If you run a service company with a fleet of dozens of vehicles, you probably have a solid understanding of the importance of commercial auto insurance. But even businesses with only a few company vehicles will benefit from commercial auto coverage.
Following is a brief rundown of the benefits you should expect from commercial auto insurance:
Collision Protection. The first and most obvious benefit is coverage to repair damages from an accident, for both company vehicles and other involved vehicles. Collision protection provides this coverage regardless of who is at fault.
Liability Protection. The damages from a collision can go far beyond automotive repair. If someone operating a company vehicle has an accident, there may be damage to property or valuable equipment on board the vehicle. Liability coverage insulates you from potentially costly claims.
Medical payment and lawsuit coverage. Collisions often result in injuries and subsequent medical bills, which are never inexpensive. In a worst-case scenario, an at-fault accident can wind up in court, where you run the risk of a large jury award to the injured party or parties. Commercial auto coverage offers protection for medical costs, lost wages and even legal expenses.
Comprehensive coverage. Vehicle damage can happen without an accident. Comprehensive coverage protects your fleet from damages due to theft, vandalism, fire, flood and other non-collision damages.
Protection beyond personal coverage. A personal auto policy does not provide adequate coverage for incidents that occur when policyholders are driving for business purposes. Commercial coverage is essential if you don’t want to pay out of pocket for mishaps while employees are picking up supplies or making deliveries. Endorsements are available that will even cover employees using their personal vehicles for business purposes, as salespeople often do.
And more. There’s a wide range of ways to customize a commercial auto policy to meet your needs, with available endorsements for new vehicle replacement cost coverage, towing reimbursement, rental coverage, roadside assistance and much more.
If you’re a business owner, make sure commercial auto coverage is a part of your risk management plan … and make sure your coverage is properly tailored to your specific needs.
Questions about commercial auto coverage? Contact Consolidated Insurance.