When an accident occurs, you expect your commercial auto insurance to cover the losses. In most cases, it will do so. This type of insurance product usually covers most risks. This includes damage to the vehicle. It also includes medical bills and injuries for your driver. The policy will usually cover your passengers as well. It is important to know what exclusions apply to your policy.
Perhaps your driver has a second worker in the vehicle with him or her. They travel to their destination. Along the way, the driver causes an accident, injuring themselves. The passenger employee suffers an injury. Another driver in another car suffers an injury. Do you have enough coverage for these losses? This depends on the type of coverage you have.
What Does Commercial Auto Insurance Cover?
Most standard commercial auto insurance policies will cover losses related to the vehicle. They have a liability component to them as well. Key types of coverage most policies offer might include the following:
- The damage to your car, truck, or vehicle
- Property damage liability, protecting other drivers' vehicles if your driver causes the damage
- Bodily injury liability coverage for other people, including those your driver hurts
- Personal injury to the driver
- Personal injury to the vehicle owner
- Personal injury coverage for any passengers in the vehicle
- Medical payments will cover the cost of anyone involved's medical care. This includes treatment, hospitalization, or funeral expenses.
Policies differ. In most cases, you will need to request specific collision coverage for your vehicle damage. Some insurance policies have exclusions. These are specific types of claims not covered under the policy. It is important for you to know what these may be.
Do You Have Enough Coverage?
It is also important for business owners to understand the limits of their policies. Most commercial auto insurance policies have a per incident and overall limit. This information is essential. Imagine the scenario above. A single accident like this can amount to thousands of dollars in losses for a small accident. Larger incidents, including those with loss of life, can amount to millions. Work with your business insurance agent to learn how much coverage you have. Determine how much more you may need.
Discuss the way you operate your vehicle with your agent at 512-989-6006 or 844-524-4744. The commercial auto insurance policy you have needs to represent your risks. This includes how many people are in your vehicles daily. Discuss this information with your agent to modify your policy.
Also Read: The Line Between Commercial and Personal Auto Insurance is Thin