Vehicle Risk Management By Province

Vehicle Risk Management By Province

Vehicles owned, leased or operated by a business can represent significant assets and/or liabilities which is why vehicle risk management is so important.  Provincial vehicle insurance is mandatory in every Canadian province and territory. However, each province’s requirements for mandatory coverage vary.

In British Columbia, Saskatchewan and Manitoba, required primary vehicle insurance is sold by government-run insurance companies. Private and government insurers then compete to sell higher/additional coverage options.

Know Your Vehicle Risk Management Exposures & Coverages

Subject to certain provincial rules and thresholds third parties that you, or your employees injure while operating a vehicle on company business have the right to sue your organization for damages including, but not limited to pain and suffering. Your vehicle liability insurance will cover your legal fees, property damage and bodily injury to third parties that is either part of a settlement or awarded against your organization.

Physical or property damage coverage, is sold separate from liability coverage and compensates organizations when they need to replace or repair the vehicle the organization is responsible for up to the limit amount that you’ve selected if it is damaged.

To ensure your organization doesn’t incur any unexpected and or costs associated with effective vehicle risk management an ALIGNED Advocate can provide expert guidance.

4 Types of Vehicle Risk Management and Accident Benefits

Accident benefits are required insurance that is mandated by each province and can include medical payments, funeral expense benefits, disability benefits and death benefits.

• Medical payments coverage: Provides funds for medical expenses for you, your passengers and pedestrians in the result of an accident, regardless of fault.
• Funeral expense benefits: This add-on insurance extension can cover the cost of a funeral if a fatality occurs as a result of an accident.
• Disability income benefits: If you are declared disabled after an accident and cannot work, this insurance can pay you every week based on your gross annual income before the collision.
• Death benefits: This insurance ensures that your partner and children are taken care of in the event of an accident resulting in your death. Payments depend on your wage, your age and the ages of your children.

Talk to one of our advocates today about how we can help you secure the best products, services and insurance solutions for your business.