Whether you have a fleet or one commercial vehicle, consider business auto insurance.
Add an extra layer of coverage to your auto policy.
A vehicle collision is never good news, but when it’s one of the cars or trucks owned by your business, the consequences are more complicated. Business auto insurance takes all the elements of normal auto coverage and adds on extra protection. This may include coverage for the following:
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Liability Coverage
Risk Factor
Being involved in a covered accident can result in legal exposures and damages, potentially leading to costly legal battles and financial liabilities.
Solution
Liability Coverage protects you from costs like legal liability, accident-related injuries, or accident-based damage in the event of a covered accident.
Bodily Injury Liability Coverage
Risk Factor
At-fault accidents can result in severe bodily harm to others, imposing a heavy financial burden due to medical expenses and potential legal costs.
Solution
Bodily Injury Liability Coverage can ease the financial strain by covering expenses related to bodily harm or death from an at-fault accident, typically including legal costs.
Property Damage Liability Coverage
Risk Factor
Unintentional damage to someone else's property caused by your vehicle can lead to significant repair costs and financial liability.
Solution
Property Damage Liability Coverage protects you by covering the costs if your vehicle unintentionally causes damage to another person's property.
Medical Payments Coverage
Risk Factor
Accidents can result in medical expenses for you and your passengers, regardless of who is at fault, leading to unexpected financial burdens.
Solution
Medical Payments Coverage helps pay for these medical expenses, providing financial relief after a covered accident.
Uninsured Motorist Coverage
Risk Factor
Injuries and property damage caused by uninsured or hit-and-run drivers can leave you without adequate compensation, leading to financial hardship.
Solution
Uninsured Motorist Coverage protects you from these risks, covering injuries and property damage, and often includes underinsured motorist coverage for cases where the at-fault driver's insurance is insufficient.
Comprehensive Physical Damage Coverage
Risk Factor
Non-collision incidents like theft, vandalism, flood, or fire can cause significant damage to your vehicle, resulting in expensive repairs or replacement.
Solution
Comprehensive Physical Damage Coverage compensates for such damages, offering financial protection against these non-collision risks.
Collision Coverage
Risk Factor
Collisions with other objects can cause extensive damage to your vehicle, leading to costly repairs.
Solution
Collision Coverage pays for the damage to your vehicle in the event of a collision, alleviating the financial impact of such incidents.
- Bodily Injuries
- Collisions
- Named Perils
- Property Damage
Higher liability coverage than auto insurance for individuals.
For example, when obtaining business auto insurance you may usually get much higher liability coverage to reflect the fact that a business typically has more assets at risk than an individual would. Additionally, you can get collision insurance. This type of coverage pays out for damage to your vehicles no matter who caused the collision—a protection that’s often a must if you lease or finance commercial vehicles.
Do your employees need coverage on their personal vehicles?
If your employees are using their own personal vehicles for business-related reasons and they get into an accident, your business might be held liable. With non-owned auto liability coverage, your business may be protected.
Essential for employees who use their own vehicles for work.
It’s also worth considering non-owned auto liability coverage, which is an add-on or a separate policy covering those instances when your employees drive their own personal cars or trucks as part of their work for your business. This type of protection may help reduce the risk of messy legal complications if they are injured or their vehicle is damaged while on the job.
Business auto insurance is essential for those that run a business. Contact us to learn more and to go over your specific needs and coverage options.
What does telematics insurance do?
Telematics, sometimes referred to as usage-based insurance, uses technology and devices to monitor driving and vehicle movements in real time. It is often used to measure mileage driven for an accurate picture of a vehicle’s activity. Additionally, it can be used to track behaviors, including hard braking, rapid acceleration, and speed. Behaviors that indicate a driver might be distracted can also be measured. Many companies are using telematics in relation to business auto insurance, fleet insurance, and logistics, but it is also popular for personal auto insurance policies, as well.
Why do commercial businesses use telematics?
In commercial industries, telematics helps fleet and logistic managers to predict and track vehicle maintenance, lower operational costs, and get insights into driving habits and patterns. These insights can help managers in various industries strategize driving safety improvements. In some instances, telematics software can also identify vehicle diagnostic and maintenance issues and track mileage and other engine data. Often, using telematics can result in premium savings if drivers have good habits. Moreover, identifying drivers who have unsafe habits allows companies to manage that risk more effectively by helping drivers understand how they drive.
Utilize factory-installed or mobile devices for tracking.
Some vehicles are now available with monitoring devices pre-installed during manufacturing. There are other options for those where this is not available, such as using a plugin device, a mobile app, or a Bluetooth beacon. Depending on the device, it may be able to track mileage, fuel consumption, time of day, or the GPS location of the driver.
Drivers can benefit from telematics, too.
While businesses may find telematics to be a useful tool for risk management, drivers can also reap rewards. By tracking their driving behaviors and activity, there’s less question as to whether or not they are safe drivers. Also, some programs allow drivers to receive incentives such as gift cards or other rewards for safe habits.
Simplify compliance with telematics insurance.
If you are subject to compliance regulations, employing telematics insurance may help you simplify that process. With real-time data available through technology, record-keeping can be made easier. Whether you need to track driving hours, routes, or vehicle maintenance, telematics insurance products could be available to suit your needs.
Are you interested in learning more about the benefits of business auto telematics insurance? Contact us to discuss your options.
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Business Auto Insurance Information
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