Commercial Auto Insurance

For professional drivers, their car is not just a method of getting around. It is their source of daily income and how their customers trust them to move their goods safely. It is essential to safeguard their vehicle with an insurance plan that grasps its significance. A Commercial Auto policy can help cover vehicles you rent or ones you do not own.

Depending on your operations, carrying an additional Commercial Auto policy may be required as your plate registration doesn’t cover most business-related uses and a mishap can put your business at risk.

Although fundamental plate insurance limits may be adequate for a personal driver, the exposure that business owners and commercial drivers experience can far exceed that of an average driver. They may be on the road more frequently, driving longer distances, carrying products or other potential exposures.

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Some agents or brokers refer to liability insurance as insurance for other people. The reason is that liability coverage helps cover the cost of injuries to others or damage to the property of others. Damages paid to others are referred to as 3rd party claims.

The liability limit carried under the plate insurance is $200,000. However, depending on your individual needs or contractual obligations, a policy can increase your limit anywhere from $1,000,000 to $10,000,000. is to satisfy a contractual obligation. However, liability risks are difficult to put a dollar value on in general due to the unpredictable nature of claim settlement. This is particularly true for injuries to others as they can very quickly add up to be a significant cost, depending on possible court decisions.

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When moving goods, you are exposed to several dangers and potential losses. From severe climate conditions to vehicular accidents, it is necessary that the insurance coverage you have for your cargo is sufficient to provide protection.

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Sometimes the trailer or shipping container itself is the cargo being transported. If you are in the business of moving trailers or shipping containers that you do not own, this type of insurance coverage will protect you in the event of any physical loss or damage that may be incurred while the trailer or shipping container is in transit. This type of coverage can provide protection against losses due to theft, vandalism, collision, fire, and other perils that may occur during the course of the shipment.

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The excess value applies to heavy vehicles and commercially plated trailers. To paint a picture, please see the example below:

Ex: 2018 Peterbilt worth a total value of $85,000:

Break out the value between the plate registration and the policy. We would place $15,000 under the registration, and the remaining $70,000 would be insured under the policy as the excess value.

As the owner, you do have the option to put the total value under the plate registration. However, if the value exceeds $15,000, the pricing under the plate is generally more expensive than the coverage the extension policy can offer.

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Every business, regardless of size, should have a Group Benefits plan to provide financial protection for their employees and their families. Having a Group Benefits plan in place can help to attract and retain the best talent and ensure that employees have access to the financial support they need. We proudly work with various insurance carriers to provide tailored Group Benefits plans that are customized to fit the unique needs and budget of each business. Our team of experienced professionals can help to identify the right plan and provide support throughout the process to ensure that your business has the right coverage in place.

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