Does Your Business Need Auto Insurance?

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Does Your Business Need Auto Insurance?

Commercial auto insurance is not just for industrial vehicles such as semis or dump trucks. Many businesses use a car to run errands, carry tools, or transport clients, these vehicles might need a commercial auto policy.

Commercial auto insurance is physical damage and liability protection for vehicles that are used for business. This includes company cars, commercial trucks, and vans that are used while conducting business. Large fleets, as well as small businesses, should be properly covered by a policy that fits their specific needs.

What is Commercial Auto Insurance?

Commercial vehicle insurance is a policy that covers physical damage and liability for amounts, situations, and usage that is not covered by a personal auto insurance policy. Commercial vehicle protection requires a separate policy, because typically, they are exposed to more risk than personal vehicles.

Box trucks, work vans, service utility trucks, and food trucks are just some of the larger commercial vehicles that require a commercial auto insurance policy. This policy also typically includes coverage for the employees who are operating the vehicle, and in some cases, the equipment inside the vehicle.

Commercial Auto Insurance for Your Business

Personal auto policies were not meant for business, which mean that certain usage and vehicle types may be excluded from a personal policy. Businesses often need the particular coverages that are only found in a commercial auto policy.

Are you wondering what a commercial auto insurance policy would cover? Similar to your personal auto policy, commercial vehicle insurance provides similar coverages; liability, collision, comprehensive, personal injury protection, and uninsured motorist coverage, to name a few. However, there are distinct differences between commercial and personal auto insurance policies that may include; eligibility, exclusions, limits, coverages, and definitions.

What are the coverages in a commercial auto policy? Let the experts at Staples & Associates walk you through the world of commercial auto insurance;

  1. Bodily Injury Liability Coverage: This pays for any bodily injury, or death, resulting from an accident in which you are at fault. This also often provides you with legal defense.
  2. Property Damage Liability Coverage: This provides you with protection if your vehicle accidental damages someone else’s property. It also often provides you with a legal defense.
  3. Uninsured Motorist Coverage: This pays for your injuries, and in some circumstances, certain property damage that is caused by an uninsured, or hit-and-run driver.
  4. Personal Injury Coverage: This typically pays for the medical expenses of the driver and passengers in your vehicle, that incurs as a result of a covered accident regardless of fault.
  5. Comprehensive Physical Damage Coverage: This pays for damage to your vehicle from theft, vandalism, flood, fire, and other covered perils.
  6. Collision coverage: Pays for damage to your vehicle when it hits, or is hit, by another object.
  7. Combined Single Limit: This policy offers separate limits that apply to bodily injury claims for property damage. A combined single limits policy has the same dollar amount of coverage per covered occurrence, whether bodily injury or property damage, one person or several people.

Does your business need commercial auto insurance? Contact an agent at Staples & Associates for more information on how you can protect you and your business.

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