Commercial auto insurance comes in all shapes and sizes. No two businesses are exactly the same and neither are their insurance needs.
Whether you are starting a new business, adding vehicles into the mix or just shopping for a new commercial auto policy, this blog should help you uncover what you need. This blog however is not the only resource available. If you would like further information on this topic or are looking for quotes then call 480-830-1800 to speak with a live agent.
Personal Vs Commercial Auto Insurance
Before we get into what is included in a commercial auto policy, lets take a look to see if you even need a commercial policy. Throughout the rest of this blog you will notice a lot of similarities between personal auto insurance coverage and the coverage within a commercial auto policy. Because this coverage can look very similar it is important to know which is best for you.
Scenarios that commercial auto insurance is likely needed:
- The business has a fleet of vehicles
- The vehicle(s) are owned by the business instead of an individual
- The vehicle is used for common business purposesCommon scenarios where personal insurance is enough:
- The vehicle is only used for commuting to work
- The vehicle is owned by an individual and is never or rarely used for business purposesThese common scenarios will give you an idea whether you need commercial auto insurance or whether your personal policy will suffice, but every situation is different so it is a good idea to learn more about commercial auto insurance to be sure.
Commercial Auto Insurance Basics
The first thing to understand about commercial auto insurance is what it covers. If you are familiar with personal auto insurance, then understanding this should be no problem for you. A commercial auto insurance policy has the same basic coverage as a personal auto policy and works similarly.
Take a look at the commercial auto coverage options:
- Comprehensive coverage
- Collision coverage
- Bodily injury liability
- Property damage coverage
- Uninsured/under insured motorists coverage
- Medical payments coverageNotice that the options are basically the same as a personal auto policy. The basics are simple, but what makes it different is the way you insure for a commercial auto policy.
Additional Commercial Auto Insurance Information
Basic coverage may be the only similarity between your commercial auto policy and the neighboring businesses. Each business needs a commercial auto policy for different reasons. One may need a it to cover their entire fleet, while others might just need it for their weekly deliveries. How you use your vehicles and what vehicles you have will ultimately shape your commercial auto policy.
You know the basics of commercial auto insurance but is that enough to fully protect your business? Like your personal auto insurance, there are ways to customize your policy by using endorsements.
Some endorsements you can add on to your policy include:
- Roadside assistance
- Loan or lease coverage
- Employer’s non-owned coverage
- Hired non owned coverage
- Towing coverageUse the way you use your vehicles to decide what additional endorsements you need. An insurance agent can help you decide what type of commercial auto policy is best for your business.
Which commercial auto insurance company is best?
Having a vehicle used within your business is a big investment. No matter how large your company is or how small it is, being able to replace a vehicle with your own cash on hand is not likely. This is why ensuring your commercial auto insurance policy is a right match for your business.
You already know that coverage and price are important. Most insurance companies can meet your coverage needs so finding the right company just means finding the cheapest quote right? Not quite. Finding the best company to fit your needs should be based on what your business needs.
How do you want your process to work? Do you prefer to have an agent close by? Do you want access to your insurance information online at any point in time? Are flexible payment options important to you? Would you prefer a company that can handle all of your business insurance needs so everything is handled at one place?
Insurance companies can offer you more than just commercial auto insurance quotes. Ask yourself what would present the best benefit to your business. Our agents can help you find a company that fits your needs or if you are unsure, can provide recommendations based on similar businesses and their knowledge of the companies. Give our agents a call so they can collect quotes from multiple companies for you and help you with your insurance needs. Call 480-830-1800 or contact an agent online.