Business Auto Insurance
Business auto insurance is an important part of being a business owner especially if your business has vehicles. Although it might just seem like another monthly payment, it’s much more than that. Business auto insurance can provide you with financial protection if you or an employee is involved while driving or riding in a business-owned vehicle.
You’ve worked way too hard to have a successful business. Why risk losing it when you can protect it with business auto insurance? Although some of your vehicles may be already covered on your personal auto insurance policy, your business vehicles should be insured separately on a business auto insurance plan to ensure they’re adequately covered.
Also known as commercial auto insurance, business auto insurance protects you from lawsuits resulting from accidents occurring in one of your company-owned vehicles. Business auto insurance provides business owners with the following coverage.
• Collision – This covers damages resulting from a covered business vehicle colliding with another vehicle or object.
• Comprehensive – This covers damages resulting from something hitting or damaging a covered business vehicle, such as storm damage, rocks, animals, etc.
• Liability – This protects the business from lawsuits for property damage and bodily injury. It also pays for legal services.
• Physical damage – This covers expenses from accidental damage or loss to a covered vehicle.
In addition, business auto insurance also offers additional coverage options, such as:
• Employer hired auto coverage – Offers liability and physical damage coverage to employees who conduct busing using vehicles rented in their name.
• Lease gap coverage – This pays for the difference between the vehicle’s cash value and the loan balance if a vehicle is totaled out.
• Blanket business coverage – This ensures that everyone involved in the business is covered without having to name every person on the policy.
Business auto insurance is a necessity when you own a business and have employees driving company vehicles. If one of your employees is involved in an at-fault accident, the injured party can sue not just the driver but your business as well. With so many accident-related lawsuits having 6-figure settlements today, having sufficient business auto insurance is not just a good idea but also a must.