Commercial Auto Insurance
Commercial auto insurance provides coverage for all vehicles by the company. Coverage is provided for liability exposure and damage to the vehicles. All the vehicles are classified as three types:
Owned vehicles – all vehicles paid for by the company
Non-owned vehicles – vehicles not owned by a company, but by an employee or volunteer
Hired vehicles – includes that are rented, leased, or borrowed
The protection it offers includes:
Auto liability standard limit – $1,000,000 combined single limits
Uninsured/underinsured coverage – $1,000,000
Collision – actual cash value
Comprehensive – ACV of vehicle
Non-owned and hired liability
Commercial Property Insurance
Commercial property insurance coverage generally covers building insurance. Coverage provides the repair or rebuilding if a hazard should occur. Next would be coverage for the business personal property (BPP). Loss of rent is coverage that gives the insured monies to operate at a different location.
