Most business owners take the necessary measures to keep their company protected from risks. Having commercial auto insurance is an easy way to protect your business from the unexpected. What is commercial auto insurance? It is a type of business insurance coverage that protects companies from potential lawsuits if their vehicle should ever be involved in an accident, regardless of who is at fault.
What Does Commercial Auto Insurance Cover?
Commercial automobile insurance is designed to cover the cost of an auto accident involving a business-owned vehicle. Many policies also cover vehicle vandalism, theft, and some types of vehicle damage. The most common areas of coverage include the following.
Auto Accident Liability
Commercial auto insurance provides policy holders with liability coverage that may partially or fully cover damages in an accident that you caused. You can expect your policy to cover repair costs for the person’s damaged property or vehicle, as well as legal expenses if you are sued due to the injuries caused to the other driver.
Medical Payments
Your commercial automobile insurance policy will also cover medical payments. This typically includes your medical payments if you are injured in a car accident, as well as medical expenses for any passengers in your vehicle.
Physical Damage and Collision
You can also expect your commercial auto policy to protect against physical damage and vehicle theft. This includes incidents such as vandalism, acts of weather, and impact with an object.
Uninsured Motorist
While the importance of having car insurance is obvious, many drivers still drive without insurance. If you are involved in a vehicle accident with an uninsured motorist, the person might not be able to pay for the damages. With uninsured motorist coverage, your policy will ensure that your business will not have to pay for any resulting vehicle repairs or medical payments.
Why Do I Need Commercial Automobile Insurance?
If you own a business that uses one or more vehicles to perform business-related tasks, then you need commercial auto insurance. The biggest reason to acquire a commercial auto policy is because your personal auto insurance will likely not cover you in an accident. If you become involved in a car accident while in your work vehicle, you want to ensure that you have ample coverage so that you will not be stuck with the bill. In addition, commercial automobile insurance also covers more than your personal policy, which can be highly advantageous, especially if you operate a high-risk business.
You can also count on your commercial automobile insurance to cover everything you need. Commercial auto policies can be tailored to your exact business needs. Whether you are regularly hauling cargo, delivering food to customers, or transporting other goods, having the right coverage can help ensure that you are protected no matter what happens. The average commercial auto policy covers bodily injury and physical damage to both people in your vehicle and those in the opposing vehicle.
The Benefits Of Having Commercial Auto Insurance
Running a successful business means being prepared for whatever comes your way. Having commercial auto insurance is one way to protect against costly expenses resulting from vehicle accidents. There are countless benefits that come from having a commercial auto policy, starting with security for your business. Auto coverage can help protect both your business and employees from unnecessary expenses. You can also feel good knowing that any type of vehicle you use for your business is covered, from cars and trucks to vans and buses. This is far more than you could expect from a standard personal auto policy.
Having commercial automobile insurance could also be beneficial at tax time. Commercial auto insurance is considered a write-off as it is a common business expense. You may also be able to write off related expenses, such as vehicle upkeep and gasoline. Finally, a commercial auto policy can help protect your property. If you have expensive equipment or costly merchandise in your vehicle, these items could become damaged if you are in a car accident. With commercial auto insurance, you may be reimbursed for these items if they were lost or damaged in an auto accident.
Contact the Commercial Insurance Experts
Purchasing commercial auto insurance is essential if you wish to protect your business when an accident occurs. In addition to protecting the vehicle itself, a commercial auto policy will also cover the people and products involved in the incident. As every business is different and faces different risks, you can have a policy customized to meet the unique needs of your business. You can even find specialized coverage options for unique situations, such as if you are still paying off your vehicle. Want to learn more about commercial auto insurance and what it can do for your business? Contact the insurance experts at John M. Glover today.