Business Auto Insurance Basics
Business auto insurance can cover a combination of vehicle types (trucks, cars) and drivers, as well as some types of motorized equipment. It provides for bodily injury liability and property damage while operating a company automobile, medical payments, or Personal Injury Protection (PIP) for the driver and passengers of the policyholder’s car. Injuries or damage to someone else are also covered.
Are you renting cars or are your employees using their own vehicles? This coverage provides business insurance coverage for certain liabilities arising from the use of a rented or leased vehicle (hired), or a non-owned vehicle (employee using their own vehicle on company business). Oftentimes this coverage can be added inexpensively to a business auto policy, or in some cases, a general liability policy.
Frequently Asked Questions about Business Automobile Insurance
Business automobile insurance protects your business against losses from physical damage or destruction of cars, trucks, vans, and other vehicles you use in the conduct of business. This insurance may cover vehicles owned by your company as well as those owned by employees.
Commercial auto liability insurance covers bodily injury and property damage to others while operating a company owned vehicle. It is sometimes referred to as commercial auto coverage.
Physical damage insurance covers the cost of repairing or replacing a damaged vehicle, whether it's wrecked in an accident or stolen and not recovered. Physical damage coverage may be optional in some states.
Through your business automobile policy, you can purchase physical damage protection on vehicles and liability coverages that protect you were someone is injured in an accident involving one of your company's cars. Liability coverages may also protect you if the property of others is damaged while in your car. Your insurance company will pay for repair or replacement of your damaged vehicle, as well as for medical expenses and lost wages that you're legally liable to pay because someone was injured in a car belonging to your business.
You will pay much less in premiums if you have the higher limits of coverage available with business automobile coverage available for your business vehicles. You can also build a cash value on the vehicle when you buy physical damage insurance for it through a business auto policy. This allows you to make a down payment or pay off the loan with part of the proceeds if replacement is necessary. And it's easy because the voluntary deductible applies only to vehicles listed in your policy.
Premises-operating policy: Why is a premises-operating policy better than an auto policy. Yes, if the vehicle doesn't belong to your business, but instead to an employee or non-owned auto coverage can be provided in some states subject to certain restrictions.
Business auto insurance provides coverage for vehicles you use in your business. It's not limited to personally owned vehicles, but the vehicle must be used in a business or commercial activity. If there's no connection to your company, personal policies apply. For example, if you borrow or rent a car for business use, you may be covered by both personal and business automobile policies.
Non-owned auto coverage pays losses on vehicles you don't own that are owned by others who are covered under your policy. A typical example is a teen driver home on spring break driving his or her friend's car, which is also covered under your policy. If the teen driver has an accident, it may be covered by both personal and business coverage.
You can add one or more people to your basic business auto policy. Each must have a "direct interest" in the insured vehicle. Possibilities include:
Owners or partners in a business, plus any employees who drive vehicles owned by the business. Directors and officers of corporations. Any individual with an insurable interest in your insured cars, trucks, or vans (such as a spouse living in the household).
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Business Auto Insurance Programs
At Oyer, Macoviak and Associates we have specific tailored insurance programs for the following types of business’s which can save the business owner up to 30%
* Floor Installation
* General Contractors
* Heating and Air Conditioning Contractors
* Real Estate Agents
* Restaurant and Food Service
* Retail Insurance
Insurance policies for privately owned vehicles may not cover damage to your privately owned car or truck when it is used for business, even home cosmetics, jewelry sales or a pizza delivery business. Every business is unique – talk to Oyer, Macoviak and Associates today to find out how to get the best Business auto insurance, service, price and value. Give Oyer, Macoviak and Associates a call for a business auto quote at 561-732-9305 or request online.