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Commercial auto insurance offers a wide range of policies for commercial vehicles, automobiles, trucks and other motor vehicles operated by your company. Collision coverage can be required when your vehicle is financed either through a loan from a bank or a lease. Collision coverage also pays for your property or personal injuries if you are hit by an uninsured motorist or, more commonly, an unknown driver. For businesses that drive on the roads regularly, it is recommended that collision coverage is not included in your policy.<br><br>visit: https://quotezebra.com/commercial-auto-insurance/
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Commercial Auto Insurance A must have coverage for your business!
What is commercial auto insurance? This policy provides coverage to any business owned vehicle. From a food truck selling tacos to a CEO's passenger car. Regardless of the purpose any business utilizing automobiles is required to have commercial auto insurance.
What are covered autos? Covered autos are the specified vehicles that insureds want to include in their commercial auto insurance. Business auto policy also specifies these covered auto designated symbols 1 -9 and 19 which are: 1. Any auto 2. All owned auto 3. Owned private passenger auto
4. Owned commercial vehicle auto 5. No-fault coverage for all owned autos6. Uninsured motorist coverage for all owned autos 7. Scheduled autos 8. Hired autos 9. Non-owned autos 19. Mobile equipment
Coverages commercial auto insurance provides • Accidental liability take cares of any expenses for accident caused by covered auto. • Repair cost pays for any damages caused to insured's covered autos and third-party damage costs in an accident. • Medical cost for bodily injuries caused by the covered auto is by this policy. • Uninsured motorists policy covers for bodily injuries and property damage causes regardless of who is at fault. • Defense cost Protects the company and its leadership from liability related to the management of the organization.
Physical damage covers for other damages caused to vehicle besides accidents. • Vehicle theft • Vandalism • Collision provided coverages for damages caused from a crash • Damage by weather events such as storm, hurricanes, floods etc.
Standard exclusion for commercial auto insurance • Contractual liability insurance • Workers compensation insurance • Employment practices liability insurance • Fellow employee injuries • Expected or intended injury • Handling of property
Contractual liability insurance Workers compensation insurance Employment practices liability insurance Fellow employee injuries Expected or intended injury Handling of property
Common endorsements for Commercial auto insurance Uninsured Motorist (UM) and Underinsured Motorist (UIM) coverage: pays for car repairs and medical bills incurred in an accident where the at-fault driver does not have car insurance. Rental reimbursement coverage: helps to cover the rental car costs temporarily while repairing the covered vehicle from the damages it incurred. Towing reimbursement coverage: helps to reimburse the cost of towing and minor roadside repairs.
Cost for Commercial auto insurance Factors determining the cost are: • Number of vehicles • Type on values of the covered vehicles • Claim history • Employee driving records • Policy deductible and limits • Drivers’ demographics and experience level
Commercial auto insurance is important even if you only have a small food truck business or a company with multiple vehicles.
