Commercial Auto
Even while the revenue generated by your company’s commercial cars might not be the primary source of that company’s income, it is still in your best interest as a business owner to make sure that those vehicles are properly insured. There is a difference between the insurance coverage for a single-owner car and that for commercial vehicles. In addition to the high expense of insuring a large number of vehicles, accidents or claims can have an effect on your company in a variety of different contexts. Making certain that your commercial auto insurance policy provides comprehensive coverage is a straightforward step you can take to safeguard your company. You will require commercial auto insurance if your firm has any automobiles, trucks, vans, tankers, or trailers in addition to any other types of commercial vehicles that are not covered by your personal auto policy. This type of insurance policy is typically referred to as fleet insurance or truck insurance amongst the public. What you transport, where you pick up your cargo from and where you leave them off, as well as whether you are hauling across state lines, within the same state, or worldwide all play arole in determining your level of commercial auto liability.
If your company owns, rents, or leases automobiles or trucks, here is a fast check to see if you will need to purchase commercial auto insurance:
- Your company has employees that use company vehicles.
- You have staff members who are authorized to drive a corporate vehicle.
- You have staff members who use their own vehicles for work-related errands.
- You have employees who own business automobiles, lease corporate vehicles, or rent company vehicles.
Commercial Auto Insurance covers what vehicles?
Is my trailer covered by my business vehicle policy?
This coverage will be customized for the vehicles that you use for your business based on the vehicle’s size class, which is determined by the gross vehicle weight (GVW), use class, which is determined by the manner in which it is used, radius class and zone rating, which is determined by the distance and zones it travels, age of the vehicle, actual cost or replacement value of the vehicle, and deductible.
This insurance plan will cover comprehensive, collision, personal injury, and property damage for the type of trailer you have. Standard coverage and trailer adaptable coverage are the two varieties of coverage available (this will cover any trailers you might haul regardless of which Vehicle Identification Number is registered with your insurance). The following is a list of popular examples of trailers that are covered under this policy:
Auto Hauler Trailer
Flatbed Trailer
Dry Freight Trailer
Utility Trailer
Tank Trailer
Other types of commercial trailers might include variations of the following:
- Bulk commodity trailer
- Concession trailer
- Dry freight trailer
- Dump body trailer or transfer box
- Pole trailer
- Refrigerated dry fright trailer
What exactly is Cargo Insurance, and what does it cover?
Cargo insurance is a means of safeguarding cargo against loss or damage due to natural causes. In truth, cargo insurance protects the value of products during air, sea, and land transportation from potential damages. There are hazards involved with moving commodities over the world. In the absence of any assurance that damage or loss will not occur, these risks are reduced by insurance coverage.
Cargos are of two types: hazmat and non-hazmat.
Hazmat includes:
a) Explosives.
b) Combustible solids.
c) Oxidizers.
d) Corrosives.
e) Radioactive materials.
f) Flammable gases and liquids.
Non-Hazmat includes:
a) Industry materials – ash, sludges, antifreeze, grinding dusts, liquid contaminated with non-hazardous chemicals.
b) Medical waste – plastics, glass, copper, aluminum, gold, recycle electronic devices, and non- hazardous parts.
c) Non-RCRA (Resource Conservative and Recovery Act) hazardous waste.
d) Dry goods – edibles, clothing (silk, cotton, polyester, etc.), packaged goods, non-combustibles, non-flammable, vehicles, and other similar items.
Choosing Commercial Auto Insurance requires consideration of the following factors:
A list of possible inclusions in a commercial auto insurance policy:
- Liability
- Medical Payments insurance
- Comprehensive and Collision
- Emergency Roadside Assistance
What comes under Commercial Auto InsuranceLiability?
Typically, bodily injury, property damage, and pollution cleanup are the three categories of damages that are compensated for by commercial auto liability insurance in the event of an accident involving a vehicle that is insured. This coverage safeguards your company in the event that you or one of your workers is found to be at fault for an accident that results in injury or property damage to a third party while operating a motor vehicle. The majority of states mandate that drivers must carry some level of liability insurance on their registered vehicles.
Medical PaymentsInsurance:
Collision insurance pays for repairs to your vehicle if it is damaged in a crash with another object (such a telephone pole, guard rail, mailbox, or another similar item) or if it rolls over. Your deductible will be deducted from the amount that the collision coverage pays to repair your vehicle if you are involved in an accident. Moreover, collision insurance will pay for repairs to any damage caused by potholes.
Comprehensive coverage, as opposed to collision coverage, covers for damage to your car caused by “disasters other than wrecks.” very few exclusions apply to comprehensive coverage. Participation in wildland firefighting, Natural disasters can take many forms and some of the more common ones are earthquakes, floods, hurricanes, tornadoes, and volcanic eruptions.
