Whether you have a business, or you just drive for your job, you should have a plan to get the coverage you need for your car. A business auto insurance policy will protect you from the cost of repairs and medical expenses if you are involved in an accident. It also helps you to be protected if you are ever sued for a crash that was not your fault. To learn more on why Business Auto Insurance, whether it be for truck insurance, limo insurance, or motorcycle insurance, is important to have, carry on reading!
Coverage for vehicles you use in the operation of your business
If you own a vehicle that you use in the business of your company, you need to purchase business auto insurance. This type of insurance protects your business from liability, as well as physical damage to your vehicle.
You can buy business auto insurance as part of a commercial property or general liability policy, or you can purchase standalone coverage. The terms of your insurance policy are subject to the regulations of the state in which you live. However, most states require that you have some sort of bodily injury, medical payments, and uninsured/underinsured vehicle coverage.
When you get a commercial auto policy, you can opt to add a business use endorsement to your policy. It can provide additional coverage for your business, such as the expense of replacing a lost vehicle in the event of an accident.
Protects you from financial losses from auto accidents
The best way to avoid being the victim of a car accident is to take proactive steps to protect yourself, your family, and your prized possessions. A quality auto insurance policy can do a lot for you, and help you if you find yourself the unfortunate victim of a car crash.
In addition to protecting your wallet, you can also take care of any legal matters you might encounter in the event of an incident. Regardless of whether you are involved in a minor fender bender or a major collision, your insurer is there to protect you in the event of an accident.
Protects you from liability in the event of a lawsuit
A company could be liable for the damages in a traffic accident. But if you have a business auto insurance policy you are covered. For a reasonable premium.
There are other forms of liability insurance such as bodily injury insurance and property damage insurance. You can also purchase a Business Auto Coverage Form or BACF which allows you to add non-owned vehicles to your insurance portfolio. This coverage can also be combined with a Business Liability insurance policy to maximize your coverage. It is not uncommon to pay the same premium for both.
The best way to determine if you are eligible for this type of coverage is to speak with an agent. Most states require at least some form of this insurance to operate.
Protects you from dents, dings, tows and more
In the realm of insurance coverage for vehicles, there are many choices. Commercial vehicles typically face a higher price tag than their personal counterparts. The best way to save money while still staying protected is to find a multi-car insurance package that can protect your assets under one umbrella. Thankfully, there are companies like Insureon that can help you make the most of your hard-earned dollars. With their free auto insurance quote, you can get the protection you need in no time. Their website also provides a convenient way to pay online for your car insurance. As a bonus, they can even connect you to a network of qualified auto mechanics and service providers. Lastly, their customer service department is on hand to answer your questions.
More expensive than personal auto insurance
If you drive your car for business, you need a commercial auto insurance policy. Commercial auto policies have higher liability limits than personal auto policies. The liability coverage offered by commercial vehicle insurance protects you against claims of negligence by other parties. There are also limits on the dollar value of property damage and injuries.
Personal auto insurance is designed to protect you and your personal assets. Most of the time, it will not cover your business. However, there are some exceptions to this rule. You may be able to add an endorsement to your personal auto policy that will cover the business use of your vehicle.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin