Commercial auto insurance policies provide both liability and physical coverage for trucks, cars, and other types of vehicles used for business purposes. This type of policy covers medical expenses, repairs, and legal fees not included in personal auto insurance. Understanding the extent and importance of such policies is vital for small to medium-sized business owners seeking financial protection.
In this blog, we’ll discuss the extent of coverage for a commercial auto insurance policy.
Similar to personal auto insurance, commercial policies are of several types and include the following:
Business owners can also benefit from several specialized coverages not offered by personal policies. These include:
The primary difference between the two is that the former is used for business purposes whereas the later covers personal usage. However, there are a couple of other nuances that set both policies apart. Commercial auto policies come with greater liability limits, are tax-deductible, can be employee-specific or all-encompassing, and include extra features.
All businesses that have vehicles need auto insurance policies. However, if you operate a vehicle that exceeds 10,000 pounds or is equipped with work-related modifications, a standard auto insurance policy won’t cut it.
Driving to and coming back from work is covered by a standard auto policy. But if you’re also using your car for transporting goods, equipment, or people, you may need a commercial auto policy to prepare you for worst-case scenarios.
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