TUESDAY, FEBRUARY 23, 2021
Not all commercial auto insurance policies are created equal. While a basic commercial auto insurance policy covers liability, lone liability does not cover your business if your commercial vehicles are stolen.
To protect against theft, you need comprehensive coverage on your commercial auto insurance policy. Comprehensive coverage provides compensation for damages to or loss of your commercial vehicle caused by fire, wind, hail, lightning, smoke, theft and vandalism.
Make sure to check your commercial auto insurance policy and ask your insurance agent about your coverage and protecting your commercial vehicles from theft.
Tips for if Your Vehicle is Stolen
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Call the Authorities. As soon as you realize that a vehicle from your business’ property has been stolen, call the police and file a report. Doing so can start an investigation to help you find the vehicle and help when it comes time to file a claim.
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Call Your Insurance Agent. After notifying the police, call the insurance agent that provides your commercial auto insurance policy. Even if you don’t immediately file a claim, you should keep your insurance agent in the loop about a possible theft so that they have the information for later.
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Provide Accurate Information. Throughout the process, make sure to remain in contact with the valid parties and provide accurate information. Any inconsistencies or poor information can make the process go slower and impede progress.
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File a Claim When Necessary. You will generally want to file a claim on your commercial auto insurance policy sooner rather than later, especially if the thief ends up causing a crash or other liability issues while operating the commercial vehicle. Speak with your insurance agent about filing a claim and receiving compensation for the lost vehicle. Waiting too long to file a claim could make things difficult or even lead to a denied insurance claim.
What Happens if an Employee Steals a Commercial Vehicle?
Unfortunately, theft can happen from those you know just as likely as it can happen on behalf of strangers. Disgruntled employees could steal a company vehicle or hold it hostage, for example. Make sure to vet your employees and report to the authorities in case of a theft.
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