6 December 2022

6 Benefits Of Having Commercial Auto Insurance

This original article was first published here: 6 Benefits Of Having Commercial Auto Insurance

Company managers have a lot of responsibilities, one being protecting their equipment from any type of damage. This is especially important if they use vehicles to transport materials and tools to worksites or meet with clients outside the office. All the vehicles that are used, need to be insured with commercial auto insurance.

In general, the insurance is designed to protect the business, the owners, and employees against liability for damages caused by accidents involving the company’s vehicle. The insurance also provides certain compensation to occupants in case they get injured in any way during an accident while driving the vehicle.

So, as you are searching for the most affordable commercial auto insurance quotes in your area, read our guide and learn about the six benefits companies get from obtaining the right coverage for their business vehicles.

Liability coverage

If your company uses heavy trucks to transport materials and tools to the work site, you should be aware of the damages that may cause if they get into an accident with another vehicle. The thing is such collisions won’t only impact the vehicles, but they can also cause severe and expensive damage to nearby properties and valuables.

This is where your commercial auto insurance can come in handy. It will provide you with protection in case you or your employees damage another person’s car or property with your business vehicle.

Physical damage and collision protection

After you or your employees get into an accident with another vehicle or damage property during a collision, you may need to pay for any repairs that come about. This includes paying for the repairs done on your vehicle as well as on the vehicles or properties you hit.

Because these repairs can be costly, you can rely on your commercial auto insurance to cover all expenses, regardless of who is at fault. There are also policies that offer additional coverage for underinsured and uninsured motorists, which can also be used to pay for the costs.

Medical payment and lawsuit coverage

Collisions between two vehicles, especially if a heavy truck is involved, often result in bodily harm and severe injuries for you and those involved in the accident. These injuries usually require immediate medical treatment which can be quite expensive.

But with commercial auto insurance, you can protect yourself from paying such costly medical bills. Besides covering for treatment, your insurance can also pay for lost wages and even legal expenses should a lawsuit be brought up against you or your company.

Comprehensive coverage

You should also consider other sources of vehicle damage other than accidents. In fact, there are other unfortunate events such as theft, flood, vandalism, and fires that can also cause great damage as well as significant financial loss.

However, with commercial auto insurance, you get comprehensive coverage that covers any damages that may result from these events. With this coverage, you won’t have to worry about your business vehicle not being protected at all times because it provides you with protection even if the vehicles are left out at night and you or your employees aren’t using them to complete business tasks.

Protection beyond personal auto insurance policies

It is well known that personal auto insurance doesn’t provide enough coverage for accidents that occur while policyholders drive for business purposes. In this case, companies will most likely be responsible for paying out of pocket if employees get involved in an accident while driving to work, making deliveries, or picking up supplies.

This is where you can use your commercial auto insurance to cover any expenses, repair costs, or medical bills that may result from the accident.

Optional add-ons for more security

In addition to obtaining the basic commercial auto insurance policy, company managers also have the option of getting additional coverage to customize a plan that matches their needs and provides them with better protection.

Common policy add-ons you can consider include roadside assistance coverage, new vehicle replacement, cost coverage, towing and rental reimbursements, and gap coverage for auto loans and leases.

truck car crash

Final thoughts

No matter the type of business you are in, if company vehicles are involved, you need to obtain commercial auto insurance. The insurance is designed to protect you against liability for damages caused by accidents involving your commercial vehicle. It also provides financial protection for any expensive costs, repairs, and medical bills that may result from the accident.

If you want to gain a better understanding of how commercial auto insurance works, refer to our post and learn about the benefits you get from obtaining it for your business vehicles.

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