Commercial Auto Insurance
If vehicles are used as part of your business, you need a good insurance policy in place. Typically, this is where commercial auto or vehicle insurance comes into play.
Commercial auto insurance is a specific type of insurance that’s used by business owners when more than one vehicle is used to keep their business running. Also referred to as commercial vehicle insurance, fleet insurance or commercial car insurance, this insurance provides coverage to any motorized vehicle used in the business.
All states now require people to carry auto insurance. However, business owners still need commercial vehicle insurance because it provides coverage beyond what’s covered on a traditional auto insurance policy. The main difference between commercial auto and regular auto insurance is that the commercial policy covers more vehicles and provides higher amounts of coverage.
Many situations arise in a business that are just not covered on a regular auto insurance policy. Any time vehicles are used for transporting business products or services, they require higher amounts of liability insurance as well as enough regular coverage to cover the vehicles in use. Corporations and business partnerships are also perfect candidates for a commercial policy.
Commercial auto insurance is also used if the drivers are carrying heavy loads of equipment used in the business. Any time employees drive vehicles for business purposes, a commercial vehicle insurance policy should be in place. Commercial policies provide coverage if business vehicles are damaged; if employees require medical attention due to accidents or if they’re involved in lawsuits from driving the business vehicles.
It also provides coverage to any customers that may be involved in accidents while riding in the business’s vehicles. Many types of commercial auto policies are available today. The type of policy a business owner needs depend on the company, the amount of vehicles, number of employees and the needs of that company.
• Liability – For both bodily injury and property damage
• Medical payment
• No fault insurance
• Uninsured motorist coverage
The main benefits of a commercial auto policy is that protects the employer, employees and the business-related vehicles. An commercial-based auto policy is a necessity in today’s business world.