Commercial auto insurance protects businesses from financial ruin in the event that your company-owner’s vehicle is damaged, vandalized, stolen, or otherwise damaged in an accident. Commercial auto insurance generally offers five classes of coverage: Property damage liability protects against property damage that occurs as a result of a vehicle accident. This includes damages to the property of others, including physical property damage due to vandalism or theft. If you are driving to or from work and your vehicle gets damaged or destroyed in an accident, you may be liable for all damages. Also covered in commercial auto insurance are vehicle repairs and replacement if your business owns a fleet of vehicles.
Vehicle liability covers legal fees if someone sues due to damage caused by your company-owner’s vehicle. It also covers any medical payments that are owed to the injured or killed in accidents involving your company’s vehicles. Vehicle parts and supplies are covered in this type of policy. Other items that are covered by commercial auto insurance may include emergency services, payment of lost wages or business interruption expenses, and legal fees.
Collision and comprehensive commercial auto insurance covers incidents of vehicle theft or vandalism. These incidents are often included in comprehensive coverage because they tend to happen more frequently than accidents that involve other vehicles. Collision commercial auto insurance covers incidents such as rear-end collisions, directions, left turns, and accidents with other vehicles. Although it is usually required, comprehensive commercial auto insurance covers business-owners in the event that a vehicle is stolen, damaged, or vandalized.
Business interruption insurance helps cover the expenses related to the interruption of business operations caused by accidents caused by other vehicles, including trucks or buses that damage another’s property. This type of commercial auto insurance is usually referred to as BOP. This is sometimes required by states and federal agencies. It helps cover the costs that occur if a company’s daily operations are interrupted due to an accident caused by a driver of a business vehicle. The cost of the accident caused by the truck or bus can be deducted from the compensation that the business owner receives for the loss of income and other business expenses.
Work related injuries and damages can be covered by medical payments commercial auto insurance policies. If you work in a hazardous environment where you risk being injured and become sick from exposure to substances that are harmful to your health, you may be covered by a medical payments policy. In the case of a worker who is killed or injured on the job, the policy can help pay for the medical payments and other expenses related to the accident.
Many policies also cover vehicles that are used as rental vehicles. These policies may also cover personal automobiles rented by a business owner. Some commercial auto insurance policies also cover vehicles that are leased by a business owner. These policies will typically cover vehicles that are used for business purposes but will exclude vehicles such as travel trailers.
The different commercial auto insurance coverage policies will include different types of limits as well as different deductibles. Deductibles are the premiums that you will have to pay when you make a claim. The higher your deductible is, the lower your monthly payments will be. In some cases, the monthly payments of a commercial vehicle insurance policy can be lowered by up to 50%. However, this is not recommended as it may lead you to getting into situations where you can not afford the monthly payments anymore.
When you are searching for commercial auto insurance coverages, it is a good idea to do some research online. There are several websites that can provide you with some useful information about different insurance policies available in the market. These sites are also a great source of information when it comes to gathering business leads for your company. Indeed, doing a thorough research is very important when you want to get the best coverage for your business needs.