Business owners face a lot of financial risks every day. These risks vary from liability concerns to workers compensation problems. If you have commercial vehicles your risks are very high every time an employee takes a vehicle out on the road but commercial auto insurance will protect you and your business in case of road accidents.
In the article below we?re going to outline some of the basics of commercial auto coverage, but the best way to determine if you have the right commercial auto insurance policy is to work with a licensed independent insurance agent.
Who needs commercial auto insurance?
Any business that uses a vehicle (for business purposes) needs commercial auto insurance. Keep in mind that your personal auto insurance policy will not cover the vehicle used for commercial purposes.
There are a lot of risks associated with commercial use of vehicles, regardless of who owns it. Thus, commercial insurance usually has different policy provisions and higher policy limits.
What is covered in commercial auto insurance?
Commercial auto policies cover liability risks and compensation for vehicular damage. The policy covers not only you but any other person driving the vehicle as well. If your employees use their personal vehicles for business-related transactions, ensure that they (including their car) are also covered by your policy.
Commercial vehicle insurance can cover the following:
- Collision coverage. It covers damages resulting from collisions with another vehicle or object.
- Comprehensive coverage. It covers theft, vandalism, and damages not caused by collision.
- Liability coverage. It covers the expenses incurred due to an accident that is your fault or your employee?s.
- Medical bills. It covers medical expenses of the driver and the passengers of the vehicle.
- Uninsured/underinsured motorists. It covers the expenses incurred when an uninsured/underinsured motorist caused the accident.
How to get the right commercial auto insurance for your business?
You need to consider a lot of factors when choosing the right commercial auto insurance. These include the type of vehicle, the regulations in your state, and the extent of coverage you need.
If you want to ensure that you?re buying the right policy, talk to an agent who will walk you through each variable that needs to be considered. At Velox Insurance, we are dedicated to assisting you in properly protecting your commercial vehicles. To help you choose the right policy, you can talk to our agents and ask for a quote. You can call us at 1-855-468-3569 or visit our office today.