All it takes is one accident in a commercial vehicle for it to break you financially. While you may have commercial auto insurance in Florida, you need to be ready for all that can happen. Unfortunately, we live in a “Sue happy” society. This means that people are more willing to get a lawyer involved than ever before, especially if they think they can make money.

REMEMBER THAT YOU ARE A BUSINESS

One of the first things you have to remember is that you are a business. As such, there are going to be people who will file commercial auto claims against you because they think that there is the opportunity to make money. They will find a lawyer to get more money for their “pain and suffering.”

The problem with this is that you may not actually have a lot of money. You may be a small business and you struggle to have a positive bottom-line from month-to-month. People don’t know this, however. A single commercial auto claim could be enough to break you financially. This isn’t because you lack the coverage for your commercial auto insurance. However, you may lack the coverage for everything else that could go with it.

KNOW YOUR COVERAGE

This state of Florida has minimum levels of coverage. You will want to familiarize yourself with these in terms of liability for property damage as well as personal injury. If someone were to sue you, you may very well exceed the levels of liability that you have on your policy.

What happens at this point is that you would be financially responsible for everything not covered within your commercial auto insurance policy. How much is dependent upon the individual accident. If they have a good lawyer, you could end up spending tens of thousands of dollars – enough to bankrupt your business.

EXPLORE OTHER FORMS OF COVERAGE

You can add additional coverage so that you can protect your business. This includes being able to add additional liability coverage, cover lawsuits, and umbrella insurance that would kick in when you exceed all of your liability coverage on commercial auto insurance.

It’s a good idea to talk with an independent insurance agent or you can learn more about what it is that you need for your business. If you get into a car accident with your commercial vehicle, or any of your employees get into an accident, you want to know that you are sufficiently covered. An agent will be able to talk you through the various options, explain the possibilities, and get quotes for you. This will make it easier for you to learn about the financial aspect. After all, you want to make sure you are covered, and also be able to afford the monthly premiums.