Automobile
Automobile Insurance covers the insured against financial loss from automobile-related claims. Claims include injuries to others (Bodily Injury) or damage to their property by an auto (Property Damage).
Hired/Non-Owned Auto
Even if a firm does not have any actual automobiles insured under the company name, there are owners and employees that drive their own car during the course of business. This creates a “Non-Owned” auto exposure for the firm. If any owners or employees rent vehicles for work, this creates a “Hired” auto exposure for the firm. So, even if a firm does not have any autos under the company name, they still have a “Hired/Non-Owned” Auto exposure that can be covered under its own policy. These policies can range in price from $250 to $2,500 depending on the type of business and exposures.
Commercial Auto Coverages
When firms do have vehicles owned under the company name, then Commercial Auto policies are available.
There are multiple coverages under a Commercial Auto policy that must be considered:
- Description of Covered Autos (symbols)
- Liability Coverage & Exclusions
- Physical Damage (Comp & Collision vs. Specified Peril)
- Uninsured / Underinsured Motorist
- Med Pay / PIP
- Towing
- Additional Insureds & Loss Payees
- Hired/non-Owned coverage
- Other Coverage Endorsements (drive other car, rental physical damage, etc…)
Once the appropriate policy and coverages are selected, firms need to have some form of an Auto Safety & Maintenance Plan in place. These plans help reduce accidents, which in turn keeps employees safe and reduces insurance costs.
Feel free to Contact Us today for help in developing an Auto Safety Plan or reducing your insurance premiums.
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