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Your Companies Vehicles and Drivers are Protected with Commercial Insurance
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By: Arlette Measures
Benefits and Drawbacks of Maintaining Commercial Auto Insurance

Key Benefits of Maintaining Commercial Auto Insurance for your Business

• Worker’s Compensation Coverage - If an employee becomes injured and is unable to work as a result while driving an automobile for business purposes, worker’s compensation could assist by paying benefits.

• Coverage for Employees Using their Personal Vehicles for Business Purposes - While an employee’s personal coverage may cover the costs if they are involved in an accident, they may not carry sufficient coverage to pay for all of the damages. In this event, the financial liability often reverts back to the employer. A commercial policy with an added non-owner auto liability endorsement clause will help cover the financial damages in this instance.

• Hired Auto Physical Damage with Loss of Use Coverage - This will cover resulting damage to a leased or rented vehicles as well as contractual obligations to the leasing or rental company.

• Auto Loan or Lease Coverage - If a business vehicle is considered “totaled” following an accident and funds are still outstanding on the attached auto loan or lease, the auto policy covers the difference in the unpaid amount.

• Commercial insurance coverage will separate personal vehicle liability from that of the business, a commonly overlooked detail for many small to mid-sized organizations.

Potential Drawbacks

• Cost-Protecting your assets always makes good business sense, but insurance is expensive, and fitting adequate coverage into you budget can be challenging.

• Being under-insured-In an effort to cut your insurance costs, you could end up with inadequate coverage, leaving your business vulnerable.

• Being over-insured-Conversely, you could miscalculate your insurance requirements and end up paying for more insurance than your business really needs, or for a type of insurance your business does not need.

Solution: Any of the above scenarios can be avoided by doing your research and carefully assessing your true needs. Research is also important when choosing a business insurance provider; the right provider will help you determine exactly the type and amount of insurance your business requires. A trusted and reputable insurance company will not leave you underinsured, nor will they attempt to sell you more insurance than you really need.

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