Commercial Auto Insurance Policies
Whether you have a small or large business, it is essential that you have commercial vehicle insurance if you use them in your business. Not only does this coverage take care of the vehicles themselves, but it also protects you from liability if one of your employees driving the vehicle has an accident. Commercial vehicle insurance can help cover the expenses of both injuries and/or property damage.
Most people assume that their traditional automobile insurance covers their business vehicle as well. This is not the case, however. If you do not have commercial vehicle insurance, you could be at a huge financial risk and can put your business at risk, too.
There are several different types of policies. That is why it is essential that business owners evaluate their needs to determine how much protection they need. Here are the most common types of insurance you can choose from:
- Commercial vehicle insurance. This type of policy pays medical bills or a death payout if an accident occurs where the commercial vehicle is at fault.
- Property liability coverage. This coverage protects your finances if an accident occurs involving on of your business vehicles.
- No fault coverage. This type of coverage helps to cover the costs of a driver and passengers in the business vehicle, no matter who was at fault in the accident.
- Uninsured motorist policy. This type of policy covers the injuries of your employees and property damage replacement or repair, if the driver who is at fault does not have insurance. Additionally, it covers medical expenses if your business vehicle is involved in a hit and run accident.
- Comprehensive coverage. This coverage takes care of repairing or replacing your vehicles if something happens due to natural disasters, theft, or damage that is caused by anything other than an accident.
- Collision coverage. This type of policy covers damage that is due to an object like a tree or pole falling.
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