Commercial Auto Insurance
Vehicles used in conducting business as opposed to strictly for personal use are typically insured under a commercial auto insurance policy, which protects the assets of a company from claims.
A Commercial Auto Insurance policy has different coverages that are designed to address particular needs of a business. Being aware of what type of insurance a business needs is important, and deciding whether your business even requires a commercial policy can be challenging. Feel free to check out some more information below about when commercial insurance is needed.
What does commercial vehicle insurance cover?
Both Commercial Vehicle Insurance policies and Personal Auto policies provide coverages for liability, collision, comprehensive, medical payments (or personal injury protection) and uninsured motorist exposures (sometimes underinsured motorist, too). However, a commercial auto insurance policy may be very different from your personal auto policy due to separate eligibility criteria, definitions, coverages, exclusions, and limits.
What are the coverages?
- Bodily injury liability coverage – provides for payment in case of bodily injury or death resulting from an accident for which you are at fault. This may also include legal defense expenses depending on the type of policy purchased.
- Property damage liability coverage – protects you in cases where your vehicle accidentally causes damage to another person’s vehicle. This may also include legal defense expenses depending on the type of policy purchased.
- Combined single limit (CSL) – Liability policies provide different maximum dollar amounts that the insurer will pay for different components of a claim. A combined single limit policy would state that the insurer will pay up to a certain dollar amount for the entire claim; it doesn’t matter whether all components of the claim are related to one person’s injuries, or whether there are three injured parties represented by the claim. The combined single limit maxes out at the stated dollar amount either way for that claim.
- Medical payments, no-fault or personal injury coverage – provides payment for any medical expense that may arise due to an employee or a passenger travelling in your vehicle, regardless of whose fault the accident was.
- Uninsured motorist coverage – provides payment for any medical expenses or in some cases property damage that may have been caused by a hit-and-run driver, or an uninsured driver. Underinsured motorist coverage (when the at-fault driver has insurance but not sufficient insurance to cover the damage caused) may also be included depending on the type of policy.
- Comprehensive physical damage coverage – provides payment for damage resulting from theft, vandalism, flood, fire, and other covered hazards.
- Collision coverage – provides payment for damage that may be caused due to being hit or hitting another object.
Why should I buy my auto insurance from ?
For our Commercial Auto Insurance products, we are partnering with GEICO which, like , is a subsidiary of Berkshire Hathaway Inc. GEICO has the financial strength to be there for you when you have a claim, as well as the experience, expertise and renowned service record to best help you. Just as important for our customers, GEICO has competitive rates. We believe their involvement will be invaluable to our Commercial Auto Insurance customers.