Commercial Auto Insurance

Commercial Auto Insurance

Whether your business has just one vehicle or a fleet, you need commercial auto insurance to protect yourself from the severe financial damage you would otherwise sustain if one or all of those vehicles were to be involved in an accident. Companies must carry auto insurance that meets their state’s minimum coverage requirements, but going beyond that minimum standard is usually a good way to shield your business from the severe financial impact a commercial auto accident could have on your company’s balance sheets.

About Commercial Auto Insurance

Most businesses have at least one company vehicle that they use to transport employees, deliver goods, or carry out other important business functions. In some cases, like for taxi services and delivery companies, a business’s fleet of vehicles may be at the core of their profitability. Regardless of how large your company’s vehicle fleet is, you need commercial auto insurance to protect your bottom line in the event of an accident or incident. Not only does commercial auto insurance shield your business from the severe financial hit that would result from having to pay for accident-related claims out of pocket, carrying a minimum standard of commercial auto cover is also required by law.

What Does Commercial Auto Insurance Cover?

Each state sets their own minimums for coverage, so basic policies can vary from state to state. However, a claim against your company can well exceed the minimum coverage requirements, which is why most businesses opt for additional coverage. Beyond basic liability coverage, you can bundle your commercial auto insurance policy with other coverage options, including:

  • Comprehensive Insurance: This type of coverage will cover the cost of damage related to many non-collision risks. Non-collision risks include vandalism, theft, falling debris, struck animals, broken glass, and other incidents. Such risks can be costly to repair and may even result in a total loss, which is why comprehensive coverage is a prudent option.
  • Collision Insurance: If one your company’s vehicles collides with another vehicle, you can rely on collision insurance to cover the damage sustained by your company’s vehicle.
  • Underinsured and Uninsured Motorist (UM/UIM) Insurance: Even though you may have insurance, not everybody on the road does, and, if they do, they may not have enough. That’s where UIM comes in handy. If your company’s vehicle is involved in an accident with an UM or UIM motorist, our UIM will help close the gaps in their coverage and get you back on the road.
  • Medical Payments: If you or one of your employees are injured in an accident involving an insured company vehicle, our medical payments coverage can help cover the cost of medical expenses.
  • Loading and Unloading: If your business uses a loading dock, then bundling loading and unloading coverage may be a smart move. This policy option covers your employees if they are injured while loading and unloading goods.

Why do I Need Commercial Auto Insurance?

Many small business owners assume that their personal auto insurance policies can be applied to company vehicles. However, while there are similarities between commercial and personal auto insurance, it is important not to assume that one can be used for the same purpose as the other. Personal auto insurers will only cover your vehicle if it is being used for certain purposes. If your insurer discovers that you were using a vehicle that was insured as a personal vehicle for commercial purposes, then the claims you make could be denied.

How do I Get Commercial Auto Insurance?

Contact AmVenture today to learn how commercial auto insurance can protect you, your employees, and your company’s vehicles. Whether you are insuring a single vehicle or an entire fleet, our agents will work with you to find a policy that fits your business’s specific needs.

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