Commercial Auto Insurance
Even if your vehicles are not the primary way your business makes money, they could end up becoming the primary way your company loses money. Without a great business auto insurance policy, you may be overpaying and still be left underinsured.
Business auto insurance is different than personal vehicle insurance. In many cases, not only are there multiple vehicles to cover, but also the liability from accidents or claims that will extend to your business as a whole.
Making sure your coverage levels for your commercial auto insurance are high enough to protect your business (not to mention you personally) from claims—even those which are unwarranted—can ensure you avoid a devastating change of luck.
What is commercial auto insurance?
Commercial auto insurance is an insurance policy that is for physical damage as well as liability coverage for amounts, situations, and usage that are not covered by a personal auto insurance policy. This is business insurance that covers many kinds of commercial vehicles such as automobiles used for business purposes including company cars, a wide range of commercial trucks, and other vehicles.
What kind of vehicles does a commercial auto insurance policy cover?
Various types of vehicles are covered by commercial auto insurance policy such as box trucks, food trucks, work vans, and service utility trucks. These large commercial vehicles require an auto insurance policy including coverage for the employees operating the vehicles and also the equipment inside. Other names for this coverage are commercial car insurance, truck insurance, or fleet insurance. This is most commonly associated with trucks. However, regular cars and automobiles may also require a commercial auto insurance policy if they’re used for business purposes.
Worried about costs?
Don’t be. Business auto insurance is remarkably inexpensive, especially given how important the protection is to your business.
What should my business auto policy cover?
Commercial auto insurance can provide coverage for all of these risks:
- Bodily injury liability coverage- this insurance coverage pays for bodily injury or death leading from an accident you caused. This will also provide you with a legal defense in most cases.
- Property damage liability coverage– offers you protection when your vehicle accidentally damages another person’s property and will also provide you with a legal defense in most cases.
- Combined single limit (CSL)– this insurance policy has the same dollar amount of coverage per covered occurrence whether there is bodily injury or property damage for one person or several people.
- Medical payments, no-fault or personal injury coverage– will usually pay for medical expenses of the driver and your passengers in your vehicle that was caused by a covered accident regardless of whose fault it is.
- Uninsured motorist coverage– will pay for your injuries and in some cases, certain property damage caused by an uninsured or a hit-and-run driver. Furthermore, underinsured motorist coverage is also included in some cases. This only applies to the at-fault driver who has insufficient insurance.
- Comprehensive physical damage coverage– will pay for the damage to your vehicle, even theft, vandalism, flood, fire, and other covered perils.
- Roadside Assistance- will protect you when certain things are not handled by your commercial auto insurance policy. These circumstances can include being locked out of your car, dead batteries, and flat tires.
- New vehicle replacement cost coverage – will replace your new vehicle under a total loss with a new or even a comparable automobile. This will also provide you gap coverage for any expenses you may owe that’s above your car’s actual cash value.
- Auto loan or lease coverage- will cover the difference between the unpaid amount on the loan or lease the actual cash value of the vehicle in case your vehicle is a total loss after an accident.
- Expanded towing- will provide you towing coverage beyond what’s actually covered by your basic business auto insurance policy. This covers towing, jump starts, and minor roadside repairs.
- Rental reimbursement- will pay for a rental car until the limits of your insurance policy so you don’t have to worry about transportation after you have met an accident.
Why do I need such comprehensive coverage?
Business owners are taking notes on how to make a purchase more convenient for customers. Employees of our local businesses often drive to and from clients, or vendors, on daily deliveries, irregular duties, or errands as requested.
While this may help keep sales on the rise when your employee uses a vehicle for business purposes, their personal auto policy coverage NO LONGER APPLIES in the event of an accident, property damage, or fatality caused by one of your employees.
This is a serious distinction many business owners either don’t know or try not to think about. But it is a fact that can cost you your entire business in a single moment. We have seen it happen.
What to expect from our company
A commercial auto policy, also known as business auto, is purchased and set in place to protect the business assets and the owner if a claim were to arise during business-related travel. At our firm, you’ll speak with an experienced agent whose main goal is to design a policy fit for your particular business needs.
