Insuring your business vehicles is a necessity, and you can easily start shopping for commercial auto insurance that meets your needs today. These are special auto insurance policies that are designed specifically for vehicles that are owned by businesses and that are operated for commercial purposes. You may have a single business vehicle or an entire fleet of vehicles that need insurance, and there are several types of policies that you can purchase to meet your specific needs.
First, you should research your state's requirements regarding commercial coverage, and you should learn more about the requirements that your auto lender may have. Each state and lender has different coverage requirements and limits, and these should serve as minimum requirements for you. Some business owners may decide to purchase additional coverage for added protection.
There are several different types of auto coverage available for commercial vehicles. Liability coverage is available to pay for some or even all of the expenses for another party if you or your employees cause an accident. This may include the other party's vehicle repairs, property repairs or replacement and medical bills. Collision coverage is available to pay for repair or replacement costs for your own vehicles. Comprehensive insurance is a combination of both options, and it may also include components for personal injury, towing service and more. If these other components are not included, they typically can be added separately to the coverage if they are desired. You should be aware that coverage may be purchased for a single vehicle, or you may get a group policy that bundles coverage for your various drivers and vehicles together.
Because you may be required by law to purchase coverage for your commercial vehicles and because you may be required by your various auto lenders, you need to review your policies to ensure that they meet your needs and comply with coverage requirements. Coverage needs can change over time, and it may benefit you to update coverage soon.
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