Commercial Auto Insurance
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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.
Even if your vehicles are not the primary way your business makes money, they could become the primary way your company loses money. You may be overpaying without an excellent business auto insurance policy and still be left underinsured.
Business auto insurance is different than personal vehicle insurance. In many cases, are not only their 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 unwarranted—can ensure you avoid a devastating change of luck.
Colorado Commercial Auto Insurance
Colorado commercial auto insurance protects corporate vehicles and many of Colorado’s small businesses. This is where Personal Auto Insurance just doesn’t cover work vehicles since they have greater liability risk.
Thousands of small business owners trust us to help them find personalized coverage if they have a single delivery van in Denver or a fleet of trucks in Fort Collins.
What Is Commercial Auto Insurance?
Commercial auto insurance is an insurance policy for physical damage and liability coverage for amounts, situations, and usage that are not covered by a personal auto insurance policy. This business insurance 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?
Commercial auto insurance policies cover various types of vehicles 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.
Are You Worried About Commercial Auto Insurance 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
It 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
This will usually pay for the 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
Pays 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
Covers for the damage to your vehicle. This covers theft, vandalism, flood, fire, and other perils.
It will protect you when your commercial auto insurance policy does not handle certain things. These circumstances can include being locked out of your car, dead batteries, and flat tires.
New vehicle replacement cost coverage
Replaces 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 are above your car’s actual cash value.
Auto loan or lease coverage
Provides coverage for the difference between the unpaid amount on the loan or lease and the actual cash value of the vehicle in case your vehicle is a total loss after an accident.
Provides towing coverage beyond what’s actually covered by your basic business auto insurance policy. This covers towing, jump starts, and minor roadside repairs.
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 learning ways to make client purchases easier. Local companies’ employees travel to and from clients or vendors for daily deliveries, odd jobs, or errands.
In the case of an accident, property damage, or mortality caused by one of your workers, their personal auto policy coverage NO LONGER APPLIES. Many business owners don’t know or ignore this difference. And it may cost you your whole business.
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 arises 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 vehicle’s driving is for the occasional run, a possible new venture, or a daily necessity, we are here to ensure coverage is applicable and answer any questions you may have.
A Lesson On Commercial Auto Insurance Coverage
If you aren’t sure what policies you need, inquire, as one business owner learned.
This owner loved fashion and found gently-used clothes. She wanted her own shop. She opened her own vintage clothes business one day.
The boutique’s new website allowed them to ship anywhere in the U.S., so sales grew quickly. Why not do personal delivery for locals? She bought vehicle magnets to promote her business.
She was doing her Tuesday deliveries when she hit a cyclist. Even though he wasn’t gravely hurt, the medical team monitored him overnight.
Since the biker wasn’t gravely harmed, the company owner felt optimistic. The next day, the claims adjuster called to tell her that since she was at work during the accident, her insurance wouldn’t cover it.
With a hefty medical cost and a lawsuit from the biker’s lawyer, she closed her business and gave up her goal.
The only question you really need to answer:
Can you afford to expose your income, personal property, and employees to this high level of risk? If the answer is “no” then we can help.
Why We’re Different
You may want the cheapest insurance, but you may not get what you need. Most insurance products are similar in price and function, but insurers structure policies differently.
Business insurance isn’t one-size-fits-all. And we’re your friendly neighborhood insurance tea. Ready to help protect businesses and individuals find the best value coverage. Let Advantage Insurance Solutions help you find the best coverage possible to safeguard your hard work.
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