Auto insurance is insurance coverage for autos, trucks and other motorized vehicles. In most states auto insurance is required by law. Auto insurance is offered as various types of coverage such as collision, comprehensive, medical and liability. Auto insurance companies also offer commercial automobile insurance.
Commercial automobile insurance, also called commercial vehicle insurance, is a type of coverage required for cars, trucks and vans that are used in a business. Whether it’s a small business with just a few vehicles or a large fleet of trucks, commercial automobile insurance is a necessity to protect the business and business owner. Although it’s similar to auto insurance, commercial coverage provides much more coverage and covers a variety of vehicles. Commercial automobile insurance may also be called fleet insurance, commercial auto insurance, truck insurance or commercial car insurance.
Commercial auto coverage is for businesses that use vehicles to conduct their business. Basic auto insurance is not designed to cover business purposes, so it’s important for business owners to have a specific commercial automobile insurance because they include specific types of coverages. Commercial vehicle insurance is generally required in the following situations:
- For individuals who use their vehicles to transport products as a service or for a fee
- If the line of work or type of business requires higher limits of liability
- If the vehicles will be hauling large amounts of weight in equipment for the business
- If employees operate the vehicles
- If ownership of the business is either a partnership or a corporation
Commercial automobile insurance provides coverage for all the vehicles used in your business, as well as all the employees. Whether it’s a vehicle damaged from an accident or an employee involved in an auto-related business accident or lawsuit, commercial automobile insurance will provide coverage.
Commercial vehicle insurance offers various types of coverage, as well as offering higher amounts of coverage.
- Bodily injury liability
- Property damage liability
- Combined single limit
- Medical payment
- Personal injury or no-fault
- Uninsured motorist coverage
- Comprehensive physical damage
Major Benefits of Commercial Auto Coverage
The major benefit of commercial automobile insurance coverage is that it covers all the vehicles and employees involved in the operation of the business. Additionally, it covers various aspects such as medical bills, liability, property damage and other uninsured drivers.
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