Why You Need Insurance Now More Than Ever
Another key addition to a commercial auto policy is the ability to cover vehicles your business uses but doesn’t own. This includes rentals, leases and even vehicles driven by employees or executives. It is usually called non-owned auto insurance, and a specific policy will need to be written for it. Insurance For Recreational Vehicle
If you need
commercial car insurance for your business, a GEICO agent can help you
understand the requirements in your state and write a policy that fits your
needs. They can also advise you on additional options like leased or financed
vehicle coverage, rental reimbursement, towing and other coverages to help keep
your business moving.
Whether your
business is a general contractor with a fleet of work trucks, a bakery with
delivery vans, a service company that sends out repair technicians in the field
or a professional services firm such as an attorney, accountant or ad agency,
commercial auto insurance provides liability and physical damage protection for
vehicles you own or lease. The standard commercial auto policy covers the
vehicle itself as well as the drivers and passengers in it. The policy includes
mandatory bodily injury and property damage liability coverages with limits up
to $1 million, plus comprehensive and collision coverage for the owned vehicle.
Some states also require uninsured/underinsured motorists coverage and medical
payments (known as personal injury protection in some cities).
While most
companies that use vehicles for business have a dedicated commercial auto
policy, some may also need a commercial umbrella policy to extend their
liability limits. This is especially important if they have a significant
number of employees who drive personal vehicles for work-related reasons or if
any of their personal vehicles are used for business purposes.
Like a
personal auto policy, a commercial vehicle policy can include many optional
coverages to customize the protection offered. These might include auto loan or
lease gap coverage, rental reimbursement and new vehicle replacement cost
coverage. Typically, these optional coverages are a separate expense from the
premium, making them a cost-effective way to protect your vehicles and
operations.
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