Commercial Auto Insurance

Protecting your company’s vehicles with business car insurance is extremely important for you’re the longevity of your company. Vehicles are one of the most important tools your business has. Whether you need the car to get to a job site, deliver products or just to get around town, they are vital to most businesses. Business car insurance can provide protection against legal expenses from medical or death that your vehicle caused, as well as property damage. 

 

Types of Commercial Auto Insurance Policies

• Split Limits- Generally, this is the most common type of auto insurance that is purchased on the personal lines side but not as common commercially. Split limits contain coverage for bodily injury per person, bodily injury per accident and property damage coverage. A common coverage level would be 100/300/100. That means $100,000 in coverage per person, $300,000 per accident and $100,000 in property damage. 

 

 

• Combined Single Limit: This is the simplest form of auto insurance as far as limits go, and the most common type used on commercial policies. CSL is a set number that the insurance company will pay combing both the bodily injury limits and property damage. For instance, if you carried $500,000 combined single limit then the most the policy would pay out per accident is $500,000 combining both bodily injury liability and property damage.

 

What's Included in a Business Auto Insurance Policy

• Bodily Injury Liability: This component of a car insurance policy is the most important component. Bodily injury liability insurance provides coverage for others that your vehicle has caused harm to. In particular, this component provides coverage to the other party that sustained an injury in an accident. 

 

• Physical Damage Liability: This component of the liability insurance provides coverage for physical damage you cause to property in an accident. 

 

• Collision Coverage: This component of an auto policy protects you, the insured and your vehicle from damage done during an auto collision. This coverage includes a deductible that must be paid before the insurance will be applied. 

 

• Comprehensive Coverage: This component is also referred to as “other than collision” which means this is for damage to your car for factors other than a collision. Types of claims that fall under this component of auto insurance would be theft, fire, damage caused by animals or other “acts of god.