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Do I Need Commercial Auto Insurance?

Vehicles, whether leased, rented, or owned, are essential for a variety of tasks when running a business. Companies of all sizes rely on safe and functional vehicles to serve their customers and generate a profit, regardless of whether they’re transporting materials and tools to work sites, hauling goods for deliveries, or driving to meet clients.

It’s critical to protect your drivers and vehicles with adequate insurance coverage. As a result, many businesses turn to commercial auto insurance.

Do I Need Commercial Auto Insurance?

The simplest answer to that question is yes, you most certainly do! Below we’ll discuss the many benefits of purchasing this insurance coverage for your business. Let’s get started.

Auto Liability Coverage

Collisions do more than just damage vehicles; they can also cause costly damage to nearby property and valuables. In these cases, commercial auto insurance can provide a variety of benefits if you cause damage to another person’s vehicle or property in an accident.

Physical Damage and Collision Protection

Following an accident, you or your employees may be required to pay for vehicle repairs, for both your own vehicle and any others damaged during the incident. Commercial auto insurance can reimburse policyholders for vehicle repairs required after a collision, regardless of who’s at fault. Many policies also cover underinsured and uninsured drivers, adding an extra layer of protection.

Medical Payment and Lawsuit Coverage

Collisions frequently result in bodily harm and high medical bills for you and those involved in the accident. Commercial auto insurance policies provide some protection against these costs by covering medical expenses, lost wages, and even legal fees if you’re sued.

Comprehensive Coverage

Collisions aren’t the only source of vehicle damage that your company should be concerned about. Commercial auto insurance can provide comprehensive coverage for non-accident-related damages (e.g., floods, losses related to theft, fires, and vandalism).

Protection Beyond Personal Auto Insurance Policies

Simply put, personal auto insurance does not cover accidents if the policyholder is driving the vehicle for business use. Companies would have to pay out of pocket if an employee was injured while making deliveries, picking up supplies, or using a vehicle to perform essential business functions in the absence of commercial auto coverage.

Optional Add-Ons for Even More Security

Commercial auto insurance policies can often be tailored to meet your specific needs. Roadside assistance coverage, towing reimbursement, new vehicle replacement cost coverage, and gap coverage for auto loans or leases are all common add-ons. You may also hear this referred to as endorsements.

Summing Up

This type of coverage is not limited to just large fleets. Any type of truck, car, or van that’s used at your business must be insured. Contact us today to learn more about commercial auto insurance or to secure you own truck insurance quote.


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