Commercial Auto Insurance for Business Owners
Commercial auto insurance is for business owners who use vehicles in the operation of their business. The policy is similar to coverage for personal autos, but it has a few different options specific to business. You may also hear it referred to as fleet insurance, truck insurance, or commercial car insurance.
No matter what you call it, if your business relies on trucks, vans, and cars for pickup or delivery, then you need commercial auto insurance. You also need it if your vehicles transport people or animals. A standard auto policy is not recommended for business situations. Commercial car insurance is what you need.
There are differences between personal and commercial policies. However, they are similar when it comes to some things, such as collisions, medical bills, liability, and uninsured motorist coverage. This coverage is also important because it provides protection for your business. Without it, you could face a claim that would ruin your business.
For instance, coverage for property damage protects your business in situations where your vehicle damages another person’s property. Coverage for injury provides protection in situations where an accident causes another’s injury or death. This accident could be caused by you or an employee driving a company vehicle. Medical payments coverage is for the medical expenses of the passengers who were in the vehicle when the accident occurred. There is also coverage that pays for damage due to things such as vandalism, theft, and fires.
Commercial auto insurance is beneficial to you and your business. It can protect your personal assets and keep your business from taking a huge financial hit.