Insuring Commercial Vehicle Contents Against Theft

All vehicles are vulnerable to theft, commercial vehicles included. However, commercial auto insurance will be available to help the vehicle’s owner cover the costs of their losses, including vehicle repairs (if you recover the stolen vehicle) or the cost of buying a new car.

However, if items carried within the vehicle—company equipment, stock, shipments—are stolen along with the vehicle, then you might find that your commercial auto policy itself might not cover these items. Still, other benefits are available for these circumstances, and you can use them alongside your commercial auto policy to your advantage.

Commercial Auto Insurance for Vehicle Theft

Theft of one of your business-owned vehicles means a loss of property value, time and productivity. However, your commercial auto insurance will provide restitution to replace the vehicle, or to repair it if it is recovered by the police. 

A component of your physical damage insurance known as comprehensive coverage will provide coverage for vehicle loss or damage that is not related to a wreck. Theft is therefore covered by this plan under most circumstances.

However, comprehensive coverage is not mandatory for most commercial drivers. You will have to ask your agent to add this benefit to your policy at the time you enroll. Additionally, one type of damage that your commercial auto policy will not cover is damage to the contents within your vehicle.

Insuring a Commercial Vehicle’s Contents

When you transport company materials within your vehicle, they represent value on the move. These items might include cash and receipts, electronics, equipment used at job sites, client belongings and more. Therefore, were these items to get stolen along with the car, then their value would be lost, too.

At this time, business insurance options that are separate from commercial auto insurance can cover the loss of this property.

Usually, you will find this coverage within a component of property insurance called inland marine insurance. This coverage is designed specifically to cover business belongings that are taken off the primary insured location and transported within a vehicle or other mode of transportation. 

Therefore, were these items to be stolen along with the vehicle, your inland marine coverage will provide the requisite coverage to help you replace these items. There are numerous types of inland marine coverage, but your policy can be expanded to cover business-owned materials, customer possessions left in your care, and cargo within a shipment.

Your commercial insurance agent can help you determine the type and amount of commercial auto and inland marine insurance for your needs. Let them guide you through the selection and enrollment process.