Commercial Auto Insurance Information
Serving Lexington, Louisville, Somerset, Bardstown, Nicholasville, Frankfort, Richmond & more
Businesses perform various daily tasks, many of which involve using a vehicle. Companies should have commercial auto insurance if they use vehicles to transport goods, meet customers or do business-related errands. Without the proper coverage, a company could unintentionally put its financial livelihood at risk if there was an accident.
Commercial auto insurance provides a financial safeguard so a business won’t face a monetary setback because of an accident. First Insurance Group can review your coverage to ensure you have the commercial protection you need.
When Do I Need Commercial Auto Insurance?
Commercial auto insurance helps protect your business, its vehicles, employee drivers and third parties in the event of an accident or other covered loss.
You typically need commercial auto coverage if you have:
· Vehicles owned or leased by your business.
· Employees who drive personal vehicles for business-related errands.
· Company vehicles provided to employees for commercial and private use.
· Vehicles hired or rented by your business.
· Certain personal vehicles that qualify as commercial due to their weights or sizes.
Talk to a First Insurance Group agent today to determine your commercial auto insurance needs and how much and what types of coverage are appropriate for your business needs.
What Coverage Does Commercial Auto Insurance Offer?
A variety of coverage options are available with commercial auto insurance. These include:
· Collision insurance—This can help cover damage to your vehicle sustained in an accident.
· Comprehensive insurance—This coverage can help pay for damage from non-accident mishaps, such as weather damage, fires, theft or vandalism.
· Hired/non-owned auto liability insurance—This liability coverage often covers vehicles not owned by your business but are used by you for business purposes. These may include employees’ cars or vehicles that you rent or hire for temporary use.
· Liability insurance—This coverage can help pay for the damage you do to others when an accident is your fault. In most states, including Kentucky, commercial drivers are required to carry minimum levels of liability insurance.
o Bodily injury liability coverage can pay for third-party medical bills and sometimes death benefits.
o Property damage liability coverage can pay for damage to the other party’s property.
· Medical payments/personal injury protection—If you’re hurt in an accident, this coverage may help pay your or a passenger’s medical bills. Sometimes it may also cover other losses, such as lost income.
· Uninsured/underinsured motorist insurance—This may help protect against damage caused by someone else who doesn’t have suitable liability coverage.
Often, you can expand your business’s commercial coverage with supplemental coverage. We can see if any of the following additions apply to your company:
· Custom parts coverage
· Gap insurance
· Inland marine insurance
· Rental car reimbursement
· Replacement cost vehicle coverage
· Roadside assistance
How Is Commercial Auto Coverage Calculated?
An assortment of different factors can influence the price of your commercial auto insurance policy premium. These may include what coverage you bought, your kind of business and location and the value of the vehicle or fleet that you want to be insured.
First Insurance Group can help you with a policy that meets your commercial auto insurance needs. Call us today at 502-348-5921 to get started on your policy.