Third-party liability, accident benefits and direct compensation for property damage insurance are required for all vehicles in Alberta, commercial or otherwise. It’s particularly important for companies, however, as you’re more likely to be sued if your vehicles are involved in an accident.
Collision and comprehensive are usually sold together as a package. This coverage is what will help you repair or replace your vehicle if it’s damaged outside of a collision or if you’re at fault or partially at fault in an accident. If you’re not at fault, your direct compensation for property damage coverage should cover repairs.
There are also a wide variety of “endorsements,” which is insurance lingo for add-on coverage. Here’s a list of the most common optional coverage for fleet and commercial vehicle insurance:
There are many more options for your commercial vehicle insurance. You’ll also need to determine the following: