What You Should Know About Tips This Year

April 11, 2018 | By s3m4ng4t | 0 Comments

Information about Commercial Auto Insurance

If you are a business owner you would want your business to be protected from risks. Business vehicles that causes an accident can put a business under a lawsuit from the people injured in the accident. This is why your need commercial auto insurance. Business owners looking to purchase business insurance should consider the items listed below.

Whatever the size of the vehicle or the purpose of owning it, it should be titled in the name of the business on your commercial auto coverage If you business vehicle is at fault during the accident, then the business, under whose name the title is, can be filed a lawsuit. The entire business then is brought in a legal proceeding. If you don’t want issues related to the validity of your insurance coverage, then you should not put any other title on it except your business name.

There are different liability limits offered by insurance company from the basic limits to the high insurance limits which amounts to millions of dollars. Your business can lose plenty of assets if your insurance coverage is basic only, if an accident caused by one of your vehicles leads to the death and injury of many. If you want to void this situation, then you should take the high insurance limit especially if your vehicles face high risks of accidents.

Each commercial vehicle has a correct classification and if you don’t classify your vehicles properly then your insurance coverage can be voided. This is very crucial since improper classification can deem your insurance policy without value and your business will have to pay for all the damages if your vehicle gets involved in an at fault accident. Classification can be different even if the type of vehicle is similar For example, if an electrician uses a truck, it is not classified in the same category as a truck used as a dump truck. The premium amount is not the same for different classifications of vehicles even if they are of the same type.

If you have vehicles under your business, then you need to get commercial auto insurance coverage. Limousine services, food services, delivery services, and other types of vehicles are examples of automobiles used for business.

Depending on the kind of business you have you can get basic auto liability or high auto liability. If your vehicle gets in an accident caused by an uninsured motorist and your employees riding the vehicle gets injured, then the insurance company pays the uninsured motorist coverage. There are also other coverage required based on the kind of business that you have.

They also offer optional commercial vehicle coverage which include physical damage coverage which will pay for damage to your insured vehicle if it is caused by certain risks including fir, theft, flood, etc. They will also pay for damages when the vehicle is damaged in an accident involving another vehicle or a non moving object like a wall, telephone pole, and others.

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