How Much Will Business/Commercial Insurance Cost?
The cost will vary depending on the insuring company you’re using and the specifics of the policy. The specifics fall into three common areas: general liability (which covers other persons property or personal injury), property covered owned by the policyholder, and the type of business. Each type of business has a cost of insurance that is based on the classification of that business. For example, a contractor’s insurance cost is based on the type of work the contractor does and the risk associated with that type of work.
Our agency can help you determine the best options for your business and will shop it to obtain the best possible price.
What Is Actually Covered by Business/Commercial Insurance?
Business insurance will generally cover a wide range of issues based on the policy type and the classification of business. The coverage normally covered under the policy is related to property damage, theft, lawsuits, liabilities, issues with employees, and other business expenses. The specifics may differ based on actual policies.
Our knowledgeable insurance agents can help identify the best coverage options for the type of business you operate as we have insured all types of businesses.
How Do I Submit a Claim If an Incident Occurs?
If an issue arises where you will need to file a claim on your policies to fund relief or repairs, you need to move as quickly as possible. The first step is to notify your agent if an incident occurs, even if you are not sure if a claim actually needs to be filed.
Your agent should guide you through the claims process, because the agents know the coverage the policy has and how it works for you. And our agency stays by our clients through every step of the process.
What does commercial auto insurance cover?
Commercial auto insurance helps cover the cost of accidents involving vehicles owned by your business. That includes medical bills, property damage, and legal expenses if you’re sued.
Some policies include protection against vehicle theft, vandalism, and other types of damage. You can choose to add different types of coverage to your policy, such as collision or comprehensive coverage.
Do I need commercial auto insurance for my personal vehicle?
Commercial auto insurance only covers vehicles owned by a business. However, your personal auto insurance policy likely excludes business use.
Hired and non-owned auto insurance is the appropriate policy for vehicles your business uses but does not own. This policy is not required by law.
Commercial auto vs. hired and non-owned auto insurance, what is the Difference?
Hired and non-owned auto insurance protects vehicles that your business uses but does not own. That includes your employees’ personal vehicles and vehicles leased by your business. Commercial auto insurance is required by law; hired and non-owned auto insurance is recommended but not required.
Hired and non-owned auto insurance (HNOA insurance) covers liability expenses for accidents involving vehicles that your business uses for work purposes but doesn’t own. This includes vehicles that your business rents, as well as your employees’ personal vehicles that are used for work errands.
For example, if your employee drives their car to drop off a business deposit at the bank and causes an accident, the other driver can sue your business for expenses related to the crash (e.g., medical treatment and vehicle repair damages). HNOA insurance can cover these costs.
Many companies rent trucks for deliveries or transporting passengers. If an accident should occur in one of these rented vehicles, HNOA insurance can cover those liability expenses, too.
Note: HNOA insurance doesn’t cover accidents that occur during commutes or personal errands during business hours. It also can’t pay for physical damages to the non-owned vehicle.
You can purchase HNOA insurance as a standalone policy or add it as a rider to your general liability insurance policy.
Commercial auto insurance covers automobiles, trucks, and other vehicles that your business owns.
Policies can cover:
• Auto liability if you damage another party's automobile
• Medical expenses for injuries sustained in a crash
• Physical damage caused by wrecks, theft, vandalism, and storms
• Uninsured motorists who cause accidents and don’t have coverage
If you drive a company vehicle to meet clients or transport equipment, raw materials, or products, you'll need commercial auto insurance coverage.
