What is Commercial Auto Insurance?
Commercial Auto Insurance, A.K.A. Business Auto Insurance, Commercial Vehicle Insurance, Commercial Truck Insurance protects your business against financial loss resulting from an auto accident involving a company vehicle.
Who needs Commercial Auto Insurance?
Auto liability can be very expensive. Crennen & Company recommends clients to get Commercial Auto Insurance if your business:
- Owns, leases, or rents cars, trucks, and/or other vehicles
- Subcontract delivery drivers
- Have employees use their personal vehicle to conduct business
- Have employees use taxi or rental cars for business trips
What does Commercial Auto Insurance typically cover?
Most Commercial Auto Insurance policies cover three basic components:
- Physical Damage, including collision coverage and comprehensive coverage
- Collision Coverage covers damages caused in an auto accident) and comprehensive coverage
- Comprehensive Coverage covers damages caused in an event other than an accident, like broken window from theft
- Liability covers bodily injuries and property damage to a third party when you or an employee is found at fault.
- Other Coverages could include coverage for towing, auto loan, rental reimbursement, etc.
How much does Commercial Auto Insurance cost?
The cost of Commercial Auto Insurance depends on the type and value of the vehicle your company owns and the risks involved, such as the driving records/history of all drivers, driving location and distance, and more.