| Here're some
very good things your commercial auto insurance
does for you: It
protects you and your business when you or
someone else e.g. your drivers and passengers are
injured in an auto accident.
It may pay or supplement other payments for
medical expenses and for lost work.
In our sue-crazy society,
your auto insurance policy protects your
financial security in case you are sued as a
result of loss or injuries to other parties,
following an accident for which you or any
covered employees were responsible.
Your commercial automobile
is a very important business asset. Your
commercial auto insurance policy protects that
investment. It pays for the replacement or repair
of your commercial auto in case it is damaged in
an accident, stolen, vandalized, or damaged by
adverse weather conditions such as wind or
hailstorm.
What
coverage to expect from your "common
carriers" commercial auto insurance policy
Like in your personal auto
insurance policy, there are two types of
coverage that you can get in your
commercial auto policy: "Liability
Protection" and "Comprehensive
Protection." But let us understand
them a little better:
Liability Commercial Auto
Insurance
Protects the other party's vehicles and
property when your commercial auto driver
is at fault. Also provides medical
coverage to for bodily injuries.
Bodily Injury and Property Damage
Protection (BI/PD)
These commercial auto insurance coverages
are mandatory in many states across the
United States. Each state states the
minimum amounts of coverage a vehicle
should have before it is allowed to
operate on the road. These coverages
protects you from being financial drained
when you are liable for any injury or
death of other parties in an auto
accident.
It does not pay for you or any of your
covered employees, for your own losses.
It only pays the other party -- the
innocent party.
Bodily
Injury
It pays (up to the policy limit you
select) medical bills, lost wages and
income, pain and suffering and even
funeral costs suffered by the other
party.
It also pays legal or court costs
that you would have otherwise paid.
Property Damage
Property Damage pays for the repair
and replacement of the other party's
property when you or your drivers are
deemed liable for the accident. It
pays to fix or replace the other
automobile(s), their garage door that
your commercial automobile damaged or
any other property or object that is
affected.
|
|
