WEDNESDAY, DECEMBER 22, 2021
Businesses often buy a vehicle (or a fleet of them) for their companies to use. Sometimes, a business may even let an employee drive their personal vehicle for the company. However, if an accident occurs to the driver or the vehicle, the company could suffer financially.
Commercial auto insurance can help provide the financial assistance needed so your business won’t face a catastrophic financial setback just because of an accident.
What Protection Does Commercial Auto Insurance Provide?
A commercial auto policy contains specialized coverage designed to protect a business’s vehicle investment. There are certain situations where vehicles and drivers may benefit from commercial auto coverage, and they may include:
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Vehicles owned by a business
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Employees who drive their own vehicles for business-related errands
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Company vehicles provided to employees for commercial and private use
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Vehicles hired or rented by the business
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Certain personal vehicles that qualify as commercial due to their weights or sizes
Every policy and situation is unique, and this list is not exhaustive. Please check with your insurance agent to determine whether you need to purchase a commercial auto policy.
What Are the Benefits of a Commercial Auto Policy?
A commercial auto policy can offer a variety of coverage options, which may include:
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Collision insurance—This helps cover damage to your vehicle that you sustained in an accident.
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Comprehensive insurance—This coverage helps pay for damage from non-accident mishaps, such as weather damage, fires, theft or vandalism.
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Hired/non-owned auto liability insurance—This liability coverage often extends to 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 to use temporarily.
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Medical payments/personal injury protection—If you are hurt in an accident, this coverage can help pay your medical bills. Sometimes it covers other losses, such as lost income.
Additional policies and endorsements may expand your business’s commercial auto benefits. Talk with us to see if any of these supplemental coverages apply to your business.
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Custom parts coverage
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Gap insurance
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Inland marine insurance
How Much Does Commercial Auto Insurance Cost?
Numerous factors can influence the costs of your business’s commercial auto insurance, including the type of coverage you purchase, your business’s location and the value of the vehicles you want to insure.
Please note, Texas requires all commercial drivers to carry commercial auto insurance. At JS Edwards & Sherlock, we can help you with your commercial auto coverage.
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