Business (or Commercial) auto insurance is for vehicles you use in the operation of your business. Coverage offers financial support should your business vehicle(s) get into an accident. It also comes into play if any vehicles are stolen or vandalized. Plus, you need insurance on these vehicles the same as with any vehicle. That includes vans, trucks, cars, and any other vehicles you use for business.
Commercial auto insurance policies have several options – liability, uninsured/underinsured motorist, comprehensive, bodily injury, property damage, medical, and collision. These are the main reasons why having this coverage is beneficial.
Liability coverage protects you if you cause an accident. You will need enough coverage to protect your business from a large claim. This is especially true if someone is seriously hurt or killed. Uninsured/underinsured coverage protects you if another party causes your accident. This might apply if the person has the minimum coverage required by the state, which might not be enough to cover the damages. When that happens, the insurance company steps in and helps you financially.
Comprehensive coverage is for issues such as fire, theft, hitting an animal and vandalism of insured vehicles. Collision coverage comes into play if your business vehicle collides with another vehicle or object.
A major benefit of commercial auto insurance is that it gives you a safe peace of mind that if someone were to sue you, you wouldn’t have to worry about them coming after your business. Another major benefit is knowing that if something were to happen, your major investment/livelihood would be protected.
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