Commercial auto insurance provides protection for your business assets such as automobiles, trucks, vans, trailers, etc., against loss due to fire, theft, collision, vandalism, and more. The coverage offered varies depending on the needs of your business. Some policies offer comprehensive coverage, others only provide limited coverage.
Comprehensive Coverage: This form of coverage pays for losses caused by an accident or incident involving your business assets. For example, if your truck is stolen, it is covered under this type of policy. Comprehensive coverage also covers damage from a natural disaster like a flood or earthquake.
Liability Insurance: Commercial auto insurance includes liability coverage that helps pay for damages in an accident you caused. That could include – Repair costs for the other person’s damaged vehicle or property. Legal expenses if you’re sued over the other driver’s injuries.
Collision Insurance: If your vehicle obtains damage from hitting another vehicle, collision insurance would pay for damages regardless of who is at fault.