Commercial Auto Insurance in Midland, MI, Tawas City, Bay City, Oscoda, Saginaw & Surrounding Areas

5 things to know about commercial auto insurance 

Commercial auto insurance is a type of insurance coverage designed for businesses that use vehicles for their operations. Safeguard Insurance Agency provides the same in and around Midland, MI, Tawas City, Bay City, Oscoda, Saginaw. 

Here are five important things to know about commercial auto insurance: 

Commercial Auto Insurance in Midland, MI, Tawas City, Bay City, Oscoda, Saginaw
  1. Coverage Extends Beyond Personal Auto Insurance:

Commercial auto insurance is distinct from personal auto insurance. It is tailored to cover vehicles used for business purposes, such as company cars, delivery trucks, or vehicles used for transporting goods or people. Personal auto insurance typically excludes coverage for vehicles used for business activities. 

  1. Types of Coverage: 

Commercial auto insurance offers various types of coverage options, including: 

Liability Coverage: Covers bodily injury and property damage caused by your company’s vehicles. 

Collision Coverage: Pays for damage to your vehicles in the event of an accident. 

Comprehensive Coverage: Covers damage from non-collision events, such as theft, vandalism, or natural disasters. 

Uninsured/Underinsured Motorist Coverage: Protects your business if you’re involved in an accident with an uninsured or underinsured driver. 

Medical Payments Coverage: Pays for medical expenses incurred by drivers and passengers in your vehicles, regardless of fault. 

  1. Policy Customization: 

Commercial auto insurance policies are highly customizable. Businesses can tailor their coverage to meet their specific needs. This allows for flexibility in terms of coverage limits, deductibles, and additional endorsements to protect against unique risks. 

  1. Cost Factors: 

Several factors influence the cost of commercial auto insurance, including: 

  • Type of vehicles insured 
  • Number of vehicles in your fleet 
  • Driving records of employees 
  • Coverage limits and deductibles 
  • Location and nature of business operations 
  • Vehicle usage (e.g., long-haul trucking, local delivery, employee commuting) 

To get an accurate premium quote, insurers will typically evaluate these factors and more to assess the level of risk associated with your business. 

  1. Legal Requirements: 

In most jurisdictions, commercial auto insurance is legally required for businesses that use vehicles for business purposes. The minimum coverage requirements can vary by state or country, so it’s crucial to understand and comply with the local regulations to avoid legal penalties and protect your business in case of accidents. 

Additionally, working with an experienced insurance agent or broker who specializes in commercial auto insurance can be invaluable in helping you navigate the complexities of coverage options and ensure that your business is adequately protected. Please call us without any hesitation. 

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