Business Auto Insurance

Here are some items to consider when purchasing Business Auto Insurance

Liability Coverage

Is the most important aspect of Business Auto Insurance. This coverage part includes Property Damage & Bodily Injury Coverage. As a business owner, you need to make sure you have adequate limits since you may have employees operating your vehicles daily. Most carriers have a minimum combined single limit of $300,000 for Liability Coverage. This means in the event of a loss the total maximum amount paid for Property & Bodily Injury will be up to the combined single limit. Therefore, we typically recommend a 1,000,000-combined single limit.

Uninsured/Uninsured Liability Coverage

Most states require this coverage as well. However, this is a benefit, as it will provide protection to your business if someone hits you and does not have insurance, or not enough coverage. This also protects from “Hit and Run” incidents. In most cases, the coverage limits match your combined single limit for Property Damage & Bodily Injury Coverage. Another key point; claims filed under this coverage will not increase your insurance premium.

Comprehensive & Collision Coverage

Comprehensive Coverage provides payment to you if damage is caused by the following: Fire, Vandalism, Theft, Weather, Animal Contact, and Glass Breakage. These claims will also not raise the cost of your insurance. Collision Coverage provides payment for your car damages resulting from an accident caused by you. Unfortunately, these claims are considered “at-fault” and could possibly raise your insurance premiums.

Optional Endorsements

Many additional endorsements can be added to a Business Auto Insurance program. A few of the most important ones are: Hired & Non-Owned, Drive Other Car, Rental, Towing, Loss of Income, Transfer of Rights of Recovery, and many more. The point here is to have an insurance agent that can help you make the right choices for your business.