Who it is for: One of the larger segments of businesses that routinely gets commercial auto policies are those who contract for local, regional, or federal government that need it in order to satisfy the terms of their agreement with the agency they are contracting with. Another group that is well-served are people with their own fleet, however large that might be.
How it works: Commercial auto policies tend to be reasonably priced for what you receive. When you first get started with commercial auto insurance, you call your agent like you normally would to add vehicles or other insurance coverage. They will find out the number of people and the number of vehicles that you intend to have covered before providing you with a quote for different types of service options.
Different types of coverage in existence include:
Liability (bodily injury)
Medical / Personal Injury Protection
Major benefits: One of the major benefits of having a great commercial auto policy is that if there is a problem, the insurance will handle it and you will not need to worry about financial repercussions. Additionally, some executives have said that although many states allow you to self-insure your equipment and drivers, self-insurance can be a loaded dice if circumstances take a turn for the worse for your firm. They therefore use comprehensive commercial auto policies and work closely with their agents to try and qualify for commercial discounts and exclusions. There are also extras that cover your equipment like uninsured driver coverage- that will likely end up being less expensive for your firm to add with a third party than they would be to add in-house.