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Commercial Insurance 101: Your Company and Auto Insurance

for Bradenton, Sarasota, Lakewood Ranch and Beyond

Mar 04, 2015

Driving your personal vehicle without insurance is illegal, and unsafe in the event of an accident. So why would you treat your company vehicles any different? Whether your business has one employee or hundreds, a single moped or a fleet of trucks, commercial auto insurance can prevent quite the headache when it comes time to file accident claims.

What is Commercial Auto Insurance?

Think of commercial auto insurance as a large-scale version of the insurance you have for personal automobiles; not only does a commercial insurance policy protect the drivers of your commercial vehicles, but it also protects the vehicles themselves and all other assets of your business. These policies will protect your business from the risks involved in everyday business commuting, which is almost always every business owner’s greatest exposure.

What does Commercial Auto Insurance Cover?

Most commercial auto insurance policies cover the following:

  • Driver Injury: In the event that someone else is injured or killed as a result of an accident where your company’s driver or vehicle is at fault.
  • Property Damage: If another person’s vehicle is physically damaged due to an accident caused by or partially caused by your employee or your company car.
  • Uninsured Motorist: Also known as Personal Injury Protection (PIP), this coverage protects your driver and your vehicle in the event there is an accident with an uninsured driver. (20% of all drivers in the Florida are uninsured.)
  • Underinsured Motorist: Similar to Uninsured Motorist Coverage, underinsured protection provides coverage for your driver or your company if there is an accident with an individual whose insurance cannot fully cover the injuries or damages.
  • Comprehensive Damage: If your company vehicle is damaged by fire, flood, vandalism, etc.
  • Collision Coverage: If the car or employee is injured or damaged in a collision with other moving or nonmoving objects.

Why Do You Need It?

If your business uses vehicles for transporting goods or to conduct a service; if the nature of your work involves heightened liability risks; if your business hauls tools, trailers, or other heavy equipment, or if your company has hired employees for operating vehicles, investing in a commercial auto policy is essential.

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