Commercial Auto
If you own a business, you should have the same types of insurance coverage for your company vehicle as you would for a vehicle used for personal travel: liability, collision, comprehensive medical payments (also known as personal injury protection in some states), as well as uninsured motorist coverage. Many individuals use the same vehicle for their commute. If the vehicle is owned by the company, make sure the name of the company, not your name, is listed as the “principal insured” on the policy. This will help clear up any possible misunderstandings in the event that a claim is made against you or you need to create one.
Depending on the type of driving, you may need to purchase business auto insurance. A good insurance agent will go into the specifics of your business’s use of vehicles, the people who will be operating them, and whether or not any of your employees—should you have any—will likely be using their personal vehicles on company business.
While most coverages are the same, a business auto policy differs from a personal auto policy. You can request that your insurance agent explain all the differences and options.
Types of Car Insurance Coverages
- Liability Coverage
It protects you against the harm you may cause to people or their property. The cost of another person’s medical care or the expense to repair their vehicle or other property damaged in the collision may be covered by liability.
- Collision Coverage
It protects your car if you hit a stationary object, a moving vehicle, or both. Regardless of fault, collision coverage helps pay for the costs of repairing your car.
- Comprehensive Coverage
It protects your vehicle against risks besides liability and collision, such as theft, vandalism, fire, bad weather, etc.
Commercial Property Insurance
Commercial insurance is protection for companies and organizations. It is typically created to protect the company, its owners, and its employees. Commercial property insurance can come in a wide variety of forms, sizes, and hues because there are so many different kinds of companies, each with unique requirements and circumstances.
Types of Property coverages
- Buildings
- Other structures
- Business Personal Property
- Personal Property of Others
- Inventory & Stock
- Business Income
- Extra Expense
Commercial General Liability
Commercial General Liability is considered the “first line” of coverage that most businesses purchase. It covers many of the common risks that can occur in any type of business, such as bodily injury or property damage on the business premises or as a result of business operations, personal and advertising injury, and medical payments.
Business-related liability is typically excluded if you have a personal umbrella liability policy. Make sure your auto liability coverage is adequate.
Unfortunately, the likelihood of being sued has significantly increased over the past ten years, which is terrible news for all business owners. By providing financial protection in the event that your company is ever sued or found legally liable for some injury or damage, general liability insurance can stop a legal proceeding from turning into a financial catastrophe.
General liability covers the losses resulting from actual or alleged bodily injury, property damage, or personal injury sustained on your business property or as a result of your daily operations.
Types Of General Liability Coverages
Contract surety bonds are commonly used by the following people and organizations:
- Bodily Injury
- Personal Injury
- Property Damage
- Advertising Injury
- Damage to Premises Rented to You
- Products / Completed Operations
- Medical Payments
- Premises liability
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