Commercial Auto Insurance

Your vehicles are important to your business. They deliver products to your customers and move your goods and service providers from one location to the next. However, each time you or an employee gets behind the wheel of a car, there is no way to know exactly what will happen. Bad road conditions, careless drivers or inclement weather can turn what would otherwise be a pleasant journey into a very dangerous ride.

 

Along with the possibility of suffering the loss of the vehicles themselves, unexpected driving incidents can leave you, your staff and others seriously injured and can cause unspeakable financial damage as a result of legal claims.

 

If you or an employee were to be involved in a catastrophic accident today, would you be able to recover from the aftermath? Are you uncertain about whether you truly need commercial auto insurance at all? Want to know more about how a commercial vehicle insurance policy can protect you and your business?

 

What follows is an overview of the benefits of commercial auto insurance and how the coverage it offers can safeguard your business and finances from tremendous risk and loss as you build and grow your enterprise.

What is commercial auto insurance?

Also known as commercial car insurance, business auto insurance, fleet insurance and truck insurance, commercial auto insurance is a type of policy that offers coverage for a wide variety of vehicles used to conduct business. It protects against financial losses that result from common physical and liability perils associated with driving such as collisions, medical expenses and damage claims.

 

These types of insurance coverages are important for a business to have, whether you are an entrepreneur with a single car or you have a much larger entity with a fleet of vehicles. Commercial vehicle policies generally offer more coverage than personal vehicle insurance policies for usage, perils and compensation amounts.

Is commercial auto insurance right for you?

Before you decide which policy options are best for your needs, it is important to determine whether or not you actually need to have any form of commercial auto insurance.

 

The following are some of the essential factors to consider to figure out if you will benefit from having business car insurance:

  • Do you use your vehicle to perform business activities, such as delivering goods or transporting people, outside of general commuting?
  • Does the kind of work you do make higher than normal levels of liability likely if an accident were to happen?
  • Do you transport heavy equipment, tools or trailers on a regular basis?
  • Do you provide a service to the public using your vehicle?
  • Do you have any kind of vehicle that cannot be covered by a personal motor vehicle policy because of its nature such as a tow truck, large farming vehicle or snow plow?
  • Do you have employees who drive vehicles to conduct company business?

 

If you can answer yes to some or all of these questions, you need a commercial vehicle policy for adequate coverage to protect your business.

What types of commercial auto coverage are available?

The following are some common options available for creating the ideal business auto coverage policy for your needs:

Bodily Injury Liability

Provides protection that covers the death or injury of other individuals and passengers involved in any accident that you are responsible for causing.

Property Damage Liability

Provides coverage for damage done to someone else’s property as a result of any accident you are responsible for.

Comprehensive Coverage

Offers protection for your vehicle for loss that does not result from an automobile accident such as falling objects, theft or extreme weather events.

Collision Coverage

Provides coverage for accidents in which your vehicle hits another, or if someone else’s vehicle collides with yours. It pays for repairs and other associated costs.

Uninsured or Underinsured Motorist Coverage

If you are involved in an accident with another driver who is at fault, but who does not have any or adequate insurance coverage, this option protects you from financial loss as a result of damages or injuries caused by the incident.

Medical Payments Coverage

Provides the driver and passengers with coverage for medical related expenses that result from being involved in a motor vehicle accident.

Along with these essential coverage options, commercial auto insurance can also provide the following additional coverages to give you even more customized protection and peace of mind while carrying out your business activities:

Roadside Assistance

Offers coverage for issues that a basic business auto insurance policy does not address such as having a flat tire or dead battery.

New Vehicle Replacement Coverage

If your vehicle is involved in an accident that requires a total write-off, this coverage provides you with another vehicle of equal value to the one lost. This option also acts as a GAP insurance that covers any amount owed that exceeds your vehicles actual cash value.

Rental Loss of Use Coverage

If you operate a business that rents vehicles to carry out business activities, this coverage option offers collision and comprehensive protection against damages for the vehicle.

Loan or Lease Coverage

Provides protection for vehicles that are financed and covers any amount still owed on the note that exceeds the current cash value of the vehicle if there is an accident that leads to complete loss.

Rental Reimbursement

If you must rent a vehicle while yours is out of commission due to an accident, this coverage provides compensation for payments on vehicle rentals up to pre-specified limits.

Commercial auto insurance that fits your needs

Your business relies on its vehicles to move people, goods and services on a daily basis. To ensure that your business always functions at the most optimal level, it is essential to have the right commercial auto insurance in place to protect your vehicles, your employees and your assets from catastrophe and devastating loss.

 

A single disaster can bring a legal claim that could leave your business in financial ruin if you do not have the right policy for your needs. If you need help figuring out what kind of coverage you need to safeguard your business vehicles and finances from unimaginable losses, consult with a reputable insurance broker to design your perfect policy. Contact Ihry Insurance today to speak with one of our helpful agents to explore your options and get a free commercial car insurance quote.

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