You need Business Auto Insurance if you own a vehicle which is used in your business. Your professional business insurance agent is the best person to advise you on the best coverage for your business vehicle and the types of insurance coverage in your area. Let’s take a look at types of coverage in general terms.
Commercial Auto Insurance
Some of these types of insurance coverage may be combined with other commercial auto insurance provisions or you may need to purchase them separately.
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Physical Damage-Collision
This insurance coverage protects you in the event your business vehicle is damaged in an accident, either with another vehicle or any stationary object, like a utility pole, brick wall, building, etc.
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Physical Damage-Comprehensive
This insurance coverage protects you in the event of damages to your business vehicle which were not caused by a collision. Some examples are - vandalism, fire, theft, or hail.
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Uninsured or Underinsured Property Damage
This insurance coverage provides protection for damages to your business vehicle caused by the negligent acts of a driver who has no insurance or not enough property damage coverage.
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Uninsured or Underinsured Liability
This insurance coverage protects you in case of bodily injury in an accident caused by a negligent driver with no liability insurance or less liability than you.
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Hired or Non-Owned Auto
Insurance coverage for any claims for bodily injury or property damage which you are obligated to pay during the use of a hired vehicle or a vehicle you don’t own, which you use in your business.
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Lease Gap Coverage
This insurance coverage provides coverage for vehicles you lease in your business. If the leased vehicle is completely destroyed in an accident, this coverage will pay the remaining balance on the lease if it is more than the actual cash value of the leased vehicle.
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Liability-Business Use of Employee’ Vehicles
This insurance coverage is needed if employees use their own vehicles in your business. This coverage protects you from lawsuits which could arise due to property damage or injury caused by the business use of an employee’s vehicle.
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Insurance Maze Articles of Interest
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February 11, 2008
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