How Does Commercial Auto Insurance Compensate You?

​A reliable insurance policy is a worthwhile investment for any business. There's no telling when disasters or any untoward incident may happen, and it's best to be prepared for such situations. 

Commercial auto insurance is one of the essential types of insurance in a business. If your business is the type that relies heavily on logistics, then it's best to have a policy ready in any case. 

What is Commercial Auto Insurance?
Commercial auto insurance is a policy that may cover automobiles used primarily for business operations and logistics. Aside from compensating for damages incurred in accidents, this policy may also cover incidents caused by insured vehicles. 

Additionally, this insurance may provide financial protection to your automobiles and employees, securing your business's logistics. This type of auto insurance often comes into types, each covering specific incidents. 

1. Property Damage Coverage 
   This type of commercial auto insurance may compensate for damages to property caused by your business automobile in the wake of an accident. 
   
   
2. Injury/Liability Coverage
   Conversely, injury coverage compensates for any injury or bodily damage caused by the business vehicle to others. 

What Does Commercial Auto Insurance Cover?
Insurance policies are one of the pioneer services in business, and over the years, policies and coverages have expanded due to the demand for more specific needs. 

Commercial auto insurance policies may differ in provisions and inclusions, usually depending on the needs of the insured party. The commonly available types of coverages are the following;

1. Medical Coverage
   This policy may cover medical and sometimes funeral expenses caused by an accident or any untoward incident involving the insured vehicle. Regardless of fault, occupants of the vehicle involved would be entitled to compensation. 
   
   
2. Personal Injury Coverage
   Similar to medical coverage, personal injury coverage may also entitle occupants of the business vehicle to compensation in light of an accident. It only differs in the provision, as personal injury coverage may compensate for medical bills and possible loss of income due to the incident's aftermath. 
   
   
3. Liability Coverage
   One of the more in-depth types of commercial auto insurance policies, liability coverage, may compensate for injuries and damages caused by the vehicle at fault. The policy may extend to mitigating the effects of the incident, going as far as covering possible legal fees if a lawsuit is involved. 
   
   
4. Comprehensive Coverage
   While most auto insurance policies emphasize accidents and injuries, many other incidents can cause damage to business vehicles. Comprehensive coverage may tackle incidents that are not natural accidents; it compensates for natural disasters, fire, exposure to elements, and vandalism. 
   
   
5. Collision Coverage
   Another incident-specific type of auto insurance, collision coverage, is just as its name suggests. This policy may pay for damages caused by collisions and accidents. 
   
   
6. Uninsured Motorist Coverage
   Commercial auto insurance has evolved many times to cover as much ground as possible regarding protection. The uninsured motorist coverage, a unique but useful policy, may compensate for damages caused by an uninsured or underinsured driver.
   
   
7. Rental Reimbursement Coverage
   Rental vehicles, when used for business, may also be insured. Rental reimbursement may cover any damage to a rental vehicle up to a certain payout limit. 

What Businesses Are Eligible?
Just like other business insurance policies, commercial auto insurance has requirements that a prospect must be able to meet in order to get coverage. Factors such as business size, types of vehicles, employees assigned to drive/operate the vehicle, and risks involved are considered in assessing a business for eligibility. 

At CSIS Insurance Services, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 501-2747. Get your free quote today by CLICKING HERE.

Disclaimer: The information presented in this blog is intended for informational purposes only and should not be considered as professional advice. It is crucial to consult with a qualified insurance agent or professional for personalized advice tailored to your specific circumstances. They can provide expert guidance and help you make informed decisions regarding your insurance needs.​