Because every occupation is different, there in truth international relations and security network ’ t an overall modal cost of commercial car insurance. Cost depends on a number of factors, including how much coverage you need .
Factors that determine how much commercial auto insurance costs
Some of the factors that influence the price of business car policy include :
- Vehicle make, model and year
- Cost when new
- Gross vehicle weight, especially if the vehicle is a truck
- Driving records for all drivers
- What the vehicle is being used for or how it is being used (Is the vehicle just being used to travel to and from the office? Or to visit clients or job sites throughout the day? Or delivering supplies to various customers?)
- Claims history
- Coverage options, including limits and deductibles
- Number of commercial autos being insured
Do I need commercial auto insurance?
You need commercial car policy if you have vehicles that the clientele owns. You will besides need commercial car policy for any vehicles an employees owns, leases or rents, if they use those vehicles while conducting commercial enterprise .
As a business, you probably don ’ deoxythymidine monophosphate want to put your business at risk by being underinsured, such as opting for minimum car liability coverage. countrywide recommends at least $ 500,000 in indebtedness coverage per vehicle.
What is commercial auto insurance?
commercial car policy is a vehicle insurance policy which covers any injuries and damages that are caused by or to you or your employees, while in the scope of business, to covered vehicles, up to your policy limits.
What does commercial auto insurance cover?
A commercial car policy policy typically provides many of the same coverages as car insurance for individuals, including these coverage policies :
- Auto liability, which protects you and your company by paying for bodily injury or property damages you may become legally liable for as a result of a covered automobile accident.
- Uninsured and underinsured motorists coverage, which pays for medical expenses, loss of income and other damages owed to you, your employees (Expenses that are not covered by Workers Compensation) or your passengers when an accident is caused by an uninsured or underinsured motorist
- Medical payments, which pays medical expenses, up to your coverage limit, for you, your employees and your passengers arising from motor vehicle accidents – regardless of who is at fault.
- Collision coverage, which pays for damage to your vehicle from another vehicle whether you hit another vehicle or object, another vehicle hits you, or your vehicle rolls over – regardless of who is at fault (subject to deductible).
- Comprehensive coverage, which can help pay for damage to your vehicle from something other than another vehicle like vandalism, theft, weather events and accidents involving animals (subject to deductible).
- Rental reimbursement, which pays for a rental vehicle if your vehicle is in an accident.
A commercial car policy besides can include coverage for cars you borrow or economic rent, angstrom well as coverage for employees who use their cars for your business .
Learn more about commercial car coverage from Nationwide or find an agent to help you and your business stay protected .