Whether you have a fleet of vehicles or occasional business use, you need a commercial auto insurance policy

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Commercial Auto Insurance

Many businesses learn the hard way that they need a commercial auto insurance policy. Commercial Auto Insurance provides coverage to vehicles that are used for a business. In addition to having higher liability coverages, there are other add-ons that can help protect a business from going bankrupt from an accident that is not covered under a personal insurance policy.

Here are some examples that would require a commercial auto insurance policy:

• You own a fleet of vehicles in your business used in the course of your operations
• The receptionist gets in an accident while picking up decorations for the office party
• Your sales rep gets in an accident while dropping off documents for a client
• Your office manager gets in a car accident after picking up the binders needed for the board of directors meeting

How much coverage is needed?

Generally speaking, a 1 million dollar liability policy on a combined single limit for bodily injury and property damage is a good start. Most states require liability for bodily injury and property damage. Other add-ons that your business auto insurance policy can include are:

• Uninsured/underinsured motorist – helps pay for medical expenses, lost wages, and damages for an accident caused by another driver without insurance or without enough coverage
• Medical payments – helps pay for medical expenses and other related costs regardless of who was at fault. Includes injuries to pedestrians and bicyclists.
• Comprehensive – covers the cost of damages occurred not due to an accident such as theft, vandalism, fire, or other natural disasters
• Collision – Helps pay for repairs or replace a vehicle if it is damaged in an accident
• Hired Auto liability extends liability coverage to vehicles you rent, lease or borrow throughout the course of your business.
• Non-Owned Auto liability extends liability coverage to vehicles you don’t own but are used in the course of your business.