Whether the driving of the vehicle is for the occasional run, a possible new venture, or a daily necessity, we are here to make sure coverage is applicable and answer any questions you may have.
A quick, but important story
As one business owner found out, it’s always best to ask if you don’t know what type of policies you may need.
This owner had a love for fashion and a knack for finding gently-used clothing. She hoped one day to own a shop of her own. One day, she decided to take a leap of faith and open her own vintage clothing boutique.
It didn’t take long for business to start booming for the boutique, which had expanded to include a new website—making it possible to ship anywhere in the U.S. It wasn’t long before she made the connection: Why not complete personal deliveries for locals? She purchased magnetic signs to stick on her personal car to market her business.
Months passed, one day she was making her regular Tuesday deliveries when the unthinkable occurred—she backed into a young man on a bicycle. While he was not seriously injured, he was hospitalized overnight for monitoring.
The business owner thought all would be well since the biker was not seriously hurt. The next day, however, the claims adjuster called to inform her that since she was doing business at the time of the accident, the claim would not be covered by her current insurance carrier.
Stuck with a huge hospital bill and letter of lawsuit from the biker’s attorney, she was forced to shut down her business and forfeit her dream.
The only question you really need to answer:
Can you afford to expose your income, your personal property, and your employees to this high level of risk? If the answer is “no” then we can help.
Why We’re Different
Why We’re Different
You may think you want the cheapest insurance you can find, but realize you may not be getting everything you bargained for…
While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.
There’s no such thing as a one-size-fits-all insurance policy when it comes to your business.
We’re your neighbors. We protect businesses and people we know and care about, and that means we always look for ways to protect you better, including carefully choosing the insurance companies we represent to be both affordable and responsive.
Contact us and let the professionals at our company help you forge the strongest shield possible to help you protect the things you are working hard to build.
The graphic below is interactive.
Explore and learn more about some unique risks as well as the related insurance solutions
Possible Liability: Property damage caused by an auto accident
Solution: Coverage for damage to other people’s property (car, fence, or building facade) created by your vehicle. Consider your personal assets when determining limits as they can be at risk at any time you exceed your coverage limit. For a more detailed explanation, check with your insurance agent.
Possible Liability: Your car is a high-risk investment since it can be damaged by weather-related events, theft, and things beyond control.
Solution: Coverage for Physical Damage protects your automobile for collisions, non-collision damage caused by other cars or objects, and theft.
Possible Liability: After a vehicular accident, your car may need to be repaired or replaced. Temporarily renting a car can get expensive for prolonged periods.
Solution: Coverage for this kind of temporary private vehicle rental or public transportation expenses can be an added option in your policy. Daily limits can vary.
Possible Liability: This can be any bodily injury inflicted on others that may be accidentally caused by the policyholder while driving.
Solution: The coverage for physical harm for an auto accident could be included in the scope of the policy, and within the limit of liability selected. Consider your personal assets when determining limits as they can be at risk at any time you exceed your coverage limit. For a more detailed explanation, check with your insurance agent.
Possible Liability: If the driver of the car that hit you doesn’t have enough coverage or runs off, you pay for damages and medical expenses they caused.
Solution: You can add a specific coverage to help you get compensation for any physical injuries and lost wages caused by underinsured drivers, hit-and-run drivers, and drivers who have auto insurance companies that have “gone under.”
Possible Liability: Automobile accident injuries may come in varying severities, as well as potential out-of-pocket medical expenses (in case a health care policy doesn’t cover for specific healthcare procedures).
Solution: In most states, an option to add coverage can be made for medical or funeral expenses of insured drivers and passengers after an auto accident.
DISCLAIMER: Consult actual policy for exact terms and conditions or talk to your insurance agent for clarifications.
|Address:||4380 South Syracuse St. Suite 310 Denver, CO 80237|
|Main Line:||(720) 221-8168|
|New Customer Lines:||(855) 973-1202
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