Commercial Auto Insurance Info
Should you drive your auto mostly in the conduct of business or if you own a business that utilizes vehicles that you and/or employees operate, you will need to look into purchasing good commercial automobile insurance.
Commercial auto insurance is a kind of property and casualty policy that covers cars used in business. Such coverage is actually quite similar to one’s personal auto coverage, but it does differ slightly in a few ways.
Again, commercial auto insurance is utilized for vehicles that are meant mostly for business purposes. This could be a van you own to deliver products you sell or it might be cars that are used by employees to get around in the conduct of business.
This coverage is often more comprehensive than normal personal auto insurance. For instance, many will only carry basic liability insurance that is mandated by law. But business vehicles will certainly need a full spectrum of coverage. Most commercial auto policies have three aspects of protection. One is the physical damage insurance, which has collision and comprehensive protection, liability insurance, which would include coverage for damage to property, bodily injury and for uninsured drivers’ protection and, finally, coverage for such things as medical payments, costs of towing and rental car reimbursement.
Though most of these policies offer similar coverage, one may often have the option to customize the policy to meet individual needs and circumstances. It all pretty much depends on the situation and the type of business vehicles being utilized.
The major plus in having good commercial auto coverage is the peace in mind in knowing that one’s business vehicles are all properly covered against loss and that the drivers all have liability coverage should some kind of accident occur for which they are at fault. Other perks include rental, towing, and even “gap coverage,” which covers the difference between what one might owe on a vehicle and its actual value after depreciation, should it be totaled in an accident.