use for personal transportation, then you don’t need commercial auto insurance. But if you use your Jeep to move materials to a job site, then you should have commercial auto insurance.

Whether you have one vehicle or a fleet of them, you need commercial auto insurance if your business transports goods.

What is covered by a commercial auto insurance policy?

We can work with you to customize your commercial auto insurance policy so it provides your company with the right level of protection. These are the most common things covered by commercial auto insurance:

  • Third-party liability. Third-party liability is a key aspect of commercial auto insurance. It protects your business and your driver if they are considered to be “at fault” in an accident that damages people or property. The costs from an accident can be incredibly expensive (for example, to pay medical bills or repair damaged property), which is why third-party liability is so important.
  • Collision coverage. This part of commercial auto insurance covers physical damage to a vehicle or its contents.
  • Comprehensive coverage. This part of commercial auto insurance provides protection for incidents such as fire, theft, and vandalism.
  • Uninsured motorists. If you or an employee are in an accident where the other driver is “at fault” but does not have adequate insurance, this coverage helps cover any costs from the accident.

What is a commercial fleet policy?

Another thing to consider when looking for commercial auto insurance is whether or not your insurance company offers a commercial fleet policy. With a commercial fleet policy, your commercial auto insurance covers all of the vehicles your business owns.

There are two main benefits to having a commercial fleet policy:

  • You may be eligible for a group rate discount on your commercial auto insurance policy.
  • You can easily add and remove vehicles from your policy, rather than having to get a new policy every time you get a new vehicle.

There is generally a minimum number of vehicles required to qualify for a commercial fleet policy, so it’s essential to check what this amount is with your insurance company.

How can Archway Insurance help me with commercial auto insurance?

You depend on your trucks to keep your business running. You can’t afford to have downtime if anything happens to them – which is why it’s so essential that you get the right commercial auto insurance policy.

At Archway Insurance, we’ll put together a comprehensive commercial auto insurance plan that protects your drivers and your trucks. With an excellent commercial auto insurance policy in place, you can rest assured that if your trucks are in an accident, you’ll have the resources you need to get back on the road again quickly.

Your commercial auto insurance policy includes coverage for the following:

  • Third-party liability, which covers damage to third-parties for an accident one of your drivers caused. Your commercial auto insurance policy covers costs associated with these claims such as legal fees and settlement awards.
  • Collision coverage, which covers the cost of repairing your trucks due to a collision with another vehicle.
  • Comprehensive coverage covers damage that isn’t from a collision, such as from fire, vandalism or theft.
  • Accident benefits cover medical or rehabilitative treatments or funeral expenses.
  • Uninsured motorist coverage covers property damage caused by uninsured or under-insured motorists.

We can also talk to you about other kinds of insurance that make sense if you’re in the commercial trucking industry, such as property insurance and commercial general liability insurance.

We’ll shop around to make sure you get the best possible rate on your commercial auto insurance policy. Some of the factors that will impact your commercial auto insurance policy rate are:

  • The type of trucks
  • How many trucks you have
  • What kind of goods your business transports
  • How far your driver’s travel
  • Your drivers’ driving records
  • Your insurance claims history
  • The amount of coverage you want and the deductible level you select

We’ll talk to you about what you and your business need and then work with our Canadian insurance company partners to create a commercial auto insurance policy that’s right for you.

The Right Commercial Auto Insurance Policy is Vital to Your Business

One bad accident could destroy your trucking business if you don’t have the right commercial auto insurance policy. You must purchase a commercial auto insurance policy that provides you and your company with the protection it needs to keep running if one of your drivers is in an accident.

At Archway Insurance, we take the time to get to know you and your business. Then we put together a customized commercial auto insurance policy that suits your needs.

We’re here for all your insurance needs in New Brunswick, Nova Scotia, and PEI. To learn more about commercial vehicle insurance, call Archway Insurance at 1-833-536-0529 or call us here.

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