In Ontario, a commercial auto insurance policy covers costs in the event of property damage, legal expenses, medical bills and more. You have the option to enhance your policy by including protection which covers against collisions with other vehicles and objects, theft and vandalism and other types of damages. It’s helpful to work with a Sharp Insurance commercial auto insurance broker in Ontario to determine your needs.

Your typical Ontario commercial auto insurance policy will not cover leased or personal vehicles that are used by the business. You would need to purchase a non-owned automobile endorsement to cover these vehicles.

Ontario requires businesses that use one or more vehicles to carry commercial auto insurance. It’s typically recommended to require businesses to carry a minimum of $200,000 in third-party liability. Comprehensive and collision coverage are optional insurance coverage options.

You should always inform your insurance broker if you plan to use your personal vehicle for deliveries as well as typical personal usage. Commercial auto insurance does not typically cover vehicles that are not owned by a business. You may be covered if your business carries a non-owned and hired auto insurance endorsement. In this case, you will still need personal auto insurance. However, once you’re no longer using your vehicle for business purposes, your personal auto insurance policy would kick in to cover you in the event of an insured claim.

In Ontario, the cost of commercial auto insurance depends on several factors, including:

• The number of commercial vehicles owned
• The make, model, year and condition of vehicles
• Insurance history
• Driving record of employees
• Business location
• Coverage options
• Deductible amounts

To get an affordable insurance rate for your Ontario business, it’s recommended you work with one of our commercial auto insurance brokers. You’ll gain access to top-rated insurance markets throughout Canada and get advice from some of the country’s keenest insurance experts.

Here are some tips to reduce your commercial auto insurance rate in Ontario:

• Bundle multiple policies through one insurer.
• Ask your provider about eligible discounts.
• Raise your deductible amount.
• Keep a clean driving record.
• Do regular maintenance and inspections of your vehicles.
• Shop around with the help of a Sharp commercial auto insurance broker.

It’s essential to ask your broker about changing your vehicle’s insurance policy from personal use to commercial use. Your rates may increase, and you may be unable to use your vehicle for personal use. If you are caught using a business vehicle for pleasure, you may risk your driving record, paying out-of-pocket for an accident or having your policy cancelled for nondisclosure.