Risks of Vehicles
Simply owning and using a vehicle opens you up to risk. From careless drivers on the road to thieves and vandals looking for their next target, expensive automobiles can quickly become the subject of significant losses.
Because owning and operating a vehicle carries inherent risks, many people learn that having a personal auto insurance policy—also known as private passenger auto insurance—is essential. What fewer people consider is whether they should explore a commercial auto insurance plan.
Commercial auto insurance isn’t for everyone, but if it applies to you and your business, it might be your saving grace when you need it most.
Personal Auto Insurance vs. Commercial Auto Insurance
Understanding the difference between commercial and personal auto insurance and how each might apply to your situation is essential.
Personal Auto Insurance
Personal auto insurance protects you financially when an accident occurs. Your auto insurance plan will cover the repairs needed for your vehicle, another driver’s vehicle or property, and any medical expenses incurred due to the incident.
Additionally, with a comprehensive personal auto insurance policy, you have financial protection in the event of theft, vandalism, natural disasters, or accidents involving wildlife.
Commercial Auto Insurance
Commercial auto insurance offers similar coverage to a personal auto policy, but it protects your company from financial losses when you use vehicles for business purposes.
For example, if your business transports goods or people, has employees that drive company vehicles, has permanently attached company equipment, is titled in the business name and/or is classified as a commercial vehicle due to its weight, you must have a solid commercial auto insurance policy.
In addition to insuring company property and employees during their business-related driving activities, commercial auto insurance also has better coverage and higher limits when the property is damaged or someone is injured.
Do You Need Commercial Auto Insurance?
If you are considering a commercial auto insurance policy and aren’t sure what the right fit is for you and your business, we would love to help. Please contact Steve Longenecker (303-808-9351 x2) at Mountain Insurance: Longmont, and we can discuss your options for a personalized insurance policy.
We give out $25 gift cards for referrals that become our insurance clients.
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