Types Of Commercial Auto Insurance You Should Know About
Commercial auto insurance is essential for businesses that use vehicles for operations, providing coverage for company-owned cars, trucks, vans, and other vehicles. Gibb Agency Insurance Services provides commercial auto insurance in Richardson, TX, Plano, Dallas, Allen, TX, Grapevine, TX, Frisco and surrounding areas.
These are key types of commercial auto insurance you should know about:
Liability Coverage
This is the foundation of commercial auto insurance. It covers bodily injury and property damage if your driver is at fault in an accident. This coverage is essential for protecting the business from costly lawsuits, medical expenses, and damage repair costs.
Physical Damage Coverage
This includes two types: comprehensive and collision coverage. Comprehensive coverage protects against non-collision-related incidents, such as theft, vandalism, or natural disasters. Collision coverage pays for repairs or replacement if the vehicle is damaged in an accident, regardless of fault.
Medical Payments Coverage (MedPay)
MedPay covers medical expenses for the driver and passengers in your company vehicle, regardless of who is at fault. This coverage can help pay for hospital bills, medications, and rehabilitation costs, ensuring that medical expenses are managed swiftly.
Uninsured/Underinsured Motorist Coverage
This coverage protects your business if one of your vehicles is involved in an accident with a driver who has little or no insurance. It helps cover medical expenses, vehicle damage, and other associated costs, providing a safety net if an accident is caused by an uninsured or underinsured driver.
Hired and Non-Owned Auto Insurance
This coverage applies when employees use their own vehicles or rented vehicles for business purposes. It protects your business in case of accidents in non-company-owned vehicles, preventing liability risks in scenarios where employees drive their personal cars on the job.
Loading and Unloading Coverage
Especially important for businesses that transport goods, this coverage protects against injuries or damage during the loading and unloading of cargo from the vehicle, minimizing potential legal and financial risks.
Each type of commercial auto insurance can be customized to meet the specific needs of your business, ensuring that your vehicles, drivers, and assets are well-protected. If you have any questions, please do not hesitate to call us.
