Business growth demands that proper resources be allocated as needed. One exciting way that this may manifest is the necessity of one or more commercial vehicles. But be aware of the costs associated – the process is a lot more complicated than just buying a new car.
Commercial auto insurance is not something that is legally necessary, but it may be something helpful. It usually provides coverage relating to damage or theft in relation to accidents, vandals, or natural disasters. If you simply have one car, for example, and its use isn’t essential for the running of your business, it may not be necessary to get commercial auto insurance. But if you have several cars, and they are a critical component of how your business runs – you’ll definitely want to spend a little extra to be covered. Also remember that every change you make in business can affect other business insurances, so make sure the addition of vehicles doesn’t change your rates or fees.
Repairs and Maintenance
What insurance doesn’t cover is the regular wear and tear of everyday use. You’re going to have to take care of that yourself. The most constant and obnoxious drain of maintenance money will be gasoline. Gas prices may or may not be great, but regardless, you’re going to be spending a collective pretty penny to keep your fleet fueled. If there is any other maintenance problem, relating to the battery, engine, brakes, lights, transmission, oil, or any other parts or components of a given vehicle, you’ll have to take care of that yourself. Make sure you’re financially equipped for that possibility. Don’t wait to maintain and repair – or you might end up paying a lot more. Diesel vehicles can be costly to repair, so maintenance is crucial.
Hopefully, this option will only be a concern if your vehicles are semi trucks, forklifts, large vans, or some other kind of specialized vehicle. Regardless – make sure to check the legality of having employees driving whatever kind of vehicle you use. Don’t make assumptions. It’s possible that you or your employees will need to be trained and/or certified in the operation and driving of a specialized vehicle. That process will take time and money and may necessitate different kinds of insurance.
As costly as the vehicular upgrade for your business can be, it’s something that ultimately will be worth the hassle. If you can financially handle everything else that comes along with the process, then your business will have itself a state-of-the-art fleet. Your brand on wheels will only serve to do more for your community.
Check out this article on issues that can cause problems for commercial properties!