Commercial Auto Insurance
Business owners new to owning their own business often believe their business-related vehicles don’t need special coverage if they already have an auto policy in place. Unfortunately, it’s often after an accident that they learn the necessity of having commercial auto insurance. Learn the basics on commercial automobile insurance and why it’s important.
Commercial car or auto insurance is required any time vehicles are used in the operation of their business whether driven by you or your employees. They provide coverage to cars, trucks, vans and any type of motor-driven vehicle used for the business. Although similar to regular automobile insurance, commercial auto insurance provides larger coverage and more vehicles.
A commercial vehicle insurance policy is necessary because it covers a wider range of circumstances and events which may take place in a business. This is especially true if your vehicles are used for transporting your products and services or if you have employees driving your vehicles. Commercial vehicle insurance provides higher liability amounts, which are often required for businesses.
Commercial vehicle insurance is also used for businesses that are corporations or partnerships. Another important feature of commercial automobile insurance is that it provides liability insurance to you and your employees if they’re involved in an accident that results in legal fees or medical bills not to mention replacing the damaged vehicles.
The size of your business, the needs of your company and the insurance company you use will play a role in the amounts and types of coverage you’ll have in your policy. However, most commercial policies offer liability for bodily injury and property damage; comprehensive insurance; collision coverage; medical payment coverage; uninsured motorist coverage; and no-fault personal injury coverage. There are also various amounts of coverage offered based on your needs and the premium you can afford to pay. Each part of the policy offers different amounts.
Commercial car insurance, also referred to as business auto insurance, commercial vehicle insurance, fleet insurance or commercial truck insurance is a necessary part of owning and operating a business. It may also be a legal requirement in some states. Commercial automobile insurance offers many benefits to business owners but the biggest benefit is that it also covers your employees.