What Does Commercial Vehicle Insurance Typically Cover?
Commercial vehicle insurance provides essential protection for businesses that use vehicles for work purposes. Understanding what’s covered can help you determine the right policy for your business needs.
Liability Coverage for Accidents and Injuries
One of the core components of commercial vehicle insurance is liability coverage, which protects your business in the event of an accident. This coverage typically includes two major types of liability protection: bodily injury liability and property damage liability.
Bodily injury liability covers the medical expenses and legal fees if you or an employee causes an accident resulting in injuries to others. Property damage liability helps cover the costs of repairing or replacing property that is damaged in the accident, such as vehicles or structures. For businesses that frequently operate vehicles on the road, this coverage is essential in case of accidents. Without liability coverage, your business could be held financially responsible for significant costs that could jeopardize its stability.
In addition to basic liability coverage, many commercial vehicle policies offer additional options such as uninsured or underinsured motorist coverage, which protects your business if another driver causes an accident but lacks sufficient insurance. Statewide Insurance Group helps businesses tailor their liability coverage to ensure they’re protected against the unique risks their vehicles may encounter.
Physical Damage Coverage for Vehicles
Commercial vehicle insurance typically includes coverage for physical damage to your vehicles, which is crucial for businesses that rely on their fleet of vehicles for daily operations. This coverage protects your vehicles in the event of an accident, theft, vandalism, or natural disasters like floods or storms.
Comprehensive coverage helps pay for damage to your vehicle that is not caused by a collision, such as fire, theft, or vandalism. Collision coverage, on the other hand, helps cover repair costs or replacement if your vehicle is damaged in a collision, regardless of fault. This protection ensures that your business is not financially burdened by costly repairs or the need to replace a vehicle in the event of an accident or other covered incident.
Businesses with specialized vehicles, such as refrigerated trucks or flatbed trucks, can also opt for additional coverage to protect specific parts of the vehicle, like refrigeration units or custom equipment. Statewide Insurance Group offers customized policies to ensure all aspects of your commercial vehicle fleet are covered, so you can continue operating without interruption.