Thursday, September 17, 2015

Commercial Auto Insurance

Many businesses depend on company vehicles for day to day operations. While you have insight on your business operations, road conditions, weather and other drivers are out of your control. Just like the Lake of the Ozarks insurance on your personal vehicle, commercial auto insurance is there to protect you and your business assets. 

Commercial Auto Insurance

While you know that commercial auto insurance at the Lake of the Ozarks is important, you may not know what types of coverage you need for your business. Let's think about the following common scenarios. What if...
  • while on company time, one of your employees fails to stop at a light and hits another car? 
  • an employee making a delivery is hit and injured by an uninsured or underinsured driver? 
  • your fleet of trucks is vandalized and all the windows are broken? 
  • your employee is driving a commercial vehicle back to the office and hits a deer? 
  • your commercial vehicle is parked outside at your business and overnight a hail storm damages the vehicle? 
  • while parked outside of a client's home, a tree branch falls on your commercial vehicle?

Commercial vs. Personal Auto Insurance

There are many difference between commercial and personal auto insurance at the Lake of the Ozarks, but the main distinctions are in the extent and purpose of coverage. Businesses have many additional concerns that more individuals do not, such as increased liability risks. Besides having higher liability limits, commercial car insurance offers coverage including, but not limited to the following:
  • Any Auto Liability - this coverage extends to the liability coverage of existing commercial vehicles to any new vehicles you purchase, as well as any hired and non-owned vehicles 
  • Bodily Injury Liability - this coverage is for other drivers' and passengers' injuries or death for which you are responsible
  • Comprehensive Coverage - this covers losses resulting from an event other than an accident, such as theft or a tree branch falling on your vehicle
  • Collision Coverage - this covers you in the event your car hits, or is hit by another vehicle
  • Fire and Theft Insurance with Combined Additional Coverage - this insurance is sometimes called Limited Comprehensive Insurance or Specified Perils Insurance and is designed especially for larger trucks. It provides protection for your vehicle in case it is damaged by specific, non-collision incidents.
  • Individual Named Insurance Coverage - allows you to extend your commercial coverage to protect you when you drive a vehicle you don't own
  • Medical Payments Coverage - this insurance covers medical expenses incurred by you and passengers in your vehicle injured in an accident no matter who was at fault
  • Non-Owned Vehicle Coverage - protects you and your employees while driving vehicles not owned by your company   
  • Personal Injury Protection - this coverage can help you pay for your medical bills if you get into an accident
  • Property Damage Liability - this coverage is for damages to someone else's property for which you are responsible 
  • Rental Reimbursement with Downtime - this coverage helps cover the costs incurred to temporarily replace an inoperable commercial vehicle
  • Single-Deductible Endorsement - if you haul a trailer or use other specialized (and probably expensive) equipment for work, you can extend it to cover those items and only pay your deductible once for claims on both the vehicle and the trailer
  • Trailer Interchange Insurance - this insurance covers non-owned trailers you haul under a trailer interchange agreement
  • Uninsured and Underinsured Motorist Coverage - this insurance covers your injuries, damages or death caused by an at-fault driver without insurance or without enough insurance to cover all the costs 

Preventing Commercial Auto Insurance Claims

If possible, you'll want to avoid filing commercial auto insurance claims altogether. While you can't always guarantee the safest driving conditions, you and your employees can take certain safety measures to prevent accidents that are a result of ignorance. Here are a few tips to follow:
  • Keep a safety checklist in all company vehicles. Be sure to coach your employees on safe practices such as buckling seatbelts and using a hands-free phone. 
  • Make sure that all your company vehicles meet safety standards and have routine maintenance checks. 
  • Check the driving history of any employees you plan to hire. An employee with a poor driving record is going to increase your liability and will be costly to insure. 
  • Require your employees to take a drivers safety training course. The Commercial Vehicle Safety Alliance, as well as local DMVs or insurance companies, offer programs you can look into.

At Insure the Lake, we can provide coverage for you, your employees and the vehicles you own, rent or borrow. Commercial car insurance coverage can help prevent an accident from damaging your bottom line. Whether you're operating a single commercial vehicle or a fleet of vehicles, our Lake of the Ozarks insurance company is here to help protect your business and manage your risk. Contact us today at 573-348-2794 for more information about our options for business insurance at the Lake of the Ozarks.

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 

About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral