Commercial vehicles are a source of income for many and crucial in India's bustling economy, moving goods and connecting cities. However, the busy environment also comes with risks like accidents, damages and theft, which can disrupt businesses. This is where commercial vehicle insurance steps in as a protective shield, ensuring financial stability, and it's essential for businesses of all sizes. It safeguards investments and brings peace of mind, guiding your business toward smoother operations and a brighter future.
Besides, commercial vehicle insurance is a mandatory requirement as per the law in India, and it offers many benefits that you should be aware of. Some of them have been listed below.
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Financial Protection
Commercial vehicles are often stolen or lost, damaged due to heavy rains, fire, rioting or an accident. An insurance policy protects you from heavy losses due to repairs or replacement.
Medical Payments
Medical expenses and payments arising from accidents involving your commercial vehicle are taken care of under your insurance policy.
Roadside Assistance & Repairs
In case of breakdowns or accidents, your insurance policy may also cover roadside assistance like towing services, temporary mechanical repairs for immediate transit and other major repairs that may arise later.
Third-Party Claims
Third-party claims like damages due to accidents, bodily injuries, lawsuits or legal fees brought against you are covered too.
Employee Safety
Your commercial vehicle insurance policy also provides coverage for your employees and passengers in your vehicle.
No Claim Bonus
Most companies offer a premium discount on the renewal of insurance policies if there have been no claims on the insurance in a policy year.
You must always read the terms and conditions of the policy documents thoroughly or consult an insurance adviser if you have specific needs as per your business requirement. Most insurers provide different benefits through different policies, and you can also pay an extra amount for add-on benefits.
