Commercial Auto Insurance
Commercial Auto Insurance Information
If your business purchases a vehicle—or a fleet of vehicles—for your company, or if you allow your employees to drive their vehicles on your behalf, your business could be liable if there was an accident involving those vehicles.
Commercial auto insurance is for businesses that use vehicles and drivers on behalf of their companies.
Do I Need Commercial Auto Insurance?
In general, if you use vehicles for business use, you likely need a commercial auto policy. Here are some scenarios that may warrant purchasing a commercial auto policy:
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Vehicles owned, hired, or rented by a business
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Employees who drive their vehicles for business-related errands
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Company vehicles provided to employees for commercial and private use
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Certain personal vehicles that qualify as commercial due to their weight or size
In addition, Virginia state law requires all companies to have commercial auto policies with a minimum of liability coverage. We can help you obtain the amount of coverage your business vehicles are required to have.
What Coverage Can Be Included In a Commercial Auto Policy?
As a business owner, you need the same types of coverage for your company vehicles as you use for your personal ones. However, commercial auto policies can differ from individual auto policies in some technical respects. We can help explain all the differences and options.
Commercial auto insurance can include a variety of coverages, including:
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Liability insurance—This coverage helps pay for the damage you do to others (like other drivers) who weren’t in the car with you when an accident is your fault.
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Bodily injury liability coverage—This can helppay for third-party medical bills and sometimes for death benefits.
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Property damage liability coverage—This can help pay for damage to the other party’s property.
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Hired/non-owned auto liability insurance—This liability coverage extends to vehicles not owned by yourcompany but used for business purposes. These may include employees’ cars or vehicles that you rent or hire to use temporarily.
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Collision insurance—This coverage helps cover damage to your vehicle that you sustained in an accident.
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Comprehensive insurance—This coverage helps pay for damage from non-accident mishaps, such as weather damage, fires, theft, vandalism or similar accidents.
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Medical payments/personal injury protection—If you are injured in an accident, this coverage can help pay for your medical bills. Sometimes, it may also cover other losses, such as lost income.
Additional policies and endorsements may be available to you for your commercial auto insurance. We can determine if you have other options to expand your coverage even further.
Is Commercial Auto Insurance Expensive?
Your employees’ driving records, the number of accidents, and your policy’s coverage limits and deductibles affect commercial auto insurance costs.
Other various factors can affect the cost of your commercial auto insurance, including:
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Your business industry’s risks
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The number of vehicles insured
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Vehicle type and value
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Your employees’ driving records
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Level of risk involved
How We Can Help
Our agents at Transworld Insurance Group can help you obtain commercial auto insurance suited to your business’s needs. Call us today at 703-591-6668 for your estimate.
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