Commercial Auto Insurance
Commercial Auto Insurance Information
As a business owner, you need the same kinds of insurance coverages for the car you use in your business as you do for a car used for personal travel -- liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured motorists. In fact, many business people use the same vehicle for both business and pleasure. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the "principal insured" rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you.
Whether you need to buy a business auto insurance policy will depend on the kind of driving you do. A good insurance agent will ask you many details about how you use vehicles in your business, who will be driving them and whether employees, if you have them, are likely to be driving their own cars for your business.
While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects. Ask your insurance agent to explain all the differences and options.
If you use a vehicle for business purposes, you’ll likely need to secure a commercial auto insurance policy to ensure you’re properly protected. Iten Agency is here to help you identify your commercial auto insurance needs and get the right coverage today. Call us to learn more about your insurance options.
Common Questions for Commercial Auto Insurance:
What Is Commercial Auto Insurance?
Commercial auto insurance helps cover the insured company’s legal liability for an auto accident. The policy may help pay for property damage and bodily injury if a company employee or owner is involved in an accident while driving an insured company vehicle.
Do I Need Commercial Automobile Insurance?
Yes, if your business uses vehicles to conduct regular business activities in Florida, you must purchase a minimum amount of liability coverage that includes personal injury protection.
If you lease or finance vehicles, the lienholder requires full coverage insurance, which typically includes comprehensive and collision coverage and may also include GAP coverage.
What Does Commercial Auto Insurance Cover?
You must protect your company drivers and vehicles with the proper amount of insurance. These five items are helpful to keep in mind when making your coverage decisions:
Comprehensive coverage—Commercial auto insurance can give you complete protection for damages unrelated to an accident (e.g., losses related to theft, floods, vandalism and fires).
Liability coverage—Commercial auto insurance can offer a range of protection if you damage another person’s vehicle or property in an accident.
Medical payment and lawsuit coverage—Commercial auto insurance may offer protection for accident-related expenses and medical costs, lost wages and even legal fees if a lawsuit is filed against you.
Physical damage and collision protection—Commercial auto insurance may reimburse you for the costs of vehicle repairs you may need following a crash, regardless of who is at fault. Many policies may even cover uninsured and underinsured motorists, providing an extra layer of protection.
Optional add-ons for more protection—Commercial auto insurance policies may be tailored to include policy endorsements such as roadside assistance coverage, new vehicle replacement cost coverage, towing reimbursement, rental reimbursement and gap coverage for auto loans or leases.
How Much Does Commercial Auto Insurance Cost?
When you purchase auto coverage for your business, you can generally choose the type of coverage, deductible and limits you want for your company’s drivers. By having the appropriate coverage, you can have peace of mind knowing your drivers are protected if they have an accident or damage unrelated to a collision.
The cost of your business’s commercial auto insurance depends on several factors, including:
Number of vehicles
Vehicle type and value
Level of risk involved
Employee driving records
Get Covered Today
Whether your business owns one vehicle or a fleet, we can help you make the right choice for your commercial auto insurance. Call 954-680-0360 today to speak with an Iten Agency team member and find out more about what commercial auto policies may be available to you.