Third-party liability insurance is 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. Keep in mind that this coverage only covers damage to other parties – it won’t help you repair or replace your own vehicles.
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. If you’re not at fault in an accident, however, the at-fault party’s insurance will cover the damage.
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: