Many businesses rely on commercial vehicles to get through their daily operations. Do you have the Commercial Auto Insurance that you need to adequately protect yourself, your business, and your employees?You can’t control the conditions of the road, the weather, or other drivers when you send your employees out on the road for work, so having a solid insurance policy is integral to keep your assets protected.
Who Needs Commercial Auto Insurance?
You need Auto Liability Insurance if:
- You own a business that owns, leases, or rents any kind of vehicles.
- Your employees drive vehicles owned, leased, or rented by the company.
- Your employees use their personal vehicles to perform any work-related duties.
- You or your employees use company vehicles for both business and personal purposes.
Commercial Auto Insurance Basics
Your company’s assets, and in some cases even your personal assets, are on the line when it comes to liability concerns. If your Commercial Auto Insurance policy does not have enough coverage, your business may be at risk in the event of an injury liability suit.
Commercial Auto Insurance breaks down into three primary functions:
- Physical Damage Insurance: Including collision and comprehensive coverage.
- Liability Insurance: Including bodily injury, property damage, and uninsured/underinsured motorist coverage.
- Other: Including medical payments, towing and labor fees, rental reimbursement and auto loan or lease gap coverage.
These types of Commercial Auto Insurance coverage break down even further:
- Collision: Covers the cost of any damage to your vehicle, or any other vehicle involved in an accident, regardless of who is at fault. Collision is often required if you don’t own your vehicle outright and it’s either financed or leased.
- Comprehensive: Covers the cost of any damage to your vehicle from theft, flood, vandalism, earthquakes, fire, damage from animals—any cause other than an accident.
- Liability: Covers any bodily injury or property damage caused if you are at fault in an accident. Bodily injury coverage will take care of medical costs or lost wages incurred by any injured parties, and will cover your legal expenses in the event that you’re sued due to an accident.
- Uninsured/Underinsured Motorist: Covers the cost for your injuries or property damage that’s caused by a motorist who doesn’t have insurance, or who doesn’t have enough insurance, or even in some states, if the driver is unidentified.
In addition to these basic policy options, there are additional options for many Commercial Auto Insurance policies, and ways to customize your policy to suit your specific needs. These include:
- Roadside Assistance: Additional services that aren’t provided by your general Commercial Auto Insurance policy, to help you if you’ve been locked out of your car, your battery dies, or you have a flat tire.
- New Vehicle Replacement Cost Coverage: If your vehicle needs to be replaced, this will replace the vehicle with a new or comparable one. It will also provide gap coverage for whatever you may still owe beyond your car’s actual cash value if you financed the vehicle.
- Hired Auto Physical Damage with Loss of Use Coverage: Covers the comprehensive/collision damage to a leased or rented vehicle, and will cover and fees that you may owe to the leasing/rental company as per your contract with them.
- Expanded Towing: Your standard Commercial Auto Insurance policy may have a cap on towing coverage. Expanded protection will provide coverage beyond that cap, including towing, jump starting your vehicle, and minor roadside repairs.
- Rental Reimbursement: Covers the costs of renting a car after an accident so that you have the transportation that you need until your car is repaired or replaced.
- Medical Payments or Personal Injury Protection Coverage: Covers the medical expenses of anyone involved in an accident whose personal healthcare insurance doesn’t cover the costs.
To find a policy that suits your company’s unique requirements, fill out our form to be connected with the top Commercial Auto Insurance providers who can give you competitive rates to protect your company and employees today!
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