How commercial auto insurance protects your business.
If you own a car, then you know that you need to secure car insurance. Well, the same goes for your business. If your company owns and operates vehicles, then you need to secure commercial auto insurance to protect your company cars and the employees that drive them. But what makes commercial auto insurance so different than personal policies? Here’s what you need to know about this form of business insurance in Detroit, Michigan.
Surprisingly, personal and commercial auto insurance is not that different. In fact, they essentially offer the same types of coverage. For instance, personal and commercial auto insurance will offer coverage for collision, comprehensive, and liability claims.
The main difference between these two forms of insurance is the amount of liability coverage that each offers. Because businesses have more assets and face a higher risk for liability lawsuits than individual drivers, commercial auto insurance policies have much higher liability coverage limits than personal policies. Additionally, commercial policies are also equipped to cover a wider array of vehicles, such as delivery vans, shipping trucks, as well as standard cars.
Please note that, because commercial auto insurance is designed to offer more liability coverage and also covers more vehicles and drivers, these policies are more expensive than the standard personal auto policy.
There is also a special form of commercial auto insurance designed to cover heavy-duty vehicles. Because heavy vehicles cause more damage in an accident than light vehicles, they need higher liability coverage limits. So, if your business owns things like minibusses, cement mixers, semi-trucks, tow-trucks, and so on, then talk with your commercial insurance provider to make sure you have the right amount of coverage.
This is what separates personal and commercial auto insurance. Do you need help securing this important type of business insurance in Detroit, Michigan? If so, then contact the experts at CIA Insurance and Risk Management. We are ready to assist you with all your commercial insurance needs today.
Post written by Mike Rutkowski, Advisor | Commercial Risk Management (CRM)
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