Commercial Auto Insurance

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From accidents to injuries, having a commercial vehicle for your business comes with many risks. However, for many businesses having a company vehicle is crucial, which means having the right protections in place are just as crucial as having the vehicle itself.

Let us introduce you to Commercial Auto Insurance. The insurance that protects your business from vehicle-related accidents, so you can sit back and enjoy the ride.

Read on to understand if this insurance is right for your company.

What Commercial Auto Insurance Is All About:

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What Is Commercial Auto Insurance Coverage?

Business Automobile Liability Insurance is for businesses that own and operate vehicles. This insurance helps companies cover the costs of repairing or replacing company vehicles within the boundaries of the insurance policy.

Every business that uses vehicles to transact business needs Commercial Auto Insurance. Companies using their personal vehicles for business-related purposes may find that their personal insurance does not cover business-related risks. Personal Auto Insurance on a vehicle used for business purposes may not have enough insurance, leaving the company financially responsible for losses.

Business Automobile Liability Insurance was purposefully designed to help protect businesses from the unknown. With higher coverage limits than personal auto insurance, it helps safeguard businesses and improves a business’ chances of continual operations.

Commercial insurance contracts create partnerships between companies and insurers. Under these contracts, insurers are required to pay for physical damages based on the terms of the insurance policy and up to the limits of the insurance coverage. Insurers can’t cancel Commercial Auto Insurance if a business files a claim against the insurance policy.

Businesses can purchase Commercial Auto Liability coverage for their cars, trucks, heavy-duty trucks, and semi-trucks.

Depending on the coverage selected, this insurance covers vehicles the business owns, contracts with, and leases. It also helps cover injured employees should an accident happen.

What Does Commercial Auto Insurance Cover?

Getting into details...

Bodily Injury

Bodily injury is a type of liability coverage that helps businesses cover the financial losses associated with bodily injury resulting from an accident with a person driving a business vehicle. Commercial Auto Liability Coverage will provide you with legal defense costs in most cases.

Medical Coverage

Medical coverage covers the employee inside of the company vehicle if the limits of the workers' compensation insurance are reached.

Collision Coverage

Collision helps cover the physical damage company vehicles sustain as a result of colliding with another vehicle or object. Business Automobile Liability Insurance also covers a vehicle that is damaged due to a rollover.

Comprehensive Coverage

Comprehensive Coverage helps cover the costs of repairing or replacing a business vehicle after it incurs damage from something other than a collision (i.e. a fallen object, fire, theft, vandalism, or weather-related damage). Losses specifically excluded from the insurance policy and those covered under Collision Coverage are not included in Comprehensive Coverage.

Specified Causes of Loss

This coverage applies only for losses caused by the perils listed (i.e. a fallen object, fire, theft, vandalism, or weather-related damage), as compared to the "all risks" nature of comprehensive coverage. These policies are often less expensive for SMEs, but the coverage is limited to only those perils identified when the policy was written.

What Are the Limits of Commercial Auto Insurance?

Limits are boundaries built into the coverage of an insurance policy. Businesses can choose the amount of their insurance coverage limit, which will determine the premium payment each month, semi-annually, or annually. Typical coverage limits available for Commcercial Auto Liability coverage are $500,000 and $1,000,000.

Businesses that are in industries that place drivers at a greater risk of experiencing an accident or incurring damage to their company vehicle benefit from purchasing a policy with a larger limit. With more insurance coverage, these companies have a higher limit for their insurers, before they are required to cover some of their liability costs.

Do I Need Commercial Auto Insurance?

This insurance comes in handy if your business:

  • Delivers goods using a vehicle
  • Transports people from place to place
  • Transports hazardous materials
  • Transports equipment for business use
  • Is used to tow or plow

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In addition to that...

Like Personal Auto Insurance, Commercial Auto Insurance covers bodily injury and physical damage caused when someone driving a business vehicle gets into an accident or when a business vehicle is damaged.

You'll Know It's the Right Policy If It Covers:

  • Bodily injury
  • Medical coverage
  • Collisions
  • Property damage
  • Damage other than collisions
  • Loading and unloading liabilities
  • Towing and labor cost

What Does Commercial Auto Insurance Not Cover?

  • Wreck while committing a crime

  • Damage incurred by moving company vehicles

  • Damage incurred during war or civil disturbances

  • Wrecks resulting from employee relatives

How Much Does Commercial Auto Insurance Cost?

There are many factors insurers consider when they rate Commercial Auto Insurance. For instance, they consider the industry a business belongs to when they determine the cost of insurance. The following are additional factors insurance companies consider when determining the rate a business pays for Commercial Auto Liability coverage:

  • Employee driving records
  • Items being transported
  • The value of the vehicle
  • The type of vehicle
  • Amount of coverage
  • Type of coverage
  • Other risks

With risks being the driving force behind the cost of Commercial Auto Insurance, insurance companies examine a business’ potential for risk to determine the cost of coverage.

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