Commercial Auto Insurance
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Commercial Auto Insurance Information
Commercial auto insurance can help provide crucial financial protection in the face of potential settlements or lawsuits. Without this coverage, a business could be liable for expenses related to third-party property damage, medical costs, pain and suffering, lost wages and other relevant costs. A commercial auto policy can help cover these expenses following a covered accident, according to the policy’s terms.
Contact the team at Insurance Agencies today to learn more about your commercial auto insurance options in New Jersey.
Why Do You Need Commercial Auto Insurance?
Commercial auto insurance is necessary for New Jersey companies that use vehicles for their operations. Unlike personal auto insurance, commercial auto insurance provides tailored coverage for business-related activities. It offers protection against liabilities and risks associated with commercial vehicle use.
What Does Commercial Auto Insurance Cover?
If you purchase the minimum liability coverage required by New Jersey, your policy may help cover certain third-party expenses, including the following:
- Bodily injury liability may help pay accident-related medical expenses for the other driver and their passengers.
- Property damage liability may help pay for accident-related third-party property damage such as a vehicle, landscaping or a building damaged in the accident.
- Commercial auto liability policies have dollar limits. Work with your agent to determine an appropriate coverage amount.
New Jersey businesses must maintain personal injury protection (PIP) coverage, also known as no-fault insurance, which may help cover the following accident-related expenses for the company driver and passengers:
- Ambulatory services
- Diagnostic services
- Hospital expenses and surgical services
- Medication and medical services
- Rehabilitative costs
- Lost wages if accident-related injuries prevent a return to work
- Death benefits
PIP coverage has a dollar limit, so your agent may recommend purchasing more than the minimum required amount to help your company get appropriate coverage. The policy also has a deductible, which you can modify to suit your company’s needs.
New Jersey businesses can tailor their coverage to help provide financial protection for company vehicles, including:
- Collision insurance may help pay to repair or replace a company vehicle if it collides with another vehicle or object.
- Comprehensive insurance may help pay to repair or replace a company vehicle if it is damaged in a noncollision-related incident including a severe storm, fire or vandalism.
- Gap coverage may help pay off a financed vehicle if a covered accident renders it a total loss.
If your company finances vehicles, the lienholder typically requires full coverage auto insurance, which may include collision, comprehensive and gap coverage.
Your agent may also recommend the following endorsements or policies:
- Uninsured motorist coverage (UM)
- Underinsured motorist coverage (UIM)
- Towing coverage
- Rental reimbursement coverage
- Hired or non-owned automobile coverage (HNOA)
Contact Insurance Agencies with offices in Berlin and Brigantine, New Jersey, to compare personalized commercial auto insurance quotes.