While similar to personal auto policies, commercial auto insurance is specifically designed to address the heightened liability risks of commercial vehicles. Like with personal auto insurance, commercial vehicles need to meet state insurance requirements. Most states mandate that companies carry some minimum level of bodily injury and property damage liability coverages. Additionally, many states also require businesses to carry under/uninsured motorist and/or medical payments coverage as well. In addition to these main coverages, there are also a wide array of optional auto coverages available to your business. For instance, businesses have the opportunity to add collision, comprehensive, replacement cost, and other coverages to your policy.
As preciously mentioned, commercial auto insurance policies are specifically written to address the increased liability and damage risks of commercial vehicles. This means that these policies tend to have much higher coverage limits than personal auto policies.
But how do you know if your business needs commercial auto insurance? Well, if you have company vehicles such as company cars, trucks, vans, or so on, then you must have commercial auto insurance. Even if you and your employees rely on personal vehicles for business purposes, you still need this coverage. While you might assume that your personal auto policy will assist in the event of a collision or other accident, it’s important to understand that personal auto policies will not cover any damages or liability issues that arise during the course of business operations. If your business requires you or your employees to use a vehicle in anyway, it’s safe to assume that you need commercial auto insurance.
Want to secure the right commercial auto insurance protections for your business? Then turn to the experts at Premier Risk, LLC. Our experienced team of insurance professionals is ready to assist you with all your commercial coverage needs today.