COMMERCIAL AUTO COVERAGE
Commercial auto insurance policies insure vehicles for your business or vehicles that have corporate-owned titles. Personal auto policies provide coverage in limited instances when it comes to business use — so commercial insurance is your best bet to protect your assets. Here’s what your policy should include:
- Liability Coverage. It Covers bodily injury and property damage caused by an insured vehicle.
- Physical Damage Coverage. Covers losses and damage to insured vehicles.
- Collision. Covers damage to a vehicle from collisions or overturns.
- Comprehensive (OTC). Covers physical damage to insured vehicles that result from circumstances other than collision. This includes damage from inclement weather, flying objects, animals, and more.
- Specified Causes of Loss. Covers physical damage to vehicles in limited circumstances. The coverage is limited to a handful of causes specified in the policy.
Most businesses will be covered through their regular property insurance provided by a Business Owners Policy (BOP) or Commercial Package Policy (CPP). But does your business ship products and equipment around the country frequently? Inland marine policies help protect high-value products that basic property insurance doesn’t cover, including the following:
- Computers and computer equipment.
- Communications and networking equipment.
- Construction equipment.
- Medical and scientific equipment.
- Photography equipment.
Business Liability Insurance helps protect the financial interests of business owners in the event of third-party claims or lawsuits. Business owners typically protect themselves with:
- General Liability Insurance
- Product Liability Insurance
- Professional Liability Insurance
Insurance premiums will typically depend on the type of business and associated risk. Coverage is available for protection against medical and legal costs associated with employees injured on the job, customers injured on your premises, as well as commercial rent insurance to protect against damage from mold, water, fire and natural disasters. Coverage is also available in the event a business must defend itself against copyright infringement, libel, slander or misleading advertising.