Any vehicle that hits the highways is subject to being involved in an accident. Commercial vehicles are no exception. Having adequate insurance protection is the best way to ensure your business can keep rolling smoothly, even after the unthinkable happens.
What Is Commercial Auto Insurance?
Much like private vehicle insurance, commercial lines are meant to offer the same protections, but have expanded limits of coverage for larger vehicles that are often transporting valuable merchandise.
Who Is Covered?
The people that are covered under a commercial vehicle policy vary, depending on the type of policy that is held. A basic liability policy will make the auto road legal, but will not cover any damages to the business vehicle. Collision and comprehensive will add personal protection features for your business. Anyone injured in the accident can be covered through added medical coverage. Private property owners that suffer loss through buildings, fences and vehicles can also be compensated to the limits of the policy.
What Types of Insurance Are Available for Commercial Automobiles?
Basic Liability Coverage
Each state has laws regarding the amounts of property and medical coverage that needs to be purchased for basic liability. This allows for at least some compensation to individuals that lose property, or are injured to your company vehicle.
Collision coverage can be added to pay for damages to your vehicle that are done during the course of a workday.
Adding comprehensive will help cover damages due to weather, fire, theft or vandalism.
You can elect larger amounts for total medical coverage than what is demanded with basic liability. This is a good idea if you are dealing with large commercial vehicles.
Getting involved in an accident where the other vehicle has little-to-no insurance can leave you holding the financial bag. Your insurance policy will cover what theirs does not, up to the limits of the policy coverage.
Adding a personal injury policy will ensure that the operator of your work vehicle has adequate medical coverage in case there is an accident.
How Does Insurance for Commercial Vehicles Work?
All needed police reports and information exchange should be done at the time of the accident. A claim will then need to be filed and an adjuster will figure out the extent of the damage and who will receive monetary compensation.
Benefits of Commercial Auto Insurance
A bare-bones liability policy has to be in effect in order to operate your commercial vehicle on the roads. Insurance also allows for a reduced risk of lawsuits if your vehicle is involved in an accident. Whether your vehicle is at fault, or not, a commercial vehicle will be the first target picked by attorneys for a lawsuit.
Contact specialists with insurance products for commercial vehicles and get the best protection possible for your business today!