Your Guide to Commercial Auto Insurance: Coverage Types Explained
Choosing the right insurance for your company’s vehicles isn’t a one-size-fits-all decision. At Insurance Company Bexley Ohio, we help business owners like you find the perfect plan. A good Commercial auto insurance policy has different types of coverage, each protecting against specific risks. Knowing about these coverages helps you build a strong policy that protects your business where it’s most needed.
Essential Coverages for Every Business
While each business is different, some coverages are fundamental for a solid commercial auto policy. These core protections cover the most common and expensive risks your vehicles face on the road. From accident liability to damage to your own fleet, these coverages are key to your financial security.
Liability and Medical Protection
Liability coverage is perhaps the most important part of your policy. It protects your business if you or an employee cause an accident that injures someone or damages their property. This coverage helps pay for medical bills, lost wages, and repair costs for the other party. It also covers legal defense fees if your company is sued because of the accident. Without it, one incident could lead to huge out-of-pocket costs.
Physical Damage Coverage for Your Vehicles
Protecting your own vehicles is just as crucial as liability. Physical damage coverage usually has two parts: collision and comprehensive. Collision coverage pays to fix or replace your vehicle if it crashes into something or overturns. Comprehensive coverage covers losses from things other than collisions, like theft, vandalism, fire, hail, or floods. This coverage is vital for any business relying on its vehicles, helping to reduce downtime and get you back to work fast.
Building the right policy ensures you’re not exposed to the financial risks of an accident. To explore your options and customize a plan for your business, talk to the experts at Insurance Company Bexley Ohio.