What Is Commercial Insurance Mean
What Is Commercial Insurance Mean? Commercial auto insurance covers loss by accidents involving company-owned automobiles. Moreover, it protects certain sorts of vehicle damage, car theft, and vandalism.
Commercial auto insurance in Atlanta shields businesses, freelancers, and independent contractors from lawsuits and property damage. Commercial auto insurance also covers cyberattacks and other threats that could cripple their operations. However, it may differ from state to state. So, you must also understand commercial auto insurance.
Learn the difference between commercial and private car insurance with a commercial property insurance cost estimator.
What Is Commercial Insurance Mean: Auto Insurance
Commercial auto insurance covers multiple coverages such as:
- Liability for car accidents
- Accidents caused by uninsured drivers
- Payments for medical services
- Collisions and physical damage
Liability for car accidents
According to Insureon, liability coverage on commercial auto insurance helps pay for losses incurred by an accident you caused. The insurance producer includes a charge for repairing the other driver’s vehicle or property. The property and casualty insurance also covers legal fees for driver’s injuries by a membership plan.
Accidents caused by uninsured drivers
Uninsured motorists may not be able to pay for damages if they cause accidents. The coverage in your policy ensures that your company is not responsible for the subsequent medical bills or car repairs.
Payments for medical services
Medical payments coverage on a commercial auto insurance policy can pay for your medical expenditures. It also covers the medical expenses of passengers in your vehicle if in a car accident. Regardless of who caused the accident, this coverage is accessible.
Collisions and physical damage for Commercial Auto Insurance in Atlanta
Commercial auto insurance covers theft and physical damage to vehicles, as well as certain weather events, vandalism, and collisions with other objects.
Commercial auto insurance covers multiple coverages. However, it does not cover leased or personal insurance.
Moreover, if an employee is involved in an accident while driving a personal or leased vehicle, your company may be held liable. For cars that your company uses but does not own, hired and non-owned auto insurance is the best option.
Operation of Commercial Auto Insurance in Atlanta
Commercial insurance products compensate your company for financial losses. Your commercial insurance company receives a claim from you. They look into the suit, examine the damage, and then offer you money to repair or replace it.
If your business is legally liable for an occurrence covered by your policy, your insurance carrier will almost certainly assign you an attorney to handle your legal defense. Your lawyer will either defend you in court or negotiate a settlement with the plaintiff. You can also contact an accredited advisor in insurance for aai designation.