Commercial Auto Insurance
Commercial auto insurance is essential for organizations that depend on vehicles to conduct their operations. It can be pivotal for protecting your business from financial losses in the event of accidents, damage or liability claims.
What Are the Requirements for Commercial Auto Insurance?
Due to variations in regulations, it’s essential to understand the specific commercial auto insurance requirements in your state. Most states, including Texas, mandate commercial auto insurance for business-owned vehicles.
Regardless of the state, all businesses must be able to compensate someone if they or their employees are at fault in an accident. Ensuring your policy meets the minimum coverage requirements for bodily injury liability and property damage liability in your state is crucial. Failure to maintain this coverage can lead to significant financial penalties and put your business at risk of expensive lawsuits or settlements. Commercial auto insurance is essential for financially protecting your business and ensuring compliance with state laws.
What Does Commercial Auto Insurance Cover?
Commercial auto insurance typically includes liability coverage for injury and property damage, collision and comprehensive coverage for vehicle damage, and protection against uninsured or underinsured motorists. Medical payments and personal injury protection may cover medical expenses for drivers and passengers. Businesses should tailor their policies to their specific needs, ensuring adequate protection for their vehicles and operations.
How Much Is Commercial Auto Insurance?
The following factors can influence commercial auto insurance premiums:
- Type of coverage
- Vehicle details
- Usage and mileage
- Drivers and driving records
- Business industry and operations
- Location
- Deductibles and limits
- Claims history
Contact Lakewood Insurance to discuss commercial auto insurance and any other business insurance needs you may have. We can also provide a quote for a policy tailored to your needs.