As a business owner, protecting your assets is crucial. Commercial auto insurance covers your vehicles and drivers in the event of an accident, theft, or damage.
At Hotchkiss Insurance, we offer customizable commercial auto insurance policies that fit the unique needs of your business. Contact us to learn more about our commercial auto insurance coverage options.
Accidents, theft, or damage to your commercial vehicles can financially put your business at risk. This is why commercial auto insurance is a must-have for any business that operates vehicles. Without commercial auto insurance, you may be responsible for covering costly medical bills, vehicle repairs, and legal fees. By having commercial auto insurance, you can protect your business from financial loss and ensure that your drivers are covered.
Commercial auto insurance provides coverage for various risks that come with owning and operating commercial vehicles. Here are some of the coverages it provides:
Auto Accident Liability
Auto accident liability coverage is one of the most important components of Commercial auto insurance. It covers damages and injuries caused to another party in an accident you’re responsible for. If you or one of your employees causes an accident while driving a company vehicle, this coverage will pay for any damages or medical expenses incurred by the other party.
Medical payment coverage is another important component of general liability insurance. It covers the medical expenses of you and your passengers in the event of an accident. If you or one of your employees is injured in a company vehicle, this coverage will pay for any necessary medical treatment, regardless of who was at fault for the accident.
Bodily Injury Liability Coverage
Bodily injury liability coverage covers injuries or death to a third party in an accident you caused. If you or one of your employees causes an accident while driving a company vehicle and someone is injured or killed. As a result, this coverage will pay for any damages or medical expenses incurred by the other party.
Suppose your business vehicle is involved in a collision with another vehicle or object. In that case, collision coverage provides financial protection by covering the costs of repairing or replacing your vehicle, regardless of who was at fault for the accident.
Accidents Involving Uninsured Motorists
Accidents involving uninsured motorists can be costly, but with commercial auto insurance, you can rest assured that you’re covered. This coverage pays for damages and injuries caused by an uninsured driver. If you or one of your employees is involved in an accident with an uninsured driver, this coverage will pay for any damages or medical expenses incurred.
Property Damage Liability Coverage
Property damage liability coverage covers damages to another party’s property in an accident you caused. If you or one of your employees causes an accident that results in damage to another person’s property, this coverage will pay for the cost of repairs or replacement.
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What kind of vehicles are covered by a commercial auto insurance policy?
Commercial auto insurance covers various types of vehicles, including:
Business autos are vehicles that are owned, leased, hired, or borrowed by a business and are used for business purposes. These include cars, vans, SUVs, and trucks that are used to transport goods, equipment, or employees to and from job sites.
Trailers are commonly used by businesses to transport goods or equipment. Commercial auto insurance can provide coverage for the trailer as well as the cargo being transported. This coverage can protect against damage to the trailer or the cargo, as well as liability for accidents involving the trailer. Commercial auto insurance can also provide coverage for trailers that are being leased or borrowed by the business.
What are the risks of not having it?
Not having commercial auto insurance not only exposes your business to significant financial loss but also puts you at risk of legal consequences. For instance, it is mandatory to have auto insurance in Texas. Failure to comply with this legal requirement can result in fines and tickets.
Without proper insurance coverage, you bear full responsibility for damages and injuries caused to other parties in an accident for which you are at fault. This includes covering vehicle repairs and medical costs for yourself and your passengers.
It is best to partner with a trusted Commercial Auto Insurance company that can help you find the best insurance coverage options for your needs.
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Do I need commercial auto insurance if I only use my personal vehicle for business purposes? - If you use your personal vehicle for business purposes, you may need to purchase a commercial auto insurance policy. It’s important to discuss your specific situation with an insurance professional to determine your coverage needs.
Can I add additional coverage to my commercial auto insurance policy? - Yes, you can add additional coverage to your commercial auto insurance policy. Some common options include roadside assistance, rental reimbursement, and uninsured/underinsured motorist coverage.
How can I save money on my commercial auto insurance policy? - There are several ways to save money on your commercial auto insurance policy, such as bundling coverage, increasing your deductible, and implementing safety features on your vehicles.
What factors determine the premium for commercial auto insurance? - Several factors can impact the cost of your commercial auto insurance premium, including the type of vehicle, your driving history, the location of your business, and the level of coverage you select. It’s important to discuss your specific situation with an insurance professional to determine your premium.