TWFG Services Commercial Auto Insurance – comprehensive and affordable
If you own a business, you likely will want to have insurance coverage for any vehicles you own or use in your business. Your basic business owner policy rarely, if ever, includes any vehicular coverage so a separate policy is usually in order. This policy should cover both liability insurance and coverage for property damage that could occur from an accident involving you or someone from your business.
If you have multiple vehicles, you can either create one plan to cover all or you may wish to have multiple plans depending on the coverage you need for different vehicles. Some key factors to consider when researching and selecting plans is how the vehicles are used; who drives them; are they owned, rented, or leased; and will employees ever use their own cars for business purposes. Understanding these factors will better enable you to select the appropriate strategy for coverage.
While your personal auto policy provides coverage for some business use of your vehicle, you will not have coverage if it is determined that the vehicle in question is used primarily for business. Also, if your business owns a vehicle, you must have business auto coverage. Finally, your personal auto policy may simply not have enough coverage to protect your business in the case of an accident or lawsuit.
In fact, when selecting your commercial auto coverage, it is recommended that you insure both the vehicles your business owns as well as any other autos that may be used for the business. In this manner, you provide the greatest protection to your overall business from liability when someone is driving a personal vehicle on business.
As a business owner, you are legally liable when you allow someone to drive one of your vehicles. If you fail to take reasonable steps to determine that the driver is qualified to drive or if you allow someone to drive whom you know has a poor driving record and that person causes an accident, you could be liable for negligent entrustment. Any damages awarded for negligent entrustment would be on top of liability for the accident itself.
With regard to liability coverage, many experts recommend a business auto coverage limit of $1,000,000, with $500,000 as the minimum. The higher limit does not add a great deal to the premium, considering the amount of additional protection it provides.
TWFG Services Commercial Auto Insurance – compare and save
As you can see, business auto insurance is complicated and highly dependent upon the size and style of your business. Your policy may be simple or you may need multiple policies to cover various scenarios. The best approach is to speak an expert with regard to your concerns and needs. At TPWG, we offer a full range of business auto policies and our staff is highly skilled at matching the best insurance products to your needs. Give us a call today to initiate the process.