There are many types of coverage included with commercial auto insurance, so it’s important to assess your needs and your budget:
If you own at least one company vehicle, it would be wise to carry collision coverage on it to prevent a significant financial loss. Even if you and damage valuable company equipment. If the other party does not have liability insurance, your company vehicle can still be repaired or replaced if you have uninsured motorist coverage.
Comprehensive coverage overs theft of your vehicle or damage by some event other than a collision.
Personal injury coverage will pay the medical expenses for a covered person who is injured in an accident while driving or riding in your automobile. This coverage option will protect employees from the high cost of medical expenses due to an accident.
Bodily Injury liability coverage will pay the medical expenses of anyone injured by your company vehicle, and defense expenses if the other party decides to sue.
Aside from the different types of commercial auto insurance coverage, it’s important to assess the amount of coverage you need. It can be impossible to predict the amount of damages that could be incurred in a single accident, especially if the other party proceeds with a lawsuit or has significant medical expenses. Ask yourself how much you could afford to pay in the event the damages exceed the limits of your insurance coverage. In general, more insurance coverage means less likelihood of out-of-pocket expenses.