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Small Business Insurance Quote–Commercial Vehicle Insurance

A Small Business Insurance Quote probably should entail a commercial vehicle policy as part of your commercial vehicle insurance portfolio. Below is a brief summary of what you should look for when purchasing insurance for commercial vehicle insurance for your small business.

  • Liability limits. Usually should have the same automobile liability insurance limits as you have on your commercial small business policy. That typically would be $1 million in coverage. Although, you can go as low as $100,000, $300,000, or $500,000 in limits.
  • Hired/borrowed auto liability. This coverage is very important for the small business owner and that sometimes you might hire or rent a vehicle and this will provide liability coverage for that exposure. You could on occasion borrow someone’s auto or ask someone to run and errand on your behalf. The automobile insurance rates for this coverage are usually based upon the number of employees you have or your annual rental receipts.
  • Non-owned auto liability. This provides liability coverage for anyone using a car on your behalf that you do not own. Some automobile insurance companies do not provide this coverage, therefore you should make sure when placing your automobile coverage that you are with the carrier that will provide this needed coverage.
  • Medical payments. This coverage is provided for the passengers in your vehicle to pay for medical payments to persons in your vehicle for auto claims. Normally these limits are $5000 or $10,000 per coverage. There does not need to be legal liability in order for this coverage to kick in.
  • Uninsured motorist. This coverage allows you to collect from your own insurance company for bodily injury damages caused from a person who has no insurance. Normally these limits start at $100,000 and can go as high as $1 million in coverage.
  • Comprehensive coverage. This is coverage for physical damage to your personal auto for claims and losses that are accidents from almost anything that is not considered a collision. These would be such things as fire, theft, vandalism, or a broken windshield.
  • Collision coverage. This provides coverage to accidents where you collide into an object or some other object collides into your automobile.

When you are obtaining your automobile insurance quotes you need to be very clear in your mind as to which of the seven coverages you want insure for. There is a separate premium and rating charge for each of the seven coverages. Typically, the automobile liability will be the most expensive of the seven coverages. Making sure that you have the coverages that you desire with the limits that you need is important in putting together your automobile insurance policy for your small business.

Many automobile insurance companies will provide you with multi-policy discounts if you place your automobile insurance with the same company that you place your small business insurance policy with. Taking advantage of these discounts and being fully informed of what coverage and/or coverages you need, can help in reducing your total overall cost of insurance. Also, you normally are able to make one monthly payment for all of these policies if they are combined with just one insurance carrier.

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