Commercial Auto Insurance Protects Small Business Owners
Those who use a vehicle for their business have a different exposure to risk than someone who only does personal driving. As a result, if you use your vehicle for your small business, a personal auto insurance policy is not enough. You may need a commercial auto insurance policy.
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What Does Commercial Auto Insurance Cover?
Commercial auto insurance provides similar coverage to personal auto insurance policies. These include:
- Collision Coverage: This coverage pays for damage to your vehicle if you hit another vehicle.
- Comprehensive Coverage: This coverage pays for damage to your vehicle caused by something other than a collision. Vandalism, weather-related damage and damage from an animal are covered under comprehensive coverage.
- Liability Coverage: Liability insurance pays for bodily injury and property damage if you’re responsible for an accident.
- Uninsured/Underinsured Motorist Coverage: This coverage pays for damages if your vehicle is hit by a driver with inadequate liability insurance.
- Additional Endorsements: You can customize your policy to fit your business’s needs by adding endorsements such as rental reimbursement, roadside assistance and personal injury protection coverage.
Do You Need Commercial Auto Insurance?
As its name suggests, commercial auto insurance covers vehicles used for commercial, rather than personal, driving. Generally, small business owners who use their vehicle to travel to work sites, meet with clients or transport tools need this coverage.
If you have a side gig that involves using your personal vehicle – whether it is for a meal delivery service, a grocery shopping service or ridesharing – your personal auto insurance policy does not provide adequate coverage. An auto insurance agent can help you find the best solution for your needs, whether that is a commercial policy or an add-on to your existing auto insurance.
What Does Commercial Auto Insurance Cost?
What you pay for commercial auto insurance depends on a range of factors such as your vehicle’s make and model, your driving record and where you live. For a standard commercial auto insurance policy on a passenger vehicle, you are likely to pay $60-$120 per month. If you have a specialty vehicle such as a tractor-trailer or a taxi, your monthly rate may be as low as $200 per month or as high as $3,000.
Commercial auto insurance can be a significant expense, and it may seem like skimping on coverage is a good way to save money. However, inadequate coverage could seriously impact your business’s financial stability. An auto insurance agent can help you weigh risks and determine the best level of coverage.
Finding Commercial Auto Insurance Coverage with Nevada Insurance Enrollment
At Nevada Insurance Enrollment, our auto insurance agents can help you find affordable commercial auto insurance coverage to meet the needs of your business. Contact us today to learn more about this coverage and for help with finding the right policy for you.
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DISCLAIMER: It is important to note that the information contained herein is made general for the purpose of explanation. You should consult your policy for exclusions or other language that may alter your policy.