You most likely have a personal car insurance policy, but even if you do, this doesn’t cover vehicles used by your business. To ensure that these automobiles and vehicles are covered, you will need a commercial auto insurance policy. Whether you use the vehicles as a mode of transportation for employees, to move equipment or products, or any other use related to your business, you will need insurance. Traffic accidents, vandalism, or dangerous drivers on the road can happen to your vehicles, and you will want to make sure you’re covered. If you’re in Saginaw, Bay City, Midland, or anywhere in Michigan, Heritage Wise Group has the commercial auto insurance policy for your company.
What is Commercial Auto Insurance?
Whether vehicles are just a mode of transportation for your employees, or for your products or equipment, your business often depends on commercial automobiles. Commercial automobile insurance works in many of the same ways as a personal auto insurance policy, protecting your vehicle from weather, other drivers’ behaviors, or the many other risks on the roads. Heritage Wise Group may be able to cover collision damage costs, damage from covered natural disasters, medical payments, and more.
Some of the protections Heritage Wise Group can include in your commercial auto insurance policy include:
- Medical Payments
- Bodily Injury and Property Damage Liability
- Comprehensive Coverage
- Collision Coverage
- Uninsured/Underinsured Driver Coverage
- Automobile Liability
- Coverage for Employees Using Their Own Cars for Commercial Purpose
- Road Service
- Rental Reimbursement
- Coverage for Vehicles the Business Rents or Borrows
If the vehicle is owned by the business, make sure that the business is listed on the policy as the principal insured, rather than yourself.
Why Do I Need Commercial Auto Insurance?
Although it is similar to personal auto insurance in some senses, commercial vehicle insurance has some important distinctions in coverages, limits and eligibility. We never want to imagine an accident happening to our company’s vehicles or employees, but unfortunately, they do happen. Should disaster strike, and your commercial vehicle is uninsured, or underinsured, you could be on the hook for medical payments, property damage, or even lawsuits.
In case you’re wondering if your business needs commercial auto insurance or not, but if your business uses vehicles in any way related to your business operation, profession or business (other than commuting), the answer is almost always yes. Here are just a few examples of when you should look at purchasing a commercial auto policy:
- You use a pickup truck to carry equipment to job sites
- You have a van that delivers products to clients
- Your vehicle is used to conduct a service
- Your vehicle transports people for a fee
How Much Does Commercial Auto Insurance Cost?
The cost of your premium depends on a variety of factors. One of the most important factors is the level of liability limits you select. For example, the most common limits are a $1 million liability, $500 deductible for Comprehensive Coverage, and a $500 deductible for Collision Coverage. However, if you were to purchase higher limits, your premiums could be higher as well. Here are a few factors taken into account when determining premiums:
- Type of vehicle being insured
- Number of vehicles being insured
- Driving experience of driver(s) being insured
- Accident history of vehicle(s) and/or driver(s) being insured
- Location of vehicle being insured
- Typical radius of operation
- Equipment or products being handled
For a more accurate quote based on your business’ unique situation, contact Heritage Wise Group at (989) 781-3010!
Get a Free Commercial Auto Insurance Quote
If you are looking for commercial auto insurance in Saginaw, Bay City, Midland, or anywhere in the state of Michigan, contact Heritage Wise Group at (989) 781-3010 or fill out the form on this site today for a free business insurance quote!