There are several types of commercial auto insurance including Liability, Collision, Uninsured, Personal Insurance Protection, and Gap Insurance.
The most common type of commercial auto insurance is Liability Coverage. Most states in the US require liability auto insurance. Liability covers you personally when you are liable for damaging someone’s car or causing injury to a person.
Collision is another form of commercial auto insurance. Collision insurance will cover the damage that is done to the policyholder’s car as long as the policyholder is at fault. If another party wrecks your car, their liability pays for repairs.
Uninsured and Underinsured coverage is required by most states and will cover you if the other party is liable and they do not have coverage. Recent statistics indicate that one in eight motorists does not have car insurance.
Personal Injury Protection covers medical bills and lost wages regardless of the party at fault. This is a great benefit to offer your employees when they do a lot of driving.
Gap Insurance will cover the difference of what the car is worth and what you owe as the lessee. Gap Commercial Auto Insurance is very important for companies who provide leased autos for their employees to drive. What kind of damages would you incur if an employee totaled a car, van or truck in your fleet?
Commercial auto insurance is a must for any business that uses a vehicle for the owner and especially their employees. Do you want to put your business at risk if you or one of your employees has an accident and hurts somebody? Get a quote today by clicking above.
The Swine Flu pandemic of 2009 was one example of a crisis that not only caused global concern on a personal level, as individuals strove to protect their health, but also posed problems to businesses without crisis coverage or pandemic provisions, as sickness took a toll on staffing. By the first quarter of 2010, over 59 million Americans had been infected, and 265,000 were hospitalized, according to CDC estimates.
If your business is one that is heavily dependent on personnel, you might consider adding an endorsement for crisis coverage or a pandemic to your commercial insurance.
- Business Interruption insurance takes many forms, and while some elements of a pandemic or other crisis may be covered, this addition may not apply to interrupted workflow due to mass absences.
- Workers Compensation coverage should always cover at least your moral obligations to employees and your state requirements, but it might be insufficient crisis coverage for something as particular as a pandemic.
- Umbrella Coverage should be a consideration for any operation with the potential for risks that exceed basic limits; in the case of some crises, it could turn out to be a business-saving move to invest in the additional coverage it provides.
Nothing in life is certain, and a crisis like a pandemic is not always predictable, however, one thing that you need to be able to count on is the ability of your business to continue operations in case of an emergency–or at least continue to be able to pay your obligations. Crisis coverage that provides for business interruption protection should be a standard, if it’s possible that something like a pandemic could slow down or halt your productivity.
Speaking with an experienced insurance professional who understands the risks faced by businesses is crucial to ensuring that your company is protected to the extent you need in case of a crisis–don’t wait until it’s too late.
Risk management is an art, and our business at CommercialInsurance.net is helping you protect your business. Call us today at 1-877-907-5267 to speak with one of our specialists about your insurance needs and how to determine if your company needs crisis coverage.