What is Business Automobile Insurance?
Business Automobile Insurance covers vehicles owned by businesses. By law, anyone who owns a commercially registered vehicle that is used in business is required to purchase Business Automobile coverage.
What does Business Automobile Insurance cover?
A Business Automobile Insurance policy provides the following mandatory and optional coverages:
- Bodily Injury (mandatory)
- Property Liability (mandatory)
- Personal Injury Protection (mandatory)
- Uninsured Motorist Coverage (optional)
- Underinsured Motorist Coverage (optional)
- Wage Loss (optional)
- Death Benefits (optional)
- Funeral Expenses (optional)
- Alternative Care (optional)
- Collision coverage for the vehicle (optional)
- Other Than Collision coverage for the vehicle (optional)
If your business vehicle is financed, the financing company will usually require you to have Collision and Other Than Collision coverages. These coverages are generally written with a deductible, which is the amount you are responsible for should your vehicle be damaged in a covered loss. The insurance company will pay the remainder of the covered loss subject to the terms and conditions listed in your policy.
If you are an employer, you might want to consider Hired and Non-Owned Auto Insurance. This coverage protects you if an employee uses his or her own vehicle for your business or if you rent a vehicle while on a business trip.
If you have a commercially registered vehicle or use your automobile in business you should consult your insurance professional to determine if you need Business Automobile Coverage.
If you are an employee of the company and not the business owner, you do not need to buy commercial auto insurance.
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