1. Commercial Auto Insurance: This is a comprehensive insurance policy designed for commercial vehicles, covering damages or injuries caused to the vehicle, passengers, or third parties in the event of an accident.
2. General Liability Insurance: General liability insurance protects the business from third-party claims related to bodily injury, property damage, or advertising injury arising from the operation of the commercial vehicle.
3. Cargo Insurance: If your commercial vehicle transports goods or merchandise, cargo insurance provides coverage for the loss or damage to the cargo during transportation.
4. Physical Damage Coverage: Physical damage coverage includes collision and comprehensive insurance. Collision insurance covers damages to the insured commercial vehicle in case of an accident, regardless of who is at fault. Comprehensive insurance covers damage caused by events other than collisions, such as theft, vandalism, or natural disasters.
5. Umbrella Insurance: Umbrella insurance provides additional liability coverage over and above the limits of primary insurance policies, such as commercial auto and general liability, offering broader protection for the business.
6. Workers' Compensation Insurance: If you have employees who drive company vehicles, workers' compensation insurance is crucial for covering medical costs, lost wages, and other benefits related to work-related injuries or illnesses.
7. Non-Owned and Hired Auto Liability Insurance: This type of insurance covers liability for damages caused by vehicles that the business rents, leases, or borrows from others.
It's advisable to consult with an insurance professional to conduct a thorough risk assessment and determine the best insurance coverage package that suits your commercial vehicle needs. They can help you understand the various coverage options, limits, deductibles, and endorsements that might be appropriate for your business and ensure you have the right protection.
