If your business owns and operates a vehicle for any reason, you must have Commercial Auto Insurance. This will help keep your business and assets protected in the event of an accident.
Commercial Auto Insurance is a type of insurance coverage specifically intended to cover a motor vehicle owned and operated under your business. If that vehicle is in an accident, then Commercial Auto Insurance will help keep your business and business assets financially protected from associated costs or legal action.
Commercial Auto Insurance is similar to traditional car insurance, but some coverages are specific to this type of insurance.
Commercial Auto Insurance includes the coverage of bodily injury and property damage like your personal auto insurance does. For example, suppose your commercial vehicle is in an accident, and the driver is found at fault for the accident. Commercial Auto Insurance helps protect you and your employees from accident-related injuries or damage to property not belonging to your business.
One of the great things about Commercial Auto Insurance is that many coverages are available, making these policies easily customizable. Here are some common coverages under Commercial Auto Insurance Policies:
Legally, yes, but that’s not the only reason you should carry it. It’s vital to ensure that your business’ revenue and assets stay protected at all times. Hence, it’s essential to protect yourself proactively when there is an opportunity for legal action against your business. Companies that operate vehicles as part of their day-to-day operations may be eligible for custom Commercial Auto Insurance policies to help cover their fleet. This can apply to trucking vehicles, ride-share, or food delivery vehicles.
Commercial Auto Insurance doesn’t just apply to vehicles used for business. If you or your employees use vehicles for sales, product transfers, or client transportation, your business should have Commercial Auto Insurance coverage.
You can also extend a Commercial Auto Insurance policy to vehicles your business uses but does not own by including coverage for hired and non-owned vehicles on your policy.
The cost of your Commercial Auto Insurance Policy will depend on a few factors. Here are some items that can impact the cost of your policy:
You must work directly with an insurance agent to ensure you address all factors of your business so you can get the most comprehensive coverage for your commercial vehicle.
If your business owns a vehicle or operates one as part of your day-to-day business operations, then you should have Commercial Auto Insurance coverage alongside Business Liability Insurance. If you want a quote for Commercial Auto Insurance, reach out to us today!
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