Do I need commercial auto insurance?
If you find yourself or your employees using your personal vehicle for business purposes on a regular basis, you need a commercial auto insurance policy.
Whether you’re an electrician driving from site to site or a florist delivering beautiful bouquets — if you own a small business that requires the use of a vehicle, you’ll need corporate auto insurance. Many small business owners think they’re protected under their personal policy, but it’s important to understand the differences between the two types of coverage so you’re not leaving yourself vulnerable to risk.
Every policy is different. At TruShield, we customize our small business policies to make sure you’re getting the coverage you need for your business’ unique needs.
Some of the common, standard coverage options include:
If you’re unsure whether or not your small business needs commercial auto insurance, here are a few questions you could ask yourself that may help clarify.
Commercial general liability insurance: Commercial general liability (CGL) insurance is designed to protect you and your business from a loss if you’re found legally liable for bodily injuries or property damage to a third party caused by the product you sell or the service you provide. CGL insurance can also offer protection in situations where you or your employees are conducting business offsite.
Product liability insurance: Product liability insurance is often included in a CGL policy, but not always. It’s important to double check that your small business insurance policy does protect you from risks associated with product liability claims.
Cyber event expense insurance: Cyber attacks are an ongoing threat to small businesses and have continued to rise recently. Cyber event expense coverage is designed to help small businesses that rely on technology mitigate some of the expenses that may incur as a result of a cyber hack.
Professional Liability: If one of your clients or customers claims your advice caused them a financial loss, your professional liability coverage can help you recover from the financial consequences that may incur. This coverage is also known as errors and omissions (E&O) coverage.
Property insurance: As a small business owner, you likely rely on your property, tools, equipment and technology to help keep your business running. If one of those key pieces of the puzzle was damaged and needed repair, you may not be able to continue operations. This is when you need property insurance coverage.
Equipment breakdown insurance: Your equipment is covered in your property insurance policy for damage caused by external sources, such as fire, floods and weather damage; however, you may not be covered for electrical or mechanical damage. In these situations, you’d look to your equipment breakdown insurance.