Commercial Auto Insurance
Commercial Auto Insurance Information
Commercial Auto Insurance
When you operate a vehicle on a business-related errand, you aren’t just representing yourself, but also your company. Therefore, if something were to happen to you or your vehicle, it is the business that might suffer the consequences. That’s why you need to have commercial auto insurance as part of your business insurance portfolio. It is a dynamic benefit that can apply to a lot more businesses than just those that own a fleet of large vehicles.
For assistance getting the commercial property insurance that is best for you, contact Arnold Bruce & Doerfler Insurance at (503)-222-1951 or click here for your free quote.
Common Commercial Auto Insurance Questions
Why do I need commercial auto insurance?
Any driver knows that operating a vehicle is dangerous. Auto insurance is designed to help the policyholder cover costs in the event of wrecks, accident lawsuits or other vehicle damage.
However, a personal auto policy is not adequate to insure a business’s financial interest in owning or operating vehicles. Nor will it cover their accident costs in the event of a claim. Only commercial auto insurance will contain the adequate benefits to address these challenges.
Who needs commercial auto insurance?
Under commercial auto insurance, the business is the policyholder and the primary insured. However, coverage can extend to employee drivers and to a variety of vehicles, including those:
Owned by the business but provided to employees for personal use.
Employee-owned vehicles used for commercial purposes.
Hired or rented by the business.
Personal vehicles that qualify as commercial due to their weight or other features.
What does commercial auto insurance cover?
Though all commercial auto policies vary, they generally offer many similar benefits, namely:
Collision Insurance: This covers damage to your own vehicle that you sustained in a wreck.
Comprehensive Insurance: This coverage pays for damage from non-accident mishaps, such as weather damage, fires, theft, vandalism or similar accidents.
Medical Payments Coverage/Personal Injury Protection: If you get hurt in an accident, this coverage can pay your medical bills. Sometimes, it will cover other losses, such as lost income.
Uninsured/Underinsured Insurance: This insures you against damage caused by someone else who doesn’t have appropriate liability coverage. If you are the victim of a hit-and-run, for example, then this coverage can pay for your car’s damage.
The policyholder might also need supplementary coverage policy endorsements that your business might need to fully optimize its benefits, such as:
When is commercial auto insurance required?
All commercial vehicle operators must comply with insurance requirements instituted by their state of residence. Generally, requirements for commercial auto insurance are at least those required of private drivers. However, depending on the nature of your operations and the vehicle in question, you might face additional coverage requirements.
Speak to one of our agents to learn more about New York’s coverage requirements.
How much does commercial auto insurance cost?
Your commercial auto insurance premium will vary based on numerous factors including the number of vehicles insured, your chosen coverage limits and the size of your fleet. Our agents are committed to helping you find the most effective benefits for both your needs and your budget objectives.
Read more about commercial auto insurance here!