How To Protect Your Business With Commercial Auto Insurance

Protecting your business on the road shouldn’t be taken lightly. Commercial auto insurance provides additional coverage that may be eliminated from your personal auto insurance policy. Businesses choose commercial auto insurance because it offers comprehensive protection and peace of mind in the event you’re faced with uncovered liabilities from a major accident.

What is commercial auto insurance?

Protecting your business vehicles is essential, and commercial vehicle insurance can provide the coverage you need. From company cars to a range of trucks and other corporate transportation, this type of policy offers physical damage protection as well as liability coverages that go beyond what personal auto policies include.

How do I know if I need commercial auto insurance?

Commercial auto insurance serves to protect both the financial interest of the business and its employees. If employees drive a company-owned vehicle for business operations, it is important to know that personal automobile insurance policies do not usually cover vehicles used in business operations. Commercial auto insurance is designed to protect businesses against liabilities.

Businesses should consider commercial auto insurance if:
– They are paid to transport goods or people.
– They use their vehicle to offer a service.
– Their vehicle requires higher limits of liability.
– They haul tools or equipment using a trailer.
– The vehicle is in the name of the business and driven by employees.

What is covered by commercial vehicle insurance?

Commercial auto insurance safeguards your business’ vehicles and the people in them by covering liability damages, physical damage and loss due to collision, and medical expenses – even if accidents occur with a vehicle that is uninsured or underinsured. With a commercial auto policy, you can ensure that the business’ vehicles stay safe and covered regardless of if they are owned, leased, or hired cars. These policies also offer liability protection in the event of any bodily injury or property damages caused by their operation.

Who is covered to drive my commercial vehicle?

With a commercial auto policy, you can ensure that anyone driving for the company – including employees, family members, or other authorized individuals – will be covered in case of an unexpected incident on the road. Be sure to add any drivers who use vehicles regularly so they are fully protected!

What type of vehicles does a commercial auto insurance policy cover?

Commercial auto insurance is often associated with larger vehicles like box trucks, food trucks, work vans, and service utility trucks. However, regular vehicles – cars and trucks – may require commercial auto insurance when they are used for business purposes.

Is commercial auto insurance tax deductible?

Those who use their vehicle for business purposes may be able to capitalize on tax deductions with commercial auto insurance. Self-employed individuals can often deduct premiums from Schedule C, while employees may take advantage of Form 2106. For more details on claiming a deduction, it is recommended that you consult the IRS or an experienced accounting professional.

How do I purchase commercial auto insurance?

The insurance agents at Newman Tucker are qualified advisors who can help your business assess if it would benefit from commercial auto insurance. They will discuss how your vehicles are used, determine what business operations depend on vehicle use, and help you identify the right coverage for your business.

Some of the factors that the agent will discuss with you include your business size, number, and types of vehicles, current insurance, driving risk, and the cost of the vehicle. These factors will help your agent determine the right amount of coverage for your business.

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Give us a call at 859-441-2886 today, and we’ll make sure you have a quick, easy, and worthwhile experience.

This article first published on the Newman & Tucker Insurance blog.