Have you ever heard of Commercial auto insurance policy? Who needs commercial auto insurance? How does it work?
Commercial auto insurance policy can give you coverage for your fleet of vehicles and drivers (for you and qualified employees) against injury, loss or damage to vehicles or cargo, in addition to damage to other property. In general, it offers convenient, unified billing, and a whole lot of optional coverage to meet your firm’s expectations and vehicle characteristics.
Who Needs Commercial Auto Insurance?
Commercial auto insurance can turn out to be extremely beneficial if you are the owner of a small-or-medium sized business firm as it gives you coverage on your firm’s vehicles, not just on one but an entire fleet. In addition, it protects your business against potentially devastating liability costs arising from an accident involving your vehicles.
How Does It Work?
Commercial Auto Insurance is normally offered with respect to the premium coverage’s like general liability or commercial packages. More often than not policies consist of multiple-vehicle and claim-free premium discounts, in addition to direct billing and other payment options. On the basis of your business, available coverage’s normally include bodily injury, property damage and medical payments.
Commercial Auto Insurance Policy Components:
Commercial auto insurance policy can sometimes be treated as six-in-one policy as it gives an impression of offering six separate policies at a time. While, some types of coverage are mandatory because of the state law, depending on where you live. Other types of coverage are optional. But one thing for sure, it’s your responsibility to analyze each one of them and comes to a decision how much you need. Always remember that each type of coverage has its own premium. Just add them up and you are bound to get the price of your auto insurance policy. Subtract the ones you are not interested and you will minimize the cost.
How do I read my auto insurance policy?
Always remember that policy is a legal contract so it can be little tricky at a first glance. But, if you are smart enough and know what you are looking for and where you are bound to get that information, then its easier to understand. Every insurance policy has three main components: Declaration page, insuring agreement and terms and conditions of the policy.
As a businessman, you require the same kind of insurance coverage for the car you use in your business as you do for a car you use personally. Whether you need to purchase a commercial auto insurance policy depends solely on the kind of driving you do. But make sure you know the difference between commercial auto insurance policy and personal auto policy.
It is advised that you make research through online, investigate a whole lot to find the best commercial auto insurance that suits you to meet your firm’s expectations.
Alexander Gordon is a writer for http://www.smallbusinessconsulting.com – The Small Business Consulting Community. Sign-up for the free success steps newsletter and get our booklet valued at $24.95 for free as a special bonus. The newsletter provides daily strategies on starting and significantly growing a business.
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