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commercial auto insurance
As a business owner, holding commercial auto insurance is important to avoid the potentially high costs of unforeseen accidents. Regardless of how often you use vehicles in the course of business, if you use them at all, this type of policy is a must. Just one accident can result in expensive damage to property, skyrocketing medical expenses, and costly legal fees. Conducting business without this coverage is a risk that you cannot afford to take. It will cover any vehicle you use to transport employees, products, or clients.
Liability Auto Insurance
There are several different components to your small business auto insurance. The main benefit is that it protects you and your company from the expense of damages caused by an accident in which you or employees were at fault. Covered accidents include those that occur while traveling for the purpose of doing work for your business.
Your liability auto insurance helps to pay costs associated with damages to objects and harm caused to people. For instance, if an employee hits another car while on business and causes damage to that car, the insurance will cover the cost of its repairs. If the occupants of the other car are injured, this insurance will help to pay for their resulting medical expenses or fees associated with a lawsuit. There is a limit on your policy as to how much can be paid out per incident.
Physical Damage coverage
Another useful part of your business auto insurance is physical damage coverage. This portion helps to pay the costs of damage to your company's vehicles. Within the physical damage part of your policy there are three components of coverage. Comprehensive coverage protects you in case you lose a vehicle due to theft or if it is damaged or lost due to an act of vandalism or a natural disaster. Collision coverage protects you when another car strikes your vehicle, when your vehicle is overturned, or when your vehicle strikes another object resulting in damage. Finally, you can also hold coverage for loss due to specific causes, which are listed in your policy.
Medical Insurance Coverage
One of the potentially most expensive aspects of a vehicle accident is the cost of medical treatments. If you or an employee causes an accident which results in injuries, the resulting costs for emergency care, diagnostics, and hospital stays can be devastating. With medical insurance coverage as part of your commercial auto insurance, you are protected from these costs. It is not automatically included in your policy, but must be requested as additional coverage.
Uninsured Motorist Coverage
Another option that you can add on to your business auto insurance is uninsured motorist coverage. This portion of your policy covers your company in case the party at fault in an accident is not insured or is not insured enough to pay for all of the damages incurred. With this extra coverage, you will be able to pay the extra costs.
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