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2023-04-28
By: Advocate Brokerage
As your Insurance Advocate, we are here to be a part of your advisory team to help you protect your business from potential risks. If your business owns or operates vehicles, Business Automobile Insurance is obviously important. If you or one of your employees gets into an accident and causes damage or is considered at fault, you could be faced with paying for property damage, legal expenses, judgements or settlements. The financial impact could be detrimental, so it’s important to make sure you have adequate coverage in place.
Advocate Brokerage would be happy to put together a package for you that includes coverage for bodily injury, property damage, as well as physical damage to the vehicles themselves.
As specialists in the world of Commercial Insurance, we thought it might be helpful to share information as it applies to business automobile coverage so that you can be informed when it comes to putting such coverage in place. Below you will find a guide to the types of coverage we offer. Together we can discuss your needs and create a customized policy that suits the specific needs of your business.
If you or an employee is at fault for an accident and there is either property damage, or someone is injured, you will be held financially responsible. Putting a policy in place that offers adequate coverage in the event of Bodily Injury to a third party is important. Covered costs will include medical expenses, legal fees, loss of income, pain and suffering and funeral costs. In the event of an accident that causes property damage, you will want to be sure that you have coverage for Property Damage Liability. This would include coverage for: auto repair, replacing damaged property, legal fees, debris removal and loss of any income that occurs because of the accident.
If you as a business owner use your own personal vehicle for work, it is important that your business auto policy provides coverage for Hired & Non-Owned Automobiles. Hired Autos refers to any car that you hire, rent, or borrow. Adding this type of coverage means that if you or your employee drive a rental car, leased car, or borrowed car for work and get into an accident, any liability costs will be covered. Non-Owned Autos refers to personal vehicles that you or your employees drive for business. It provides additional liability protection should any bodily injury and or property damage occur after an accident.
If your company’s automobile is in an accident and the other driver either has no insurance or is underinsured, Uninsured & Underinsured Motorist Coverage is important. This type of coverage would pay for any damage to your vehicle as well as any injury that occurs to you or your employee.
Physical Damage Coverage protects your company cars from a variety of types of damage including vandalism, theft, fire and of course, collisions. This would include both collision coverage (damage caused by physical contact with another vehicle or object) as well as comprehensive coverage (damage from things like fire, theft, vandalism or weather events).
If you are a business owner and have a vehicle that is titled or leased in the company name, but is registered and insured under your personal name, it must conform by being insured on a Business Automobile Insurance Policy. If the vehicle is covered under a personal policy, the business will not have proper insurance coverage.
Whether your business owns a single vehicle or a fleet, we would love the opportunity to review your current business auto insurance coverage. Please give us a call, for a complimentary review or to have a conversation with us and ask any questions you may have about your current coverage.
