Commercial Auto Insurance
Being a business owner can bring about many positive things, but it can also mean you’re at risk of losing everything you’ve worked so hard to obtain if you’re sued and don’t have adequate insurance. Commercial auto insurance is there to help you avoid situations like that.
Commercial auto insurance is a type of insurance policy the protects you from physical damage and liability if you’re sued because of an accident involving one of your company’s vehicles. Commercial auto insurance covers cars, trucks, vans, SUVs, service trucks, box trucks, or any type of motorized vehicle used in the operation of your business.
If an employee is involved in an accident while driving one of your vehicles and is seriously injured, you can be sued for millions of dollars. Commercial auto insurance will help pay not just for physical damages to the employee, and to repair the vehicle but will also cover you if the employee chooses to sue you. The amount of coverage depends on how much you choose to purchase.
Many business owners mistakenly believe they don’t need commercial auto insurance because their vehicles are covered on their auto insurance policy. However, with lawsuits today often resulting in 6-figure payouts, most personal auto insurance policies don’t have that kind of coverage. Additionally, many personal auto insurance policies do not cover vehicles used for business. Commercial auto insurance generally offers the following coverage.
• Bodily injury liability
• Property damage liability
• Personal injury
• No-fault coverage
• Medical payments
• Uninsured or underinsured coverage
With a good commercial auto insurance policy in place, there are few accidents or events in which you and your business will not be covered. Whether you’re a small business owner with a couple of vehicles or own a large fleet of vehicles, it’s to your benefit to have a good commercial auto insurance policy in place. There is no such thing as being over-insured.
It would be a real shame to lose everything you own because of an auto accident and being under-insured. The amount you pay in premiums for commercial auto insurance is minimal compared to what you could lose without insurance.