Priority Insurance LLC Blog
A commercial auto policy accommodates a set of coverages. These cover vans, cars, trucks, and other vehicles being used by your business. It also protects you against lawsuits when auto-related accidents arise. Understand the basic components of this policy. It's important if you're thinking of getting auto insurance for your business. Get to know that there are three parts of commercial auto policy:
Physical Damage Insurance
It includes two coverages: collision and comprehensive insurance. Collision insurance helps to cover the repair or replacement cost of your car due to an accident. Who is at fault doesn't matter in situations such as your vehicle and another's have collided. If it's not due to a collision, it will be covered by comprehensive insurance. It supports payment to damages due to theft, blood, vandalism, earthquakes, or fire.
It helps to cover bodily injury to others. This includes medical bills and legal payments. Payment for the damage of property is also part of this coverage. Suppose you got hit by an uninsured or unidentified driver. In that case, this also covers the payment for your injuries and property damage. It also provides for expenses if the driver is underinsured or doesn't have enough liability to pay.
It provides for rental reimbursement, towing and labor, lease gap. And auto loan coverage.
Equipping Endorsements on Business Auto Policy
Aside from the coverages mentioned, customize your insurance with the following optional coverages:
Roadside Assistance and Breakdown
It handles situations arising not under your commercial auto policy. Like flat tires, dead batteries, or other mechanical failures.
It covers the rental car payment for your transportation after an accident.
New Vehicle Replacement
It replaces your vehicle that's beyond repair with a comparable one. It also covers the amount you owe beyond the actual cash value of your vehicle.
Understand the commercial auto policies and their coverages. It helps you get better with auto insurance. It is easier for you to compare and decide if you are knowledgeable in this area. This will help your business to not lose a large amount of money when accidents happen.
At Priority Insurance LLC, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (864) 297-9744 or Click Here to request a free quote.