Each year, different types of businesses are created across the country. And nearly 99% of business owners use auto transport for their business needs. Such cars need special insurance coverage as commercial autos, since your individual auto insurance does not provide coverage through commercial use of your vehicle (car, truck or trailer).
When an automobile is used for business activity, it needs particular insurance policy, called commercial auto insurance for business. If you haul a commercial trailer with a private auto, you might also be required to get commercial business policy. If you tow something that does not belong to your business, you might call for hired or non-owned auto coverage. These conditions are different in every state so consult your state’s insurance department for a comprehensive list of principles.
Commercial auto insurance policies mainly include similar fixed coverages and offer similar possible coverage as the general auto insurance policy. The main and most common fixed and optional commercial auto insurance coverages, which might be included in your business auto insurance police, are:
Accident profits coverage – is offered by most insurance companies. It generally provides reimbursement for medical and therapy treatments, funeral costs, loss of earnings because of disability and death.
Intermediary Liability coverage – offers coverage, if while driving your business auto, the driver is held officially for injuring someone else, or damaging another’s property. If your driver is arrested for more than the coverage, than your company might be responsible for it.
Uninsured, Underinsured and Unidentified Motorist coverage – this is widespread type of coverage. Though the name may differ in different states and in different companies, the main principles are the same. This coverage provides compensation if the driver of your commercial auto is wounded or killed because of the fault of an uninsured or underinsured driver, or by an unidentified auto.
Direct Reimbursement – Property Damage – this coverage provides reimbursement for damage to your automobile and any possessions in it, if your commercial auto’s driver is not guilty in an accident.
Family Protection coverage – it offers coverage for the auto’s driver from the actions of a guilty, uninsured or underinsured person driving the vehicle. If possible, family protection guarantees coverage up to your commercial car insurance policy’s limits apart from the other person’s coverage points.
The commercial auto insurance for business might be costly, but inexpensive insurance is also available if you know some tips for getting it. The best way of finding it is doing your research. Compare several companies’ quotes and find the affordable one for you and your finances.