Commercial Automotive Insurance
Business Automobile coverage is for any vehicle owned by a business or any pick-up truck or van owned by a sole proprietor and used for business. The liability limit is a combined single limit for all bodily injury and property damage caused to another person. There is no “per person or per accident” limit within the overall limit. Coverage for damage to your own vehicles would be comp & collision. Comp and collision can be written with deductibles $250, $500 or $1,000. The higher the deductible the lower the cost.
Non-owned & Hired auto coverage is for when you have employees that are using their own vehicles in your business, or you need to hire an additional vehicle. This is a liability only coverage. However comp and collision can be purchased for an additional cost. If the only vehicle you own is titled to your corporation, you also need Broad Form Drive Other Car insurance (BFDOC). Please feel free to ask about this coverage.
This is a brief overview of some key elements of Business Auto coverage. It is not intended to be a comprehensive analysis. You should always read your policy for complete descriptions of coverage’s and limits as well as conditions and exclusions and ask your agent if you have any questions.