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Auto Insurance for Business-Related Vehicles
Businesses that are looking for auto insurance coverage have two major types of coverage to work with. The first is known as Business Auto Insurance, the other is known as Commercial Auto Insurance. Although these seem like one and the same, there are slight yet significant differences between them and choosing the appropriate one is important. And it is especially important to know that your personal auto insurance is not the same as Business or Commercial Auto Insurance.
The best way to learn how the right auto insurance protects and benefits your business is by speaking with our Business Insurance Specialists. We offer our services and expertise freely in order to truly support your business. At AIS, we’re confident that our experienced Business Insurance team will help you understand your options when it comes to protecting your vehicles with Business or Commercial Auto Insurance.
Below is a brief description of what you need to know about each type of coverage.
Business Auto Insurance
You are a business owner who is passionate about what you do and you care about the people that help you build your business. If you use your personal vehicle for work-related duties that go beyond commuting to and from work, you should consider a Business Auto Insurance policy.
You may be an independent contractor, a farmer, a freelancer or a real estate agent, but whatever it is that you do to earn a living, you use your car to get the job done. If you use your vehicle for any business-related service or if you transport goods for you job, you may be eligible for Business Auto Insurance. At AIS, we offer Business Auto Insurance coverages that are designed specifically for self-employed people and small companies like yours.
If you’re uncertain about whether or not the work you do fits the criteria for this type of policy, just contact one of our Business Insurance Specialist who will be happy to go over your personal information and answer your questions.
Commercial Auto Insurance
Commercial Auto insurance is often divided into industry-specific categories, which allows the insurance companies to be more effective in offering coverage for the specific needs of your business.
Different from Business Auto Insurance where you may be insuring a personal vehicle that is also used for business purposes, Commercial Auto Insurance is best for you if you own a car or a fleet of vehicles that are exclusively used for business.
Additional Auto Insurance Coverage for Businesses
Sometimes you have to drive a car that is not your own while conducting business. Other times, you may have an employee run an errand for you. You may want to be covered in these work-related situations with the right type of auto insurance for your business.
The following are additional types of coverage that you may find useful in protecting you and your employees.
Single Deductible Endorsement
If you haul or tow any kind of trailer for business and damage the car, truck or van and the trailer, you have the option of paying a single deductible instead of multiple deductibles.
Individual Named Insured Endorsement
This coverage extends your business auto insurance to protect you when you are driving a car that is not yours.
Non-owned Vehicle Coverages
This is a collection of coverage that extends your business car insurance to protect you and your employees when driving in a vehicle that is not owned by the company.
This coverage extends your coverage onto a vehicle that you, or your employee, rent for work purposes. For example: your company needs to complete a construction job and you have your employee rent a truck in order to complete the job on time and want coverage extended to that rented vehicle. Another example: you send your employee out of state for work and you want to extend coverage onto the vehicle they are to rent for their business trip.
Down Time Rental
This is typically a great option for truckers. This type of coverage pays you an established amount to offset the loss of income do to not having an operating vehicle at your disposal should you not be able to have a rental. For example: Your truck is involved in an accident and you can’t get a temporary truck, therefore you’re not able to work causing you to miss out on $350 each day unless you have this type of Down Time Rental coverage.
This coverage covers your cargo— whether it’s Amazon boxes, cars, brinks, or other merchandise. You choose your coverage amount and your policy covers you for the specified amount in the case you suffer a cargo loss.
A Motor Carrier Permit (MCP) is filed directly with the DMV specifying the amount of coverage you need to hold to operate your vehicle, typically a truck.
Additional Insured Certificates
This certificate is for adding an additional insured party— not just an additional driver. The additional insured party can be anyone that seeks to be protected in the case of an accident, whether or not they drive the vehicle. Such can be the case with companies, affiliates, or any party who has a financial interest in your operations.
Whether you’re using your own car for work or you have a fleet to your business name, AIS can help you find the right auto coverage to suit your needs. Choosing a auto insurance policy for your business can be more difficult than buying an individual policy.Our licensed Business Insurance Specialists have the knowledge and experience to help fulfill the insurance needs of any size business.
Give our Business Insurance Specialists a call today to see how much money we can help you save while providing excellent coverage for your company’s auto insurance needs.