With all the things we have to choose from in life, the thought of adding one more thing to the list can be exhausting, especially insurance.There aren’t too many people who perk up at the thought of having to choose another policy. Luckily for you, we are here to breakdown the research so all you have to do is decide if you are covered by the right insurance.
What is commercial auto insurance and how is it different from a personal policy?
Deciding what policy is best might seem tricky, but the truth is it’s actually more clear cut than you think. Commercial auto insurance protects your business by offering coverage for all of your company owned-vehicles in the case of a collision, vandalism, or theft. It can also provide coverage for any personal automobile being used for the benefit of the business.They are thoughtfully designed to protect against damages and the loss that can result from these circumstances. However, it is the type of protection and who it protects that is the key difference. A personal auto policy will represent a person as the insured, therefore offering protection to the individual and their family. A commercial policy will represent the business as the insured, offering protection to the business and their assets as a whole.
Do I need commercial auto coverage?
Wondering if you need commercial coverage? Consider the following; Who owns the vehicle and what is it used for? Every automobile, despite type or weight, that is owned by the business is required to have commercial auto insurance. If you or your employees routinely perform tasks that require the use of a vehicle or if you are conducting business from the confines of an automobile, then commercial insurance is necessary. Even if the vehicle belongs to an employee, personal policies will likely deny claims that stem from business related incidents.
Does your business utilize:
Do you use your vehicles for:
If you have answered yes to any of the above, it is important to talk with your agent and explore your options in order to safeguard the well-being of your business and staff.
What’s covered with commercial auto insurance?
Commercial auto insurance provides the following types of insurance protection:
Comprehensive physical damage coverage pays for damage to a vehicle from theft, vandalism, flood and other hazards.
Collision coverage will cover the cost to fix any damage to your vehicle caused by collision with another vehicle.
Auto liability covers legal fees if you were to be sued over damages caused by your vehicle.
Bodily injury liability coverage covers injury or death resulting from an automobile accident in a situation for which you are at fault.
Property damages liability coverage protects you in the case your vehicle damages another person’s property
Combined single limit (CSL) 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.
Uninsured motorist coverage protects you in the instance a driver without insurance injures either you or a passenger.
How much does commercial auto insurance cost?
The cost for commercial auto coverage is multifaceted and can vary depending on liability amounts and the number of vehicles being insured. Other factors that can impact the cost of coverage include employee driving history, types of vehicles, and coverage added by endorsements. Luckily, there are ways to minimize the cost of commercial coverage.If your employees operate a company car, take preventive measures by making sure they are trained properly and have clean driving records. Purchase company vehicles that are equipped with anti-lock brakes, side airbags, and daytime running lights. Arming vehicles with anti-theft devices, such as an alarm system and GPS can further reduce your premiums. The best part, as long as you can prove that the vehicle was used for the purpose of business, your commercial auto insurance can be tax deductible.
Get the commercial coverage you need
Whether you are a single-person operation or an expanding company, if you are considering commercial auto insurance for your business, reach out to your agent so they can begin the process of getting a quote and making sure you have the right coverage in place to protect you and your company.