What to Know About Buying a New Car for Your HVAC Company

Owning and operating an HVAC company often requires you to dispatch employees to clients’ homes and businesses or visit them yourself. Servicing customers’ heating and air conditioning systems typically requires on-site staff to assess, install, maintain, repair or otherwise conduct work. This makes motor vehicles a logical and essential investment, as your business must have reliable means to travel. However, trucks, vans, and even everyday passenger cars entail significant risks that you must account for.

What Should I Do for My New Vehicle?

Purchasing an automobile, especially for business purposes, may require significant research and due diligence. Hasty decisions and unwise selections could have dire consequences, as you may struggle to fulfill business obligations, retain clients and maintain employees’ safety. For example, selecting a car incapable of reaching remote customers could prove to be a waste of your company’s hard-earned dollars.

After you’ve purchased a suitable vehicle, you must also account for various risks and exposures. Your new car holds significant direct and indirect financial value; you’ve poured considerable resources into its purchase and also rely on it to complete jobs. This makes accidents and other vehicle-related incidents dire threats. Commercial auto insurance is critical.

How Can Commercial Auto Insurance Help?

Regardless of your experience and responsibility as a driver, you may eventually encounter situations in which your vehicle is damaged or you otherwise face financial losses, such as if you’re liable for other parties’ injuries following an accident. Fortunately, commercial auto insurance can offset these fiscal concerns by providing coverage for various automobile-related damages.

Additionally, a suitable commercial insurance policy is typically required by law. Most states, including Rhode Island, have stringent requirements regarding businesses’ use of motor vehicles; if you own or operate them for company purposes, you need coverage. Failing to adhere to these mandates could incur steep fines and lead to suspended driver’s licenses.

If you purchase your new company car with the assistance of an auto loan, you should also be aware of additional insurance-related mandates. Many lenders will require greater coverage capabilities than state laws. You should understand all the details of your loan agreement and consult a qualified insurance professional to secure an appropriate policy.

We’re Here to Help

Contact Gaulin Insurance Agency in Cranston , Rhode Island, today to learn more about coverage options for new vehicles.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.