Commercial Auto Insurance
A business that owns its own vehicles would need commercial auto insurance. Commercial auto insurance is a type of business insurance specifically for vehicles used for business purposes. Here are some ways in which a business benefits from getting insurance for its vehicles.
1. Fulfills Auto Insurance Requirements
Auto insurance is a requirement in most states. A person without auto insurance can get a ticket or lose their license if caught driving without insurance. The same rules apply to business vehicles. Any vehicle on the road, including business vehicles, must at least have liability insurance.
2. Protects the Business from Liability
Liability is when your business is accused of hurting someone or their property. If one of your business vehicles causes an accident, then the business is liable for any damages. With liability protection, your insurer will help pay the damages so the business doesn’t have to pay the entire expense. Without liability protection, your business could face a devastating lawsuit should you be unable to pay damages as awarded by the court.
3. Get Help with Repairs
When a business vehicle needs repairs, it costs the business time and money. You lose the income that would have been earned had the vehicle been in operation. And then you must pay the fees to get the vehicle repaired as soon as possible. Depending on your policy, it’s possible that your insurance will help pay for repairs.
Choosing Commercial Auto Insurance
Your commercial auto insurance needs depend on your business. How often the vehicles are driven, how far they’re driven, and what’s being transported will figure into your cost. Speak with your insurance agent to learn more about your commercial auto insurance options.