Commercial auto insurance is a type of insurance that protects businesses from financial losses caused by accidents involving their vehicles. It is similar to personal auto insurance, but it is designed to meet the unique needs of businesses.
Commercial auto insurance typically covers the following:
- Liability coverage: This protects the business financially if its vehicle is involved in an accident that causes injury or property damage to others.
- Collision coverage: This pays for repairs to the business's vehicle if it is damaged in an accident.
- Comprehensive coverage: This pays for damage to the business's vehicle caused by non-collision events, such as theft, vandalism, or weather damage.
Commercial auto insurance can also provide additional coverage, such as:
- Uninsured/underinsured motorist coverage: This protects the business financially if it is involved in an accident with a driver who is uninsured or underinsured.
- Hired auto physical damage coverage: This covers damage to vehicles that the business rents or leases.
- Medical payments coverage: This pays for medical expenses for people who are injured in an accident involving the business's vehicle.
The cost of commercial auto insurance varies depending on a number of factors, including the type of business, the number of vehicles the business owns, and the coverage the business chooses. Businesses can get quotes from multiple insurance companies to compare prices and find the best coverage for their needs.
Commercial auto insurance is an important investment for businesses of all sizes. It can protect businesses from financial hardship in the event of an accident involving their vehicles.
Here are some examples of businesses that would need commercial auto insurance:
- Delivery companies
- Transportation companies
- Construction companies
- Landscaping companies
- Retail companies
- Restaurants
- Hotels
- Professional services companies
Any business that uses vehicles to conduct its business should have commercial auto insurance.