5 Important Reasons to Have a Commercial Automobiles Insurance Policy

by | Feb 14, 2017 | Insurance

Owning a small business is full of uncertainties, and one of the best ways to mitigate the financial risk is to purchase a Commercial Automobiles Insurance Policy. According to data from the US Census Bureau, about 25% of the vehicles registered in the country are used at least partly for business. However, using a personal vehicle for business can be dangerous without the proper insurance. Here, readers can discover five ways that commercial auto coverage can protect employees, clients and business assets.

Protection From Personal Injury and Property Damage Caused by Workers

The financial effects of an accident can ruin a business, particularly where the owner is to blame. Liability coverage provides protection for businesses by paying the victim’s damages after an accident. It consists of two coverage types: property damage and bodily injury. However, it doesn’t cover the driver’s damages.

Protection From Vehicle Damage

A damaged vehicle can be more than a mere inconvenience, especially when the vehicle is used on a daily basis. Unlike liability coverage, comprehensive and collision insurance can pay for damage to a business vehicle regardless of whether it came from an external object, vandalism or theft.

Offsetting Medical Bills

Though most people aren’t concerned about it until it is already too late, the health consequences of an auto accident can be devastating. Medical payments insurance covers the driver and passengers’ medical expenses regardless of who caused the accident.

Protection From Uninsured Motorists

According to the IRC (Insurance Research Council, almost 13% of drivers have no auto insurance. Uninsured motorist coverage pays for damage to a vehicle when the other party has insufficient insurance or none at all. This coverage can include options that provide payment for lost wages, pain and suffering and medical bills.

Protection From Damage to Non-Listed Vehicles

Occasionally, a business owner might need to use a vehicle that isn’t listed on a policy. When an employee goes to pick up lunch, or when renting a car, having liability coverage can be very helpful in the event of an accident in a non-listed vehicle. Non-owned car insurance offers coverage for vehicles used for business purposes but not listed on the policy, and it provides the business owner with protection in the event of a lawsuit. Visit us website for help choosing the right Commercial Automobiles Insurance Policy for a business’ needs.

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