Commercial auto insurance is vital for businesses that use vehicles as part of their operations. This type of insurance can help protect your business in many ways. Since it is impossible to predict when accidents and mishaps happen to your company vehicles, it is best to have this type of insurance to keep you covered.
This blog post will shed light on the facts about commercial auto insurance and why you need it.
Benefits of Buying Commercial Auto Insurance
There are many benefits to having commercial auto insurance, including:
1 – Peace of Mind
Knowing that your business is protected in the event of an accident can give you peace of mind.
2 – Financial Protection
In case of an accident, commercial auto insurance can help to cover the costs of repairs or replacements.
3 – Liability Protection
If you are found at fault in an accident, commercial auto insurance can help to protect your business from liability claims.
4 – Employee Protection
If your employees use their vehicles for business purposes, commercial auto insurance can help to protect them in the event of an accident.
5 – Asset Protection
Your vehicles are important assets for your business. Commercial auto insurance can help to protect them in the event of an accident, theft, or other damages.
What Does Commercial Auto Insurance Cover?
Commercial auto insurance can cover a wide range of risks, including:
1 – Bodily Injury Liability: This coverage can help to pay for medical expenses and other damages if you or your employees are found at fault in an accident that injures someone else.
2 – Property Damage Liability: If you need repairs or the replacement of property if you or your employees are found at fault in an accident that damages someone else’s property, this type of coverage can help.
3 – Collision: If you were in a vehicular accident, having coverage for a collision will come in handy. In case of a collision, the damage your vehicle sustains will be covered by your insurance.
4 – Comprehensive: This type of coverage will protect your vehicle if it is damaged by something other than an accident, such as a fire, theft, or vandalism.
5 – Uninsured/Underinsured Motorist: In this case, your medical expenses and other damages will be covered if you are in an accident caused by an uninsured or underinsured driver.
6 – Medical Payments: This type of coverage is a little different than the previous one. Here, any medical expenses and other damages will be covered, regardless of who is at fault.
7 – Personal Injury Protection: Should you have any personal injuries as a result of the accident, they will be covered under this type of insurance.
8 – Towing and Labor: If your vehicles are towed, this type of coverage will pay for towing and labor if your vehicle becomes undrivable because of an accident.
9 – Gap Insurance: This is one of the most convenient types of insurance to have. Gap insurance pays for the difference between the amount you owe on your vehicle and the actual value of your vehicle if it is totaled in an accident.
How Much Does Commercial Auto Insurance Cost?
The cost of commercial auto insurance depends on several factors. Some of these factors include the type of vehicle you drive, the amount of coverage you need, the deductibles you choose, and the limits you select. You will also be rated based on your driving record, the type of business you own, and the amount of time you have been in business.
Most companies that use commercial vehicles will need commercial auto insurance. This insurance will help to protect you and your employees if an accident occurs. If you have any questions about commercial auto insurance, it is best to get in contact with insurance experts.
If you are searching for commercial insurance brokers, contact Pascal Burke Insurance Brokerage Inc. Let us help you get the insurance coverage you need today!