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Business auto insurance Coverages
Building your business took a lot of dedication, effort and time. Obviously you want to make sure you haven’t wasted all of that hard work by not having the right types of protection. That is why having small business auto insurance is a critical to your continued success. The right commercial insurance coverage helps protect your business when unexpected events arise.
Deciding on the right level of commercial auto insurance for your business may be difficult and confusing. Get help sorting through all of the options to determine what is right for your business. Let our small business insurance experts help. We’ve created a list of suggested auto insurance coverage options for your company in the list below. Click each option name to discover how the specific coverage helps protect you and whether it is right for your company.
The business auto insurance coverage options listed below are recommended for all small companies like yours. Each coverage option plays a key role in protecting you from problems that arise in most auto accidents.
Liability Insurance – Liability auto insurance pays other people if you cause them property damage or bodily harm.
Bodily Injury Insurance – This provides payment to people who are injured personally in auto accidents.
Property Damage Insurance – This provides payment to people when you cause their property, such as their vehicle, to be damaged in auto accidents.
Medical Payments Insurance – This is auto insurance coverage for small businesses that is designed to pay medical bills of the injured parties. It specifically covers medical costs for you and any passengers that were in your vehicle at the time of the accident.
Physical Damage Insurance – This is commercial auto insurance that protects you from the financial burden of vehicle damages. When your vehicle is damaged in a car accident, physical damage insurance pays for repairs to the vehicle. This business auto insurance provides damage payments regardless of whether your vehicle receives damage from colliding with another vehicle, or receives damages from external objects.
Collision Insurance – This section of your commercial auto policy covers the cost of repairs to your vehicle if damages are sustained from a collision accident.
Comprehensive Insurance – This section of your policy covers repair costs to your vehicle when it receives damages caused by external forces. Damages may include falling tree branches or hail, as well as theft or vandalism.
Uninsured Motorist Insurance – If you are involved in an auto accident with another party who does not carry insurance, or who does not carry enough, this coverage pays for your damages. It includes damages caused by hit-and-run incidents as well. Uninsured motorist insurance is comprised of the following three pieces:
- UM – Uninsured Motorist Liability
- UIM – Underinsured Motorist Liability
- UMPD – Underinsured Motorist Property Damage Liability
Additional Commercial Car Insurance Options For Small Businesses
Additional commercial auto insurance options are available on an optional basis. These aren’t often needed by every business but you may find them useful for yours.
Single Deductible Endorsement – This option is useful for small businesses that have multiple types of equipment insured. It allows you to pay just one deductible per accident even when you have multiple vehicles involved. For example, if you are towing a trailer or transporting work vehicles, this option saves you from having to pay a deductible on each vehicle you had involved in the accident.
Individual Named Insured Endorsement – Adding this option to your commercial auto insurance policy lets you extend your business car insurance to provide coverage when you’re driving other vehicles. For example, if you rent or borrow a vehicle, your commercial auto insurance policy can provide it the same level of protection that you have for your company owned vehicles.
Non-Owned Vehicle Coverage – This is a combined set of coverage options that protect vehicles you don’t own when either you or your employees are driving them. This coverage may be useful if your business allows employees to drive their personal vehicles for business purposes, instead of providing them with company owned transportation.Business Auto Insurance Quote