Does My Business Vehicle Need Insurance Coverage?
Insurance Neighbor • May 19, 2023
What Does Commercial Auto Insurance Cover?
- Property damage liability: If your business vehicle collides with someone else’s vehicle or property, this can help cover the cost of any property damage as well as potential legal fees you may incur.
- Bodily injury liability: In an accident, people can get hurt, so this coverage can help pay for medical expenses associated with any injuries sustained. It can also help pay for deaths that may result from the accident as well as legal fees.
- Combined single limit: While liability policies tend to provide separate limits for bodily injury claims and property damage, combined single limit policies provide the same dollar amount of coverage per occurrence for bodily injuries or property damage, no matter how many people may have been involved.
- Medical payments (no-fault/personal injury): If the driver or passengers in your business vehicle are injured in an accident, this will cover their medical expenses, regardless of who was at fault.
- Uninsured motorist: If you or the driver of your business vehicle is involved in an accident with an uninsured driver or a hit-and-run driver, this can help cover the cost of medical expenses and property damage.
- Collision: If your business vehicle is in a collision with another vehicle, the damage is covered by collision insurance, up to the policy limits.
- Comprehensive physical damage: Accidents are not the only risks your business vehicle could encounter. If it is damaged due to flood, theft, fire, vandalism, or other risks, this coverage, based on the covered perils in the policy, can save you from serious financial damage should other problems occur.
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