Transporting goods, meeting customers and running company-related errands are just some reasons businesses choose to purchase a vehicle or fleet for company use. Often, businesses let employees drive their personal vehicles for company business. However, a company might inadvertently be putting their business’s financial livelihood at risk if one of their employees has an accident and the right commercial coverage isn’t in place.
What Kind of Protection Does Commercial Auto Insurance Offer?
Commercial coverage protects your business’s vehicle investment and gives you the needed financial protection if there is an accident. Your business may need a commercial auto insurance policy if you have:
· Vehicles owned, rented or leased by your business.
· Employees who drive their personal vehicles for business-related errands.
· Company vehicles are provided to employees for commercial and private use.
· Vehicles are hired or rented by your business.
· Certain personal vehicles qualify as commercial due to their weights or sizes.
What Options Are Available With Commercial Auto Insurance?
Commercial auto insurance can offer numerous coverage options, including:
· Collision insurance. This can help cover damage to your vehicle sustained in an accident.
· Comprehensive insurance. This coverage can help pay for damage from non-accident mishaps, such as weather damage, fires, theft or vandalism.
· Hired/non-owned auto liability insurance. This liability coverage often covers vehicles not owned by your business but used by you for business purposes. These may include employees’ cars or vehicles that you rent or hire for temporary use.
· Liability insurance. This coverage can help pay for the damage you do to others when an accident is your fault.
o Bodily injury liability coverage can pay for third-party medical bills and sometimes death benefits.
o Property damage liability coverage can pay for damage to the other party’s property.
· Medical payments/personal injury protection. If you’re hurt in an accident, this coverage may help pay your or a passenger’s medical bills. Sometimes it may also cover other losses, such as lost income.
· Uninsured/underinsured motorist insurance. This may help protect against damage caused by someone else who doesn’t have suitable liability coverage.
Commercial auto insurance can be tailored to your business’s specific needs. Mann & Gray Insurance Associates can review your current auto coverage to ensure you have the commercial protection you need for your business.
Additional Auto Endorsements Are Available
Additional policies and endorsements are available that can expand your business’s commercial auto benefits. We can explore if any of the following supplemental coverages apply to your business:
· Custom parts coverage
· Gap insurance
· Inland marine insurance
· Rental car reimbursement
· Replacement cost vehicle coverage
· Roadside assistance
What Determines the Price of Commercial Auto Insurance?
Numerous items can influence your commercial auto insurance policy price, including the type of coverage you choose, your kind of business, your location and the value of the vehicles you want to insure commercially.
At Mann & Gray Insurance Associates, we can help you with a commercial auto insurance policy that meets the needs of your business. Call us today at 800-437-3888 or 410-546-5575 to get started with your coverage.