Commercial Auto Insurance
For standard and specialty industries the investment in vehicles is high, as are the risks. Whether using your own car to deliver pizza or managing a fleet of ambulances, good risk management and financial security means understanding the specific ins and outs of your particular business liabilities. The basic on-road accident statistics tell their own story: approximately 3 million people a year in the U.S. are injured in road accidents, and around 130,000 of those involve trucks. Out of all accidents, approximately 70% report property damage, and about 25% result in long-term injury. Medical costs, damaged equipment, lost cargo, unforeseen legal issues—accidents happen, and whether your employee is at fault or not, there will be costs needing coverage.
Minimum Requirements for Commercial Auto Insurance
Any business dealing with vehicles or transport in their daily work activity, knows that all states require Commercial Auto or Truck Insurance. That means your business should be at least minimally covered for the three entities generally liable for damages resulting from a motor vehicle accident:
- The driver of the vehicle is at fault
- The owner of the vehicle is at fault
- The business or organization that the vehicle was being used for
But is it enough?
Commercial Auto Insurance: One Size Does Not Fit All
Legally mandated state requirements are rarely enough, even for businesses that only need coverage for employees renting a car on a business trip. What if you are looking to cover damage to logging industry equipment such as skidders and loaders? What potential risks come up if you have to commandeer volunteers and vehicles for an emergency? Are you sure your demolition business has covered all the commercial general liability (CGL) gaps that might be associated with transport of potentially hazardous materials, contractor’s pollution, or other industry risks?
SP Business Insurance helps you with standard OR hard to place, industry-specific commercial coverage. Here are a few of the current Commercial Auto policy types we have recently written